Affordability Covenants Sample Clauses

Affordability Covenants. The Developer and the City shall, in order to assure the continued affordability of the rental units as required by the Development Program, Maine State Housing Authority and applicable laws, regulations and ordinances, execute a declaration which is substantially in the same form as the “Declaration of Covenants, Conditions and Restrictions” which is attached to the Development Program as Exhibit I.

Affordability Covenants. As shall be more particularly provided in the Phase Affordable Housing Agreement, Phase Implementation Agreement, and Ground Lease for each Phase, for a period of not less than fifty-five (55) years (“Affordability Period”), all of the dwelling units in the Properties for such Phase shall be rented to persons and families whose incomes do not exceed sixty percent (60%) of area median income, adjusted for family size appropriate to the unit, at rents affordable to said persons and families as defined by and pursuant to Tax Credit Rules (“Affordable Rent”), and for each Phase Authority and Developer shall negotiate and include in the applicable Phase Affordable Housing Agreement a matrix of the distribution of housing units among Extremely Low Income, Very Low Income, and Low Income as those terms are defined by the CRL and/or Tax Credit Rules, as finally elected and determined by Authority.

Affordability Covenants. Prior to the issuance of the first building permit for any affordable unit, the City and OWNER shall enter into an Affordable Housing Agreement Affordability shall be assured for a period of forty-five (45) years for for-sale units and fifty-five (55) years for rentals. For rental units, base rents shall be established by the City and rental adjustments required by the City shall be performed on an annual basis. In addition, the Affordable Housing Agreement shall impose maximum occupancy limits of 2 occupants per bedroom plus 1 additional occupant per dwelling unit, and a requirement for the owner or tenant to properly maintain each dwelling unit.

Affordability Covenants. Throughout the term of the Loan, the requisite number of residential apartment units in the Improvements shall rent at such rents, and to households having such incomes, as required by the most restrictive between the (i) Regulatory Agreement and (ii) any other regulatory agreements or other restrictive agreements recorded against the Property, including but not limited to the Agency DDA, the Agency Regulatory Agreement, the County Regulatory Agreement, the TCAC Regulatory Agreement and restrictions imposed by the Federal Home Loan Bank in connection with its AHP loan program, (iii) any agreements, restrictions or other Requirements to which Borrower or the Property may be subject, including (but not limited to) those of the State of California, acting through TCAC in connection with an allocation of the LIHTC. The foregoing rent and income restrictions shall apply to the Property for so long as the Loan or any portion thereof remains outstanding or such later time as may be provided under the foregoing documents. Each year during the Term of the Loan, Borrower shall provide Bondowner Representative with a copy of Borrower’s annual tenant and rent certification and qualification report made (i) to any subordinate lender, (ii) pursuant to the Regulatory Agreement, (iii) to TCAC in connection with the tax credit allocation, and (iv) those governmental agencies charged with determining Borrower’s compliance with regulations applicable to the LIHTC claimed by Borrower for the Property.

Affordability Covenants. Throughout the term of the Loan, the requisite number of residential apartment units in the Improvements shall rent at such rents, and to households having such incomes, as required by the most restrictive between the (i) Regulatory Agreement (ii) any other regulatory agreements or other restrictive agreements recorded against the Property, and (iii) any agreements, restrictions or other Requirements to which Borrower or the Property may be subject, including (but not limited to) those of the State of California, acting through TCAC in connection with an allocation of the LIHTC. The foregoing rent and income restrictions shall apply to the Property for so long as the Loan or any portion thereof remains outstanding or such later time as may be provided under the foregoing documents. Each year during the Term of the Loan, Borrower shall provide Bondowner Representative with a copy of Borrower’s annual tenant and rent certification and qualification report made (i) pursuant to the Regulatory Agreement, (ii) to TCAC in connection with the tax credit allocation, and (iii) those governmental agencies charged with determining Borrower’s compliance with regulations applicable to the LIHTC claimed by Borrower for the Property.

Affordability Covenants. With respect to each Private Development Parcel that will contain Affordable Housing Units, the Affordable Housing Covenants shall be recorded against title to the Deed for such Private Development Parcel following recordation of the Deed for such Private Development Parcel.

Affordability Covenants a. The Restricted Units shall be leased by Xxxxxxxxx as follows: i. ( ) units (consisting of ( ) studio units, ( ) one- bedroom units, ( ) two-bedroom units) shall be leased only to Persons of Low Income earning up to percent ( %) of AMI, and shall be leased at rates that do not exceed thirty percent (30%) of the adjusted income for a family whose gross income does not exceed percent ( %) of AMI, less the monthly allowance for utilities and services (excluding telephone) to be paid by tenants as established by the City. ii. ( ) units (consisting of ( ) studio units, ( ) one- bedroom units, ( ) two-bedroom units) shall be leased only to Persons of Low Income earning up to percent ( %) of AMI, and shall be leased at rates that do not exceed thirty percent (30%) of the adjusted income for a family whose gross income does not exceed percent ( %) of AMI, less the monthly allowance for utilities and services (excluding telephone) to be paid by tenants as established by the City. iii. ( ) units (consisting of ( ) studio units, ( ) one- bedroom units, ( ) two-bedroom units) shall be leased only to Persons of Moderate Income earning up to <<one hundred twenty percent (120%)>> of AMI, and shall be leased at rates that do not exceed thirty percent (30%) of the adjusted income for a family whose gross income does not exceed <<one hundred twenty percent (120%)>> of AMI, less the monthly allowance for utilities and services (excluding telephone) to be paid by tenants as established by the City. b. Developer shall verify the income of each tenant occupying an Restricted Unit, and shall deliver to the City a Tenant Authorization Form in the form attached hereto as Exhibit B to confirm such tenants income eligibility. c. The maximum rent payable by a tenant occupying an Restricted Unit shall be recalculated on a periodic basis based on new maximum rent limits provided to the City by HUD, based on changes to fair market rents and median income. d. The Restricted Units shall be generally comparable in design, unit type, size, and overall quality of construction to the market-rate rental units in the Project, if any. Restricted Units shall be distributed throughout the buildings and not concentrated on specific floors or wings. e. Units shall continue to qualify as Restricted Units hereunder despite a temporary noncompliance with this Section 6 if the noncompliance is caused by increases in the incomes of existing tenants such that the tenant no longer qualifies as a Person o...

Affordability Covenants. The Developer covenants and agrees for itself, its successors, its assigns and every successor in interest to the Project or any part thereof, during the Affordability Period, that all rental Units in the Project shall be rented or leased to or held available for rental or occupancy by Income-Qualified Households.

Affordability Covenants. The Developer covenants that ninety (90) of the total residential units (the “Affordable Units”) distributed by type (e.g., studios, 1-bedroom units, 2- bedroom units and 3-bedroom units) will be offered for sale at prices affordable at the greater of (i) 80% to 120% of area median income (“AMI”) in effect at the of this Agreement, or (ii) 80% to 120% of AMI in effect at the time of sale, as set forth herein. In furtherance of the foregoing, of the Affordable Units, (i) twenty-one (21) units will be restricted with sales prices at 80% of AMI (the “Class I Affordable Units”), and (ii) sixty-nine (69) units will be restricted with sales prices at 120% of AMI (the “Class II Affordable Units”). Other than the ninety (90) units comprising the Affordable Units, no other units at the Project shall be restricted hereunder (the “Unrestricted Units”). The Developer will market all of the Affordable Units first through community housing partners, at prices affordable to individuals and families with incomes in the 80% to 120% AMI range. The Class I Affordable Units will be permanently deed restricted or restricted by such other mechanisms as may be required by the City for use as housing affordable at households with incomes at 80% of AMI. The Developer will also implement additional restrictions on the use and sale of the Class II Affordable Units to maximize the benefits to owner occupied housing and dis-incentivize immediate resales of Class II Affordable Units, including a prohibition on use of the Class II Affordable Units as short-term rentals (less than 28 days) and at the discretion of the Developer, may include a provision that if a Class II Affordable Unit is sold for a profit within 5 years of the initial sale of such Affordable Unit, the Developer is entitled to fifty percent (50%) of the net sale profit. The covenants described in this Section

Affordability Covenants. During the Affordability Period, the Property shall be owned and occupied by Owner or persons, who at the time of purchase, are Eligible Persons or Families.