AFFORDABILITY COVENANT. Developer agrees that a portion or all 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 Permanent Housing Projects located outside Indian Country seeking a CEQA exemption, pursuant to HSC section 50675.1.4, the Grantee shall duly encumber a 55-year Affordability Covenant. For all other Permanent Housing Projects located outside Indian Country, Grantees shall duly encumber a 30-year Affordability Covenant that: is recorded in first position against the Project real property for the benefit of the state, regional, local, or Tribal Grantee, restricts the use, operation, occupancy, and affordability of the Project and real property in accordance with the Homekey Tribal Program Requirements, duly names the Department as a third-party beneficiary with the right and privilege, but not the obligation, of enforcement thereof, and is otherwise in form and substance acceptable to the Department. Permanent Housing Projects located within the boundaries of Indian Country, shall be duly encumbered with a 25-year Affordability Covenant with the aforementioned terms and conditions and as further detailed in Exhibit E, shall be: With respect to trust or restricted land: approved by and recorded with BIA with respect to trust or restricted land, and any residential leases of Tribal trust or restricted land shall be approved by the BIA in accordance with 25 C.F.R. Part 162; and recorded with the County for notice purposes; or recorded with the county recorder with respect to fee land located within Indian Country. Proof of recordation shall be provided: within 30 days of execution of this Agreement if the Tribal Grantee is the fee owner, or the legal beneficiary of trust or restricted land; or within six months of execution of this Agreement if Xxxxxx Xxxxxxx is acquiring the land. Proof of recordation with the BIA may be demonstrated by a Certified TSR reflecting the recording of the Affordability Covenant, correspondence from the BIA that the Affordability Covenant has been recorded, or other documentation acceptable to the Department. If proof of recordation from the BIA cannot be provided in accordance with the prescribed time period, Tribal Grantee may request an extension of time that shall not be unreasonably denied by the Department. The Affordability Covenant shall require integration of the Target Population within all entrances, common areas, and buildings that comprise the Project. The Affordability Covenant shall include occupancy and rent restrictions that maintain the Project’s accessibility to the Target Population over the full term of the ...
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:
(A) Owner-occupied housing for which the total annual cost of ownership, including principal, interest, taxes, insurance, and condominium association fees, does not exceed 30 percent of the gross annual income of a household at 120 percent of the highest of the following:
(i) the county median income, as defined by the U.S. Department of Housing and Urban Development;
(ii) the standard metropolitan statistical area median income if the municipality is located in such an area, as defined by the U.S. Department of Housing and Urban Development; or
(B) Rental hHousing for which the total annual cost of renting, including rent, utilities, and condominium association fees, does not exceed 30 percent of the gross annual income of a household at 80 percent of the highest of the following:
(i) the county median income, as defined by the U.S. Department of Housing and Urban Development;
(ii) the standard metropolitan statistical area median income if the municipality is located in such an area, as defined by the U.S. Department of Housing and Urban Development; or
(iii) the statewide median income, as defined by the U.S. Department of Housing and Urban Development.
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 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 person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature of Notary ------------OPTIONAL SECTION----- CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons...
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..
