SR 05:219 - Laserfiche WebLink

(aa) "Very Low Income Charges" shall mean the maximum allowable Affordable Charges for a Very Low Income Unit pursuant to Section 2.2(b) below, (bb) "Very Low Income Household" shall mean a household of one or more Residents, with an Adjusted Income which does not exceed fifty percent (50%) of Median Income. (cc) "Very Low Income Memory Impaired Bed" shall mean one (I) bed in a Memory Impaired Unit which, pursuant to Section 2.1 (c), is required to be rented to a Memory Impaired Resident who is also a Very Low Income Household. (dd) "Very Low Income Unit" shall mean a Unit which, pursuant to Section 2.1 (b) below, is required to be rented to a Very Low Income Household. ARTICLE 2 AFFORDABILITY AND OCCUPANCY COVENANTS 2.1 Occupancv Requirements, (a) Extremelv Low Income Units. Subject to subsection (d), nine (9) of the Units shall be rented to and occupied by, or if vacant, available for occupancy by Extremely Low Income Households_ (b) Very Low Income Units. Subject to subsection (d), twenty one (21) ofthe Units shall be rented to and occupied by, or if vacant, available for occupancy by Very Low Income Households, (c) Very Low Income Memory Impaired Bed. One (I) bed in one (I) Memory Impaired Unit shall be rented to and occupied by, or if vacant, available for occupancy by one (I) Memory Impaired Resident who is also a Very Low Income Household. (d) Minimum Number of Extremely Low Income Units and Very Low Income Units_ For each Extremely Low Income Unit or Very Low Income Unit occupied by a household with more than one (]) member, Developer may reduce the number of Units subject to Section 2.I(a) or 2.1 (b), as applicable, by one (I) Unit provided that in no event shall the total number of Extremely Low Income Units and Very Low Income Units be less than twenty seven (27), 144\105\]59081,11 5