Initial Income Limit definition

Initial Income Limit means a gross household income at or below four times the annualized monthly occupancy cost for the housing unit;
Sample 1Sample 2Sample 3
Initial Income Limit means Household Income at or below four (4) times the annualized Monthly Occupancy Costs;
Sample 1Sample 2Sample 3
Initial Income Limit means gross Household Income at or below the top of the 6th income decile for Peel Region renter households as determined annually by the Region;
Sample 1

Examples of Initial Income Limit in a sentence

  • I certify that the household income for all new occupants in the reporting year was below the Initial Income Limit (48 x the monthly occupancy costs for the relevant housing unit).

  • The Proponent shall take such steps as are necessary to verify Household Income does not exceed the Initial Income Limit for each Affordable Housing Unit prior to that Affordable Housing Unit’s Initial Occupancy, determined in accordance with the Region’s eligibility and income verification guide for the Program and in a form acceptable to the Region.

  • The Tenant shall ensure that Monthly Occupancy Costs remain at or below Average Market Rents and Units are made available only to households with incomes at or below the Initial Income Limit, all as defined and set out in the City's Municipal Facilities Housing By-Law, 124-2016.

  • The Proponent shall take such steps as are necessary to verify Household Income does not exceed the Initial Income Limit for each Unit prior to that Unit’s Initial Occupancy, determined in accordance with the City’s Affordable Rental Housing Eligibility and Income Verification Guide and in a form acceptable to the Director, Housing Stability Services.

  • For any Unit, the Proponent shall take such steps as are necessary to verify Household Income does not exceed the Initial Income Limit for each Unit prior to occupancy, determined in accordance with the City’s Affordable Rental Housing Eligibility and Income Verification Guide and in a form acceptable to the Director.


More Definitions of Initial Income Limit

Initial Income Limit means an income at which average rents equal twenty-five (25) per cent of household income;
Sample 1Sample 2

Related to Initial Income Limit

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Annual income means all amounts, monetary or not, which:

  • Share Compensation Arrangement means any stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;

  • Change in Control Price means the highest price per share of Stock offered in conjunction with any transaction resulting in a Change in Control (as determined in good faith by the Committee if any part of the offered price is payable other than in cash) or, in the case of a Change in Control occurring solely by reason of a change in the composition of the Board, the highest Fair Market Value of the Stock on any of the 30 trading days immediately preceding the date on which a Change in Control occurs.

  • Final compensation of a member means:

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Defined Benefit Plan means each Benefit Plan which is subject to Part 3 of Title I of ERISA, Section 412 of the Code or Title IV of ERISA.

  • Family income means all income that is included in a determination of family income under section 143(f) of the internal revenue code, 26 USC 143(f), together with the income of all adults who will reside in the residence, which income might otherwise be excluded from consideration because the individual was not expected to both live in the residence and be primarily or secondarily liable on the mortgage note.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Basic health benefit plan means any plan offered to an individual, a small group,

  • Qualified Benefit Plan has the meaning set forth in Section 3.20(c).