Affordability Period. Affordability Period means the duration of the affordable housing requirements which are set forth in this Agreement and the Regulatory Agreement. The project shall be subject to the requirements herein in perpetuity commencing upon the completion of the rehabilitation. For purposes of this Section, “in perpetuity” means the useful life of the Property with the land use controls imposed, but not less than fifty-five (55) years, which exceeds the HOME minimum affordability period of 15 years. The duration of this requirement shall be known as the “Affordability Period.”
Affordability Period. “Affordability Period” shall mean, for each Project, the period beginning on the date when the Project achieves Initial Occupancy and consisting of the full ten
Affordability Period. For the purpose of this Agreement, the Affordability Period shall commence upon the project completion date as determined by the County and end on the later of: (i) the last day of the Fifteenth (15th) year thereafter, or (ii) at such time as the SHIP Program debt under the Mortgage has been forgiven or repaid.
Affordability Period. All Affordable Units in the Project shall be sold or leased in accordance with the terms of this Covenant for the “Affordability Period.” If the Affordable Development contains For Sale Affordable Units, the “Affordability Period” for each For Sale Affordable Unit shall begin on the date of the sale to the initial Affordable Owner and continue for a period of fifteen (15) years. The Affordability Period for each For Sale Affordable Unit (is or is not) renewed upon each subsequent sale of the For Sale Affordable Unit. If the Affordable Development contains Rental Affordable Units, the “Affordability Period” for all of the Rental Affordable Units shall begin on the date of the lease of the first Rental Affordable Unit and continue for a period of ( ) years. Notwithstanding the foregoing, this Covenant may be released and extinguished upon the approval of the Agency, in its sole and absolute discretion.
Affordability Period. The Affordability Period for the Property will begin on the Completion date as determined by the City (“Completion Date”) and shall end five (5) years after the Completion Date (the “Affordability Period”). As required by the HOME Program, the “Completion Date” is the date the activity is shown as completed in HUD’s Integrated Disbursement and Information System (IDIS), the entry into which cannot be made until after closing on the Property has occurred. the City will provide a formal written Notice of Project Completion Date to the Homebuyer identifying the Completion Date and the resulting expiration of the Affordability Period and this Agreement and the Note and Mortgage. Upon issuance of such notice, this Agreement shall be deemed amended to reflect the expiration date of the Affordability Period. If the Homebuyer sells or transfers ownership of the Property voluntarily or involuntarily, including via foreclosure or deed in lieu of foreclosure, the Affordability Period will end upon the recapture of direct HOME assistance by the City pursuant to Section 7 below.
Affordability Period. The Affordability Period relating to this Project shall be for twenty (20) years from the date of issuance of the certificate of occupancy relating to the Project.
Affordability Period. The period of affordability for the home will be five (5) years. During this five (5) year period, the HOMEOWNER must maintain the home as his/her principal place of residence at all times. The HOMEOWNER should be aware that according to HUD regulations, the period of affordability does not begin until the activity is shown as completed in HUD’s Integrated Disbursement and Information System (IDIS). Therefore, the five (5) year period may not start until some time after the execution of this AGREEMENT. The HOMEOWNER and/or the CITY must contact OHFA in order to determine the exact date on which the period of affordability will expire. The duration of this AGREEMENT and the affordability period will be the same.
Affordability Period. Required Number of Years: Total Years (Compliance Period: 15 years plus Extended Use period years) Qualified Contract Qualified Contract Required Number of Years: Years Additional Targeting Commitments All commitments of the Owner (as set forth in the Application and which are incorporated herein by reference), including, but not limited to the following: [Senior Housing (55+ or 62+), CRANE Eligibility] Supportive Services and Amenities Supportive Services and Amenities (as set forth in the Application and which are incorporated herein by reference), for which points were awarded during the scoring process: Supportive Services: Total of _ points Amenities: Total of points Other Signatories to the Agreement Lender(s): TABLE OF CONTENTS Page Section 1. Definitions 4 Section 2. Representation, Covenants and Warranties of the Owner 6 Section 3. Residential Rental Project 7 Section 4. Occupancy Restrictions 10 Section 5. Term of Restrictions 14 Section 6. Internal Revenue Service Notification 16 Section 7. Covenants Run with the Project Site 17 Section 8. Uniformity; Common Plan 17 Section 9. Remedies; Enforceability 17 Section 10. Amendment; Termination 18 Section 11. No Conflict with Other Documents 19 Section 12. Fees, Release and Indemnification 19 Section 13. Right of First Refusal 19 Section 14. Sale, Transfer or Other Disposition of the Project 20 Section 15. Severability 20 Section 16. Notices 20 Section 17. Governing Law 21 Section 18. Recording and Filing 21 Section 19. Termination 21 Section 20. Counterparts 21 Section 21. Subordination 21
Affordability Period. For the ten (10) years following project completion (hereinafter referred to “the Affordability Period”), the following restrictions shall apply. The DEVELOPER agrees to assist the GRANTOR in restricting the use of the property by recording a Land Use Restriction Agreement, Mortgage, and Note (hereinafter the “DOCUMENTS”) in form and with the same content as that executed under even date herewith. DOCUMENTS shall be identical in substantial form as the forms in “Attachment 5” attached hereto and by reference made a part hereof. In the event the housing does not continue to be the principal residence of the family for the duration of the Period of Affordability, the GRANTOR shall recapture a portion of the HOME Program assistance provided to the homebuyers in accordance with the terms and conditions provided in the loan agreement and note. The HOME Program funds provided under this AGREEMENT will be recaptured in accordance with 24 CFR 92.254(a)(5)(ii) and shall be repaid to the GRANTOR, recorded as CONSORTIUM program income in accordance with 24 CFR 92.503, and used in accordance with the requirements of the HOME Program. Should the DEVELOPER sell and transfer ownership of property assisted with HOME funds to a homeowner who does not meet the income eligibility of the HOME program, DEVELOPER shall reimburse the CONSORTIUM the amount of HOME funds disbursed on the project by the CONSORTIUM. The CONSORTIUM shall deposit said funds in the local HOME Trust Account to be utilized for other affordable housing activities at the discretion of the CONSORTIUM.
Affordability Period. RRDP requires Qualified Households to occupy the residential housing units in a Qualified Project on and after the Conversion Date, which will be determined based on the type of proposed construction and number of units: -A period of five (5) complete calendar years for all rehabilitation -A period of ten (10) complete calendar years for all reconstruction and new construction -A period of twenty (20) complete calendar years for all new construction consisting of 5 or more units in accordance with HOME program standards of 24CFR92.252(e)
