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. 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. 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. 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 use agreements, regulatory agreements or other restrictive agreements recorded against the Property, including but not limited to the HUD Use Agreement, the HOME/CDBG Regulatory Agreement, the County Regulatory Agreement, the City Regulatory Agreement and the Infill Grant Regulatory Agreement, 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) to any subordinate lender or the Housing Authority, (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. For a term of not less than thirty (30) years, the residential apartment units at the Property shall be rented at such rates and to such persons as shall be required by the Regulatory Agreement, as well as the appropriate governmental agency in any other regulatory agreement to be executed by Borrower. During the term of the Regulatory Agreement and any such other regulatory agreement, Borrower shall provide Baypoint, upon Baypoint’s written request, with a copy of Borrower’s annual tenant and rent certification and qualification report made to any governmental agencies charged with determining Borrower’s compliance with regulations applicable to the Property.
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. 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 Agreements and
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.
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. Each of the homes must be purchased and occupied by persons whose income is no greater than 60% of area median income (a “Qualified Purchaser”) for a term of ninety-nine (99) years. For the purposes of this Agreement, area median income is the median income of the metropolitan area as determined by the secretary of the United States Department of Housing and Urban Development for the calendar year of the sale of each home. Prior to the sale of each home, the Developer must submit to the Authority a certificate in substantially the form in EXHIBIT E attached hereto, showing that the buyer is a Qualified Purchaser. Further, each home shall be sold to a Qualified Purchaser at the initial sale and thereafter, each home shall be sold at a purchase price of no more than the “Affordable Home Price” for families making the applicable percentage of area median income and using the financing and loan metrics for the Qualified Purchaser (for example, 60% of area median income), as determined by the Metropolitan Council in its established affordability price index or another comparable resource as determined by the Authority in their sole discretion. For 2024, the Affordable Home Price is $290,300 at 60% of area median income.
