Affordability Period Clause Samples

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. 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. The Affordability Period for the Property will begin on the Completion date as determined by ADFA (“Completion Date”) and shall end fifteen (15) 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. ADFA will provide a formal written notice to Habitat and the Homebuyer of the Completion Date and the resulting expiration date of this Affordability Period and this Agreement. 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 the full amount of the direct HOME Assistance by ADFA as described in Section 8 below.

Affordability Period. For the purpose of this Agreement, the Affordability Period shall be Five (5) years. The Affordability Period shall commence on the day that the Property is conveyed by AGENCY to an eligible homebuyer and end on the last day of the year, Five (5) years thereafter, or at such time as the value of the land donation has been repaid, whichever is longer. COUNTY and AGENCY agree that the value of the donated land (Land Only Value) is determined to be $2.00 per square foot. Upon the initial sale of each assisted unit, the AGENCY, at AGENCY’S sole expense, shall have properly filed and recorded in the official public records of Pinellas County, a Land Use Restriction Agreement (▇▇▇▇), Affidavit, Mortgage with right to repurchase or other COUNTY-approved restriction for that unit which shall include restrictions upon the use, sale and resale of the unit for the duration of the Affordability Period, subject to and in accordance with the covenants and terms contained herein. The AGENCY shall submit the form of this document for approval by the COUNTY prior to finalizing any sale.

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. The Affordability Period shall commence upon the issuance of the first certificate of occupancy for the Project, and end after a period of no less than thirty (30) years from the last certificate of occupancy for the Project.

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 Affordability Requirements apply to the Property immediately, and the Recipient shall comply with the restrictive covenants herein upon the issuance of a Certificate of Occupancy. The Affordability Requirements on the Property shall continue to be in effect for a period of Twenty (20) years after the Project Completion Date as defined by the Agreement (the “Affordability Period”). In any event, and notwithstanding anything in the Agreement to the contrary, the Project Completion Date shall be the date at which the project completion information has been entered in the disbursement and information system established by HUD or as may otherwise be required by HUD. Pursuant to 24 C.F.R. § 92.252, the Affordability Requirements shall remain in effect for not less than the Affordability Period without regard to the term of any mortgage or other underlying encumbrance upon the Property and without regard to any transfer of ownership. In accordance with 24 C.F.R. §92.252(e)(ii)(3) in the event of a sale by foreclosure or transfer in lieu of foreclosure under a deed of trust encumbering the Property that has a priority over this Declaration (a “Termination Event”) MDHA may terminate the Affordability Restrictions. The Affordability Period and the Affordability Restrictions shall be revived according to their original terms if, during the original Affordability Period, the owner of record at the time of the Termination Event obtains an ownership interest in the Property.