Moderate-income unit definition

Moderate-income unit means a restricted unit that is affordable to a moderate-income household.

Moderate-income unit means a restricted unit that is affordable to a moderate- income household.

Moderate-income unit means a restricted unit that is affordable to a moderate-income household. “Non-exempt sale” means any sale or transfer of ownership other than the transfer of ownership between

Examples of Moderate-income unit in a sentence

• The Developer agrees to maintain for five years following the initial rental of the last Low and Moderate Income Unit and for five years following all future rentals, a record of all newspaper advertisements, outreach letters, translations, leaflets, and any other outreach efforts (collectively "Marketing Documentation") as described in the Marketing Plan as approved by DHCD which may be inspected at any time by DHCD.

• The Developer agrees to maintain for five years following the initial rental of the last Low and Moderate Income Unit and for five years following all future rentals, a record of all newspaper advertisements, out­reach let­ters, transla­tions, leaflets, and any other outreach efforts (collectively "Marketing Documentation") as described in the Marketing Plan as approved by DHCD which may be inspected at any time by DHCD.

• A “Family” shall mean two or more persons who will live regularly in the Low and Moderate Income Unit as their primary residence and who are related by blood, marriage, or operation of law or who have otherwise evidenced a stable inter-dependent relationship; or an individual.

• If, after renting to a Very Low Income Unit or a Low Income Unit, the household increases above the income level permitted for a Low Income Unit, but does not exceed the income level permitted for a Moderate Income Unit, the household shall continue to be permitted to reside in such Affordable Unit, and Developer shall increase the rent for that Affordable Unit to the rent level designated for a Moderate Income Unit.

• If, after renting an Affordable Unit, the household income increases above the income level permitted for a Moderate Income Unit, that household may not be permitted to remain in the unit unless requiring such household to move will violate the Tax Credit Rules.

More Definitions of Moderate-income unit

Moderate-income unit means an Affordable Unit that shall be rented to, or set aside for, a Moderate Income Household at a monthly rent that is no greater than thirty-five percent (35%) of the Published Moderate Income adjusted for the Imputed Houshold Size applicable to the unit, with no deduction or offset for any Utility Allowance.

Moderate-income unit means a restricted unit that is affordable to a moderate-income household. “Multifamily unit” means a structure containing five or more dwelling units.

Moderate-income unit means any dwelling unit that is rented, for the life of the Development project in which it is located, at a price affordable to a Moderate-Income Household of an appropriate size for the dwelling unit, and restricted to households with an income not exceeding 120% of area median income.

Moderate-income unit means a residential unit subject to an Affordability Restriction in compliance with and pursuant to a recorded Affordable Housing Agreement required by Chapter 5.08 of the San José Municipal Code that limits occupancy to households that earn between 80% - 120% of the Area Median Income or as established and amended from time to time pursuant to Health and Safety Code Section 50079.5 as amended. In the event such standards are discontinued, the Council shall, by resolution, establish eligibility standards for Lower Income Households.

Moderate-income unit means a restricted unit that is affordable to

Moderate-income unit means any available unit if the aggregate Gross Income of all tenants therein does not exceed one hundred and twenty percent (120%) of median gross income for the Area, with adjustments for family size. The determination of an available unit’s status as a Moderate Income Unit shall be made by the Owner upon commencement of each lease term with respect to such unit, and annually thereafter, on the basis of an Income Certification executed by each tenant.

Moderate-income unit means an Affordable Unit that shall be rented to, or set aside for, a Moderate Income Household at a monthly rent that is no greater than thirty-five percent (35%) of the Published Moderate Income applicable to the Imputed Household Size for the unit, with no deduction or offset for any Utility Allowance. The steps to calculate the maximum allowable rent is as follows: Step One: Unit Type Identify type of unit to be rented: Type of Unit Imputed Number of Persons in Household Each unit type has an imputed household size that relates to the number of bedrooms in the unit and is used to determine the rent. The size of the household applying to rent an affordable unit is one of the factors considered in determining income eligibility, but it is not used in the rent calculation. Step Two: Annual Household Income Limit Using the most recent Published Moderate Income, identify, and enter the annual household income limit for the imputed household size identified above. Imputed Household Size 2 3 Moderate Income (120%) Maximum $87,100 $97,950 xxxx://xxx.xxx.xx.xxx/grants-funding/income-limits/state-and-federal-income-limits.shtml Step Three: Maximum Monthly Rental Payment Calculate the maximum rental payment by multiplying the Annual Household Income Limit in Step Two for the Imputed Household Size for the unit by 35%. Divide the result by 12 to calculate the Monthly Housing Payment. For example, the maximum monthly rental payment based on the most recent income limits for a Moderate Income one-bedroom unit would be: $87,100 x 35% / 12 months = $2,540 monthly rent; And, the maximum monthly rental payment based on the income limits provided above for a Moderate Income two-bedroom unit would be: $97,950 x 35% / 12 months = $2,857 monthly rent The Tenant is responsible for paying all utilities including electricity, water, sewer, and garbage costs. While the actual rent charged could be more or less, so long as the actual rent charged is less than the maximum monthly rental payment, it is anticipated in 2022 the monthly rental payment for a one-bedroom one-bathroom unit would be $1,895 and a two-bedroom two-bathroom unit would be $2,495 in Phase One.