Common use of Occupancy Restrictions Clause in Contracts

Occupancy Restrictions. (a) The Owner represents, warrants and covenants throughout the term of this Agreement and in order to satisfy the requirements of Section 42 of the Code, other applicable requirements and the representations made in the Application that no less than percent of the residential units in the Project shall be both rent-restricted and occupied by individuals or families whose income is percent or less of the area median gross income (Low-Income Tenants). Initially, Low-Income Tenants shall occupy units (Low-Income Units); of which shall be four bedroom units; of which shall be three bedroom units; of which shall be two bedroom units; of which shall be one bedroom units; and of which shall be studio or single room occupancy units. If applicable, as further represented in Owner’s Application, no less than % of the Low-Income Units shall be occupied by Low-Income Tenants whose income is 40% or less of the area’s median gross income. (b) If applicable, the residential units in the Project are considered exclusive of any unit(s) occupied by a full-time resident manager(s) ( unit(s)). DHCD and the Owner acknowledge that such unit(s) has not been included in determining the Applicable Fraction set forth in Section 1 of this Agreement. (c) As a condition to occupancy, each person who is intended to be a Low-Income Tenant shall be required to sign and deliver to the Owner an Income Certification using a form, acceptable to DHCD, adopted for such use by the Owner which meets the requirements of the Code and the Treasury regulations promulgated thereunder. (d) The determination of whether a tenant meets the Low-Income requirement shall be made by the Owner at least annually on the basis of the current income of such Low-Income Tenant. (e) Any Unit occupied by an individual or family who is a Low-Income Tenant at the commencement of occupancy shall continue to be treated as if occupied by a Low-Income Tenant provided that (i) such unit continues to be rent-restricted and (ii) should such Low-Income Tenant's income subsequently exceed 140% of the applicable income limit set forth in Section 4 (a) above, such tenant shall no longer be a Low-Income Tenant if any unit of comparable or smaller size is rented to a tenant who is not a Low-Income Tenant.

Occupancy Restrictions. (a) The For the purpose of Section 42(g)(1) of the Code, the Owner representselects that at least percent ( %) of the residential rental units in the Project shall be both rent-restricted (as hereinafter defined) and occupied by individuals or families whose income is percent ( %) or less of area median gross income. (b) Notwithstanding the election described in subsection (a) above, warrants the Owner covenants and covenants agrees that, commencing not later than the last day of the first year of the Credit Period and continuing throughout the term of this Agreement and in order to satisfy the requirements of Section 42 of the CodeAgreement, other applicable requirements and the representations made in the Application that no less than percent at least ( ) of the residential rental units in shall be both rent- restricted and occupied by individuals or families whose income is percent ( %) or less of area median gross income, at least ( ) of the Project residential rental units shall be both rent-restricted and occupied by individuals or families whose income is percent ( %) or less of the area median gross income (Lowand at least an additional ( ) of the residential rental units shall be both rent-Income Tenants)restricted and occupied by individuals or families whose income is percent ( %) or less of area median gross income. Initially, Low-Income Tenants shall occupy All of the foregoing residential rental units (are collectively referred to herein as the "Low-Income Units); ", and, with respect to all of which shall be four bedroom units; of which shall be three bedroom units; of which shall be two bedroom units; of which shall be one bedroom units; and of which shall be studio or single room occupancy units. If applicablesuch Low Income Units, as further represented in Owner’s Application, no less than % of the Low-Income Units shall be occupied by Low-Income Tenants whose income is 40% or less of the area’s "median gross income. (b) If applicable, " shall be determined in accordance with the residential Code. The Owner further agrees that additional units in the Project are considered exclusive of any unit(s) shall be both rent-restricted and occupied by a fulllow-time resident manager(sincome individuals or families whose incomes meet the requirements of this subsection (b) ( unit(s))to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the Code, at not less than percentage(s) shown on Exhibit B hereto for each taxable year of the Extended Use Period. DHCD and A unit is "rent-restricted" if the Owner acknowledge that gross rent with respect to such unit(sunit does not exceed thirty percent (30%) has not been included in determining of the Applicable Fraction imputed income limitation applicable to such unit [based upon the income limitations set forth in this subsection (b)], all as determined in accordance with Section 1 42(g) of this Agreementthe Code. (c) As a condition to occupancy, each person who is intended to be a Low-Income Tenant shall be required to sign and deliver to the Owner an Income Certification using a form, acceptable to DHCD, adopted for such use by the Owner which meets the requirements of the Code and the Treasury regulations promulgated thereunder. (d) The determination of whether an individual or family is a tenant Qualifying Tenant (that is, meets the Low-Income requirement income requirements of subsection (b) of this Section 5) shall be made by the Owner at least annually on the basis of the current income of such Low-Income Tenant. (e) Qualifying Tenant(s). Any Unit unit occupied by an individual or family who is a Low-Income Qualifying Tenant at the commencement of occupancy shall continue to be treated as if occupied by a Low-Income Tenant Unit notwithstanding an increase in the income of such individual or family above the income limitation applicable under subsection (b) of this Section 5 provided that (i) that, if such unit continues to be rent-restricted and (ii) should such Low-Income Qualifying Tenant's income subsequently exceed exceeds one hundred forty percent (140% %) of the applicable income limit set forth in Section 4 (a) abovelimit, such tenant unit shall no longer be a Low-Low- Income Tenant Unit if after the determination of such increase, but prior to the next determination, any residential unit of comparable or smaller size is rented to a tenant who is not a Low-Income Qualifying Tenant. (d) As a condition to occupancy, each individual or family who is intended to be a Qualifying Tenant shall be required to sign and deliver to the Owner a fully completed Certification of Resident Eligibility in the form provided from time to time by the Authority, and the income and assets of such individual or family must be verified in the manner prescribed by the Authority. (e) The form of lease to be utilized by the Owner in renting any unit in the Project to any person who is intended to be a Qualifying Tenant shall provide for termination of the lease and consent by such person to immediate eviction for failure to qualify as a Qualifying Tenant as a result of any material misrepresentation made by such person with respect to the Income Certification or the failure by such tenant to execute a Certification of Resident Eligibility annually.

Occupancy Restrictions. (The Owner covenants and agrees that: a) The For the purpose of Section 42(g)(1) of the Code, the Owner represents, warrants elects the following (select one): At least twenty percent (20%) of the residential rental units in the Project shall be maintained as both rent-restricted and covenants throughout occupied by individuals or families whose income is fifty percent (50%) or less of Area Median Gross Income of the term area in which the Project is located as determined by the Secretary of this Agreement and in order to satisfy the requirements United States Department of the Treasury for purposes of Section 42 of the Code, other applicable requirements and including adjustments for family size (“AMI”). At least forty percent (40%) of the representations made residential rental units in the Application that Project shall be maintained as both rent-restricted and occupied by individuals or families whose income is sixty percent (60%) or less of AMI. At least forty percent (40%) of the residential rental units in the Project shall be maintained as both rent-restricted and occupied by individuals or families whose average income does not exceed the imputed income limitation designated by the Owner with respect to the Tax Credit Units provided that: (i) the Owner shall designate the imputed income limitation of each Tax Credit Unit taking into account; (ii) the average of the imputed income limitations shall not exceed sixty percent (60%) of AMI, and (iii) the designated imputed income limitations shall be either twenty percent (20%), 30 percent (30%), 40 percent (40%), 50 percent (50%), 60 percent (60%), seventy percent (70%) or 80 percent (80%) of AMI. Any changes to these initial designations may be made only with the Authority’s expressed written consent and in accordance with the Authority’s [Income Averaging Policy] in place at the time of the request. b) Additionally, the Owner covenants and agrees that, during the Extended Use Period, as defined in Section 46(h)(6)(D) the Code which shall be no less than percent the “compliance period” as defined in Section 42(i)(1) of the Code plus an additional 25 taxable years thereafter (the “Extended Use Period”), the Tax Credit Units shall be maintained as both rent restricted and occupied by individuals or families whose income level does not exceed the applicable AMI as follows: _ ( ) units 20% or less of AMI _ ( ) units 30% or less of AMI _ ( ) units 40% or less of AMI _ ( ) units 50% or less of AMI _ ( ) units 60% or less of AMI _ ( ) units 70% or less of AMI _ ( ) units 80% or less of AMI _ ( ) units manager All of the foregoing residential rental units are collectively referred to herein as the "Tax Credit Units", and, with respect to all of such Tax Credit Units, "median gross income" shall be determined in accordance with the Code. The Owner further agrees that additional units in the Project shall be both rent-restricted and occupied by low-income individuals or families whose income is percent or less incomes meet the requirements of subsection (a) to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the area median gross income (Low-Income Tenants). InitiallyCode, Low-Income Tenants shall occupy units (Low-Income Units); of which shall be four bedroom units; of which shall be three bedroom units; of which shall be two bedroom units; of which shall be one bedroom units; and of which shall be studio or single room occupancy units. If applicable, as further represented in Owner’s Application, no at not less than % the percentage(s) to be determined at final allocation, for each taxable year of the LowExtended Use Period. A unit is "rent-Income Units shall be occupied by Low-Income Tenants whose income is 40% or less restricted" if the gross rent with respect to such unit does not exceed thirty percent (30%) of the area’s median gross incomeimputed income limitation applicable to such unit [based upon the income limitations set forth in this subsection (b)], all as determined in accordance with Section 42(g) of the Code. (bc) If applicable, the residential units in the Project are considered exclusive of any unit(s) occupied by a full-time resident manager(s) ( unit(s)). DHCD and the Owner acknowledge that such unit(s) has not been included in determining the Applicable Fraction The foregoing occupancy restrictions set forth in Section 1 of this Agreement. (c) As a condition to occupancy, each person who is intended to be a Low-Income Tenant shall be required to sign and deliver to the Owner an Income Certification using a form, acceptable to DHCD, adopted for such use by the Owner which meets the requirements of the Code 2 and the Treasury regulations promulgated thereunder. (d) The determination of whether a tenant meets the Low-Income requirement shall be made by the Owner at least annually on the basis of the current income of such Low-Income Tenant. (e) Any Unit occupied by an individual or family who is a Low-Income Tenant at the commencement of occupancy shall continue to be treated as additional agreements, if occupied by a Low-Income Tenant provided that (i) such unit continues to be rent-restricted and (ii) should such Low-Income Tenant's income subsequently exceed 140% of the applicable income limit any, set forth in Section 4 (a3 shall be in effect for each building which is part of the Project for the Extended Use Period. The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) above, such tenant shall no longer be a Low-Income Tenant if any unit of comparable or smaller size is rented the Code to a tenant who is not a Low-Income Tenantterminate the Extended Use Period.

Occupancy Restrictions. Minimum Federal Set-Aside Election: (a) The For the purpose of Section 42(g)(1) of the Code, the Owner representselects that at least percent ( %) of the residential rental units in the Project shall be both rent-restricted (as hereinafter defined) and occupied by individuals or families whose income is percent ( %) or less of area median gross income. Total Set-Aside: (b) Notwithstanding the election described in subsection (a) above, warrants the Owner covenants and covenants agrees that, commencing not later than the last day of the first year of the Credit Period and continuing throughout the term of this Agreement and in order to satisfy the requirements of Section 42 of the CodeAgreement, other applicable requirements and the representations made in the Application that no less than percent at least ( ) of the residential rental units in shall be both rent- restricted and occupied by individuals or families whose income is percent ( %) or less of area median gross income, at least ( ) of the Project residential rental units shall be both rent-restricted and occupied by individuals or families whose income is percent ( %) or less of the area median gross income (Lowand at least an additional ( ) of the residential rental units shall be both rent-Income Tenants)restricted and occupied by individuals or families whose income is percent ( %) or less of area median gross income. Initially, Low-Income Tenants shall occupy All of the foregoing residential rental units (are collectively referred to herein as the "Low-Income Units); ", and, with respect to all of which shall be four bedroom units; of which shall be three bedroom units; of which shall be two bedroom units; of which shall be one bedroom units; and of which shall be studio or single room occupancy units. If applicablesuch Low Income Units, as further represented in Owner’s Application, no less than % of the Low-Income Units shall be occupied by Low-Income Tenants whose income is 40% or less of the area’s "median gross income. (b) If applicable, " shall be determined in accordance with the residential Code. The Owner further agrees that additional units in the Project are considered exclusive of any unit(s) shall be both rent-restricted and occupied by a fulllow-time resident manager(sincome individuals or families whose incomes meet the requirements of this subsection (b) ( unit(s)). DHCD and to the Owner acknowledge that such unit(s) has not been included in determining extent necessary to maintain the Applicable Fraction set forth "applicable fraction," as defined in Section 1 42(c)(1)(B) of this Agreementthe Code, at not less than percentage(s) shown on Exhibit B hereto for each taxable year of the Extended Use Period. A unit is "rent-restricted" if the gross rent with respect to such unit does not exceed thirty percent (30%) of the imputed income limitation applicable to such unit, all as determined in accordance with Section 42(g) of the Code. (c) As a condition to occupancy, each person who is intended to be a Low-Income Tenant shall be required to sign and deliver to the Owner an Income Certification using a form, acceptable to DHCD, adopted for such use by the Owner which meets the requirements of the Code and the Treasury regulations promulgated thereunder. (d) The determination of whether an individual or family is a tenant Qualifying Tenant (that is, meets the Low-Income requirement income requirements of subsection (b) of this Section 5) shall be made by the Owner at least annually on the basis of the current income of such Low-Income Tenant. (e) Qualifying Tenant(s). Any Unit unit occupied by an individual or family who is a Low-Income Qualifying Tenant at the commencement of occupancy shall continue to be treated as if occupied by a Low-Income Tenant Unit during such occupancy notwithstanding an increase in the income of such individual or family above the income limitation applicable under subsection (b) of this Section 5 provided that (i) that, if such unit continues to be rent-restricted and (ii) should such Low-Income Qualifying Tenant's income subsequently exceed exceeds one hundred forty percent (140% %) of the applicable income limit set forth in Section 4 (a) abovelimit, such tenant unit shall no longer be a Low-Income Tenant Unit if after the determination of such increase, but prior to the next determination, any residential unit of comparable or smaller size is rented to a tenant who is not a Low-Income Qualifying Tenant. (d) As a condition to occupancy, each individual or family who is intended to be a Qualifying Tenant shall be required to sign and deliver to the Owner a fully completed Tenant Income Certification in the form provided from time to time by MFA, and the income and assets of such individual or family must be verified in the manner prescribed by MFA. (e) The form of lease to be utilized by the Owner in renting any unit in the Project to any person who is intended to be a Qualifying Tenant shall provide for termination of the lease and consent by such person to immediate eviction for failure to qualify as a Qualifying Tenant as a result of any material misrepresentation made by such person with respect to the Income Certification or the failure by such tenant to execute a Tenant Income Certification annually.

Occupancy Restrictions. (a) The Owner represents, warrants 5.1 No later than the end of the first year of the Compliance Period and covenants continuing throughout the term of this Agreement Low-Income Tenant Rental Period and in order to satisfy the requirements of Section 42 of the Code, other applicable requirements and the representations made in the Application that Application, no less than percent 70 5.2 The applicable fraction (as defined in Section 42(c)(1) of the residential units in Code), for each taxable year during the Project shall be both rent-restricted and occupied by individuals or families whose income is percent or less of the area median gross income (Low-Income Tenants)Tenant Rental Period, will not be less than the Applicable Fraction. Initially, Low-Income Tenants shall occupy 14 units ("Low-Income Units"); of which shall be four bedroom units; 5 of which shall be three bedroom units; 6 of which shall be two bedroom units; and 3 of which shall be one bedroom units; and of which shall be studio or single room occupancy units. If applicable, as As further represented in OwnerGrantor’s Application, no less than % 4 of the Low-Income Units shall be occupied by Low-Income Tenants whose income is 4030% or less of the area’s median gross income. (b) If applicableincome of the Area. [As of the date hereof, the residential units Project has or is expected to have the benefit of a contract for __ project-based vouchers under Section 8 of the United States Housing Act of 1937, as amended (the “Section 8 Contract”). If during the Low-Income Tenant Rental Period the Section 8 Contract is not renewed at the end of its term or is terminated or otherwise is no longer in full force and effect, DHCD will consider a request by the Grantor to reduce the number of Low- Income Units required to be occupied by Low-Income Tenants whose income is 30% or less of the median gross income of the Area. A decision by DHCD on such a request shall take into consideration the financial viability of the Project and shall be made in the Project are considered exclusive sole reasonable discretion of any unit(s) occupied by a full-time resident manager(s) ( unit(s)). DHCD and the Owner acknowledge that such unit(s) has not been included in determining the Applicable Fraction set forth in Section 1 of this AgreementDHCD.] (c) 5.3 As a condition to occupancy, each person who is intended to be a Low-Income Tenant shall be required to sign and deliver to the Owner Grantor an Income Certification using a form, acceptable to DHCD, adopted for such use by the Owner Grantor which meets the requirements of the Code and the Treasury regulations promulgated thereunder. (d) . The determination of whether a tenant meets the definition of a Low-Income requirement Tenant shall be made by the Owner Grantor at least annually on the basis of the current income of such Low-Income Tenanttenant. (e) 5.4 Any Unit unit in the Project occupied by an individual or family who is a Low-Income Tenant at the commencement of occupancy shall continue to be treated as if occupied by a Low-Income Tenant provided that (i) such unit continues to be rent-restricted and (ii) should such Low-Income Tenant's income subsequently exceed 140% of the applicable income limit set forth in Section 4 (a) 5.1 above, such tenant shall no longer be a Low-Income Tenant if any unit of comparable or smaller size is rented to a tenant who is not a Low-Income Tenant.