Common use of Operating Subsidy Clause in Contracts

Operating Subsidy. The Agency agrees to provide ongoing financial assistance to the Owner as described in this Section provided the Owner is in compliance with the terms and requirements outlined in this Agreement, the Targeting Unit Agreement, and the Targeting Program Manual. (a) The Operating Subsidy is made to provide assistance to a residential housing project known as <Project Name> (the “Project”) located in <County Name> County. (b) The assistance will be for the number of Key units as specified in the current executed Targeting Unit Agreement, as may be modified from time to time and occupied and leased pursuant to the requirements of the Targeting Program Manual. In the event the number of Key units is modified to zero, this agreement will terminate automatically. (c) The Operating Subsidy will fund the difference between the tenant-paid rent amount and the payment standard, each as determined under the Targeting Program Manual. (d) The Owner authorizes the management company responsible for the Project to submit requests for the Operating Subsidy in a form and manner approved by the Agency. (e) The Targeting Program Manual will be updated from time to time and once published to the Agency website will supersede all previous versions. (f) Any Operating Subsidy required to be paid by the Agency to the Owner is contingent upon the availability of funding for the Key Program and may be terminated at any time the funding is exhausted, insufficient or otherwise not available to the Agency.