Last Updated:
December 8, 2019
by
Matt Dolf
| Version: 2
| 74 views
| 1 follower
members are following updates on this item.
Financial E. Income and Housing Charge
- Occupant Mix. The Occupant mix in the Development will be as set forth and described in Schedule D.
- Proof of Income and Assets. The Co-op will establish policies and procedures for establishing rent and asset calculations and submit these to the City for approval. As part of this the Co-op will obtain a declaration ("Declaration of Income and Assets") and supporting documentation as evidence of the Income and Assets of the Below Market Occupant at the time of the initial occupancy and annually thereafter. The Co-op will obtain a declaration of income ("Declaration of Income") and supporting documentation as evidence of the Income of the Market Occupant at the time of the initial occupancy. The declaration will be in a form approved by the City as may be amended from time to time. The Co-op will maintain a copy of each Occupant's documentation in a file available to the City on request.
- Housing Charge. The Housing Charge for each Residential Unit payable by the first Occupants will be not less than the amounts set forth below, unless otherwise agreed to in writing by the City; provided, however, that in the case of Market Occupants, the rates charged should be based on actual market rates as and when the first Occupancy Agreements are entered into, with the objective of maximizing the income generated by the Development.
| Unit Type | Below Market Occupant Housing Charge (maximum average per month) | Market Occupant Housing Charge (average per month) |
| 1BR | $750 | $1,501 |
| 2BR | $1,069 | $1,902 |
| 3BC | $1,275 | $2,096 |
- Increases. The Co-op will increase the monthly Housing Charges, parking and other fees charged by such amounts and at such times as applicable law and market circumstances allow, both when Occupancy changes and during the currency of an Occupancy Agreement, with the objective of maximizing the income generated by the Development.
- Parking. The Co-op may rent, or impose other usage charges for the use of, the parking spaces within the Development, other than those that are required by the City's Parking By- law to be set aside for visitors or reserved for use as Class A loading bays, to such third parties and at such rates as the Co-op may in its sole discretion decide.
- Application of Housing Charges. The Co-op will collect Housing Charges, parking usage fees and other fees and amounts payable by Occupants or third parties for use of the Development, and apply this income to the cost of operating the Development.
- City not Responsible. It is understood that the City will not be responsible to the Co-op for any breach or failure of the Occupant to observe any of the terms of the Occupancy Agreement between the Occupant and the Co-op, including the covenant to pay the Housing Charge. The same relationship will apply as between the Co-op and renters/users of parking spaces in the Development, and as between the Co-op and the City in respect of the same.
Viewed 74 times