Page:United States Statutes at Large Volume 100 Part 3.djvu/800

 100 STAT. 2608

PUBLIC LAW 99-514—OCT. 22, 1986

'•ilii a '

"(3) C U R R E N T INCOME DETERMINATIONS.—For purposes of t h i s

subsection— "(A) IN GENERAL.—The determination of w h e the r the income of a resident of a u n i t in a project exceeds the applicable income limit shall be m a d e a t least annual l y on the basis of the c u r r e n t income of the resident. >fic

"(B) C O N T I N U I N G RESIDENT'S INCOME MAY INCREASE ABOVE


 * ,;f^*- THE APPLICABLE LIMIT.—If the income of a resident of a unit

in a project did not exceed the applicable income limit upon ^5« c o m m e n c e m e n t of such resident s occupancy of such unit t,-.,,^ (or a s of any prior determination under subparagraph (A)), the income of such resident shall be treated a s continuing to not exceed the applicable income limit. The preceding j,j „ sentence shall cease to apply to any resident whose income as of the most recent determination under subparagraph \^*-.r (A) exceeds 140 percent of the applicable income limit if jg^. after such determination, b u t before the next determina,,. tion, any residential u n i t of comparable or smaller size in the s a m e project is occupied by a new resident whose ^ income exceeds the applicable income limit. "(4) SPECIAL RULE I N CASE O F DEEP R E N T S K E W I N G. —

%, „4^ ' ^, J

"(A) IN GENERAL.—In the case of any project described in subparagraph (B), the 2d sentence of subparagraph (B) of paragraph (3) shall be applied by substituting— "(i)'170 p e r c e n t ' for ' 1 4 0 percent', and "(ii) ' any low-income u n i t in the same project is occupied by a n e w resident whose income exceeds 40 percent of a r e a median gross income' for ' any residential unit of comparable or smaller size in the s a m e project is occupied by a n e w resident whose income exceeds the applicable income limit'. "(B) D E E P RENT SKE^WED PROJECT.—A project is described

in this subparagraph if the owner of the project elects to have this paragraph apply and, a t all times during the "''' qualified project period, such project meets the require.„,. m e n t s of clauses (i), (ii), and (iii): ^'*',- * "(i) The project meets the requirements of this clause ^ •, if 15 percent or more of the low-income units in the ^y-*;ijl -. project a r e occupied by individuals whose income is 40 percent o r less of a r e a median gross income. ^^ •''*' " "(ii) The project meets the requirements of this -^' '. clause if the gross r e n t with respect to each low-income u n i t in the project does not exceed 30 percent of the ' * applicable income limit which applies to individuals '•i • '.'" occupying the unit. "(iii) The project meets the requirements of this "' clause if the gross r e n t with respect to each low-income ->»•' ' unit in the project does not exceed Va of the average r e n t with respect to units of comparable size which a r e -»i^~ not occupied by individuals w h o meet the applicable i^:\ income limit. "(C) DEFINITIONS APPLICABLE TO SUBPARAGRAPH (B). — For

purposes of subparagraph (B)— "(i) LOW-INCOME U N I T. — The term 'low-income u n i t '

means any u n i t which is required to be occupied by individuals who meet the applicable income limit, "(ii) GROSS RENT.—The term 'gross r e n t ' includes—

�