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 Project 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 Unit Owner and continue for a period of ( ) 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 Project 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, which date shall be memorialized in an acknowledgment executed by the District and Developer and recorded in the Land Records. 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 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. Five years from the initial lease up of an eligible tenant and the continued leasing to an eligible tenant.
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:
Affordability Period. Required Number of Years: Total Years (Compliance Period: 15 years plus Extended Use period years) 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 Details, percentage of visitable units] 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 Lender(s):
