AFFORDABILITY COVENANT. Developer agrees that a portion of the Residential Units to be developed in the Project shall be dedicated as Affordable Units, as required in the Affordability Covenant, in accordance with the schedule attached as Exhibit H (the “Schedule of Affordable Units”).
AFFORDABILITY COVENANT. Affordability Covenant shall mean the Affordability Covenant Including Resale Restriction, Repayment Restriction, and Option to Purchase to be executed by each Qualified Homebuyer and the CITY and recorded against each Assisted Unit at the time of sale of such unit to the Qualified Homebuyer, substantially in the form attached to this Agreement.
AFFORDABILITY COVENANT. For a period of fifteen (15) years from and after the date of this Covenantthat the Project receives a Certificate of Occupancy (“CO”), MRELLC hereby covenants and agrees for itself and its successors and assigns that eleven (11) of the housing units in the Project, as are more particularly described in Exhibit A attached hereto, shall be rented maintained as affordable units in accordance with 24 V.S.A. § 4303(1). As used herein, “affordable housing” shall be defined as follows:
AFFORDABILITY COVENANT. If ten (10) or more residential units are developed on the Property, not less than 15 percent of the total number of residential units developed on the property shall be sold or rented at affordable housing cost, as defined in Section 50052.5 of the California Health and Safety Code, or affordable rent, as defined in Section 50053 of the California Health and Safety Code, to lower income households, as defined in Section 50079.5 of the California Health and Safety Code. Rental units shall remain affordable to and occupied by lower income households for a period of 55 years for rental housing and 45 years for ownership housing. The initial occupants of all ownership units shall be lower income households, and the units shall be subject to an equity sharing agreement consistent with the provisions of paragraph (2) of subdivision (c) of 65915 of the California Government Code. These requirements shall be covenants or restrictions running with the land and shall be enforceable against any owner who violates a covenant or restriction and each successor-in-interest who continues the violation by any of the entities described in subdivisions (a) to (f), inclusive, of Section 54222.5 of the California Government Code. Dated this day of , 20 SACRAMENTO AREA SEWER DISTRICT, a county sanitation district formed pursuant to and operating under the authority of the County Sanitation District Act, commencing at Health and Safety Code Section 4700, successor by merger of SACRAMENTO REGIONAL COUNTY SANITATION DISTRICT, a county sanitation district formed pursuant to and operating under the authority of the County Sanitation District Act, commencing at Health and Safety Code section 4700 Xxxxxxxxx Xxxxxx, District Engineer/General Manager Under delegated authority by: Resolution No. SR-3102 Dated September 13, 2023 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF SACRAMENTO On before me, , notary public, date name of notary officer personally appeared , name(s) of signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the...
AFFORDABILITY COVENANT. In order to qualify as affordable rental units pursuant to this subsection, such units shall be maintained in perpetuity as affordable units. The owner ofthe rental units shall enter into an agreement with the city to ensure the continued affordability of these affordable rental housing units in perpetuity. This agreement shall be recorded.
AFFORDABILITY COVENANT. Pleasant Beach also covenants, bargains, and agrees, on behalf of itself and its successors and assigns as to the Property, that if the City approves amendments to the BIMC that meet the provisions of Section 2 above, Pleasant Beach will execute and record such additional covenants and agreements as the City deems necessary to ensure that the workforce housing units referred to above will remain affordable for a period of at least fifty (50) years.
AFFORDABILITY COVENANT. School desires to make some dwelling units of the Property affordable to tenants with a family income that is not less than 80% AMI for the tenant’s applicable family size and not more than 140% AMI for a tenant’s applicable family size, pursuant to the terms of that certain “Affordability Covenant” provided by School to City and which may be executed and recorded subject to City’s acceptance of the benefit described therein.
AFFORDABILITY COVENANT. The CHDO covenants and agrees that the HOME Funds made available under this Agreement will be used only to pay for the Eligible Costs.
AFFORDABILITY COVENANT. Xxxxxx agrees to use the Leased Premises for Affordable Housing Purposes for the term of this Lease (the “Affordability Covenant”). For this purpose of this Lease, the term Affordable Housing Purposes means that all [100] units are affordable to households having an income of less than or equal to 80% of area median income at initial occupancy and at least 20% of such units must be affordable to households having an income of less than or equal to 60% of area median income at initial occupancy..
