6Meaning of moderate-income dwelling

6 Meaning of moderate-income dwelling

(1) A dwelling is a moderate-income dwelling if: (a) the dwelling satisfies the criteria set out in subsections (2) and (4); and (b) the dwelling is not a lower-income dwelling. (2) A dwelling satisfies the criteria in this subsection if the dwelling is tenanted, or available to be tenanted, only by one or more of the following: (a) an adult living alone whose taxable income, for the most recent income year, for which the Commissioner has given the adult a notice of assessment, ending before the dwelling’s most recent assessing event, was less than 120% of average annual earnings; (b) 2 or more adults living together whose combined taxable incomes, for the most recent income year, for which the Commissioner has given each adult a notice of assessment, ending before the dwelling’s most recent assessing event, was less than 130% of average annual earnings; (c) one adult living with one or more dependent children of the adult, where the adult’s taxable income, for the most recent income year, for which the Commissioner has given the adult a notice of assessment, ending before the dwelling’s most recent assessing event, was less than 140% of average annual earnings; (d) 2 or more adults living with one or more dependent children of any of the adults, where the adults’ combined taxable incomes for the most recent income year, for which the Commissioner has given each adult a notice of assessment, ending before the dwelling’s most recent assessing event, was less than 140% of average annual earnings. (3) Despite subsection (2), if a dwelling no longer satisfies the criteria in that subsection only because of an event mentioned in subparagraph (c)(i) or (ii) of the definition of assessing event, the dwelling is taken to continue to satisfy the criteria until: (a) if, immediately before the event, the dwelling was taken to satisfy the criteria in subsection (2) because of a previous application of this subsection—the day worked out under paragraph (b) for that previous application; or (b) otherwise—the earlier of: (i) the end of 12 months after the event; or (ii) the end of the lease for the dwelling. (4) A dwelling satisfies the criteria in this subsection if the rent payable under a lease for the dwelling is 74.9% or less of the market value of the right to occupy the dwelling under the lease.