Common use of Affordability Clause in Contracts

Affordability. For rental projects receiving HOME Funds: To ensure the housing is affordable to low and moderate income persons, XX% of the HOME-assisted rental units ([X] units) must have rents that meet the requirements of 24 CFR 92.252. Rents shall be the lesser of the Section 8 Fair Market Rents periodically established by HUD for the Section 8 rental assistance program for existing housing pursuant to 24 CFR Sec. 888.111, or rents which are 30% of adjusted income for households at 65% of area median income minus tenant paid utilities. In rental projects with five or more HOME-assisted rental units, at least 20 percent of the HOME-assisted units must be occupied by very low-income families where the rent does not exceed 30 percent of the annual income of a family whose income equals 50 percent of the median income for the area, as adjusted for household size.

Affordability. For rental projects receiving HOME Fundsfunds: To ensure the housing is affordable to low and moderate income persons, XX% of the HOME-assisted rental units ([X] units) must have rents that meet the requirements of 24 CFR 92.252. Rents shall be the lesser of the Section 8 Fair Market Rents periodically established by HUD for the Section 8 rental assistance program for existing housing pursuant to 24 CFR Sec. 888.111, or rents which are 30% of adjusted income for households at 65% of area median income minus tenant paid utilities. In rental projects with five or more HOME-assisted rental units, at least 20 percent of the HOME-assisted units must be occupied by very low-income families where the rent does not exceed 30 percent of the annual income of a family whose income equals 50 percent of the median income for the area, as adjusted for household size.