Affordability Requirements. All requirements of this Section 2 shall apply for the entirety of the Affordability Period for each Phase. Owner agrees to the following:
a. The Residential Rental Dwelling Units shall be Actively Marketed for lease to Income Eligible Residents. The income limits and rent limits will be adjusted annually according to the HUD published limits.
b. The Inclusionary Housing Units shall be similar in construction and appearance (e.g., square footage, type of appliances, materials used for countertops, flooring, etc.) to the market rate units of the Development and shall be interspersed throughout the Project.
Affordability Requirements. The Recipient acknowledges and agrees that the Rental Protocol set out in Appendix “A” to this Schedule applies to all Supportive Housing Projects by virtue of the contractual terms of this Agreement, whether or not the Rental Protocol applies to Supportive Housing Projects under the Residential Tenancies Act, 2006, and shall ensure that the Proponent agrees in writing that Appendix “A” to this Schedule applies to its Supportive Housing Project(s).
Affordability Requirements. Pursuant to the terms of Condition 24 of the Comprehensive Permit, the Applicant will restrict certain units in the Project (the “Affordable Units”) as follows: twenty percent (20%) of the units in the Project to be occupied and rented by households earning not more than fifty percent (50%) of the AMI. During the Subsidy Period (as defined below), rents for the Affordable Units shall be no greater than those permitted by the Subsidizing Agency Agreements, all in accordance with the applicable rules, regulations, and guidelines of the Subsidizing Agency. Without derogating from the provisions of Paragraph 4 below relative to the exclusive jurisdiction of the Subsidizing Agency to monitor and enforce the affordability requirements, during the period (hereinafter, the “Subsidy Period”) that the Subsidizing Agency Agreements are in force and effect, the Applicant shall provide a copy to the Town, care of the Board of Selectmen, of any statements, reports, notices, or certifications made by the Developer
Affordability Requirements. The Restricted Unit, if it is rented, shall be rented at not more than Qualifying Rent and occupied by Eligible Households. Owner shall ensure that language is contained in all leases and contracts with tenants of the Restricted Unit executed by Owner that prohibits subleasing of the Restricted Unit.
Affordability Requirements. All multi-family residential property that receives a grant, incentive, or subsidy through a sale lease-back or other written agreement involving a development authority doing business in the City of Atlanta, regardless of the number of parcels, shall comply with the affordability requirement selected by Owner as initialed in Section 2(a) or
Affordability Requirements. Pursuant to the requirements of the HOME Program and the Agreement, the Recipient agrees that the HOME-Assisted Units on Property as more particularly described in the Agreement shall remain affordable for and be used solely by low income persons or families as described in the Program Requirements, as such requirements are defined below, for their principal residence and for no other purpose throughout the Affordability Period as defined below.
Affordability Requirements. The For-Rent Owner Affordable Housing Units shall be restricted to low-income households earning up to sixty percent (60%) of the area median income, as adjusted only for household size (“AMI”), with the maximum rent that may be charged any tenant occupying an For-Rent Owner Affordable Housing Unit not exceeding thirty percent (30%) of sixty percent (60%) of AMI, as adjusted only for household size as set forth in California Code of Regulations (CCR), title 25, Section 6932, as amended from time to time, as of the first date of tenancy (“Maximum Annual Rent”). In the event that a For-Rent Owner Affordable Housing Unit is converted to an ownership unit (“For-Sale Owner Affordable Housing Unit”), existing tenants will be offered a right of first refusal to purchase the For-Sale Owner Affordable Housing Unit. For any units that are occupied, the maximum purchase price shall be set at the level of affordability that is the higher of sixty percent (60%) of AMI, as adjusted only for household size as set forth in California Code of Regulations (CCR), Title 25, Section 6932, as amended from time to time, or the actual income level of the existing tenant, as of the date of the close of escrow, assuming an annual payment for all housing costs of thirty-three percent (33%) of the combined household annual net income, a five percent (5%) down payment, and available financing (“Maximum Purchase Price”). The Maximum Purchase Price of any For-Rent Owner Affordable Housing Unit that is vacant or whose tenant does not exercise the right of first refusal to purchase the unit will be set at 110% of AMI, as adjusted only for household size as set forth in California Code of Regulations (CCR), Title 25, Section 6932, as amended from time to time. Conversion of any For-Rent Owner Affordable Housing Units to For For-Sale Owner Affordable Housing Unit will be subject to all requirements in a recorded Declaration of For-Sale Restrictions related to conversion substantially in the form of Exhibit K to the Mission Bay South Housing Program, Declaration of For-Sale Site Restrictions (Attachment 1 to this Third Amendment) including, but not limited to: Notice of Conversion to Agency and Rights of Existing Tenants (Notice of Conversion; Right of First Refusal); and Incentive Programs (including Downpayment Assistance and Moving Assistance). Additionally all terms and conditions of the sale shall conform to the Agency’s Limited Equity Ownership Program (Attachment 2 to this Third Amend...
Affordability Requirements a. Developer assures County that housing assisted with Home Project and matching funds will meet the affordability requirements of 24 CFR § 92.252 (rental housing) or 24 CFR § 92.254 (homeownership), as applicable, and guarantees repayment of funds if the housing does not meet said affordability requirements. Failure by Developer to maintain the affordability requirements, as applicable, shall be considered a material breach of this Agreement, and, if the affordability requirements are not met, Developer shall repay such funds regardless of any subordination or other agreement entered into by the County with other lenders of the Home Project.
Affordability Requirements. 8.1. Borrower shall ensure continued affordability through the Declaration of Affordability Requirements, which shall be a covenant running with the land and shall, prior to first draw of funds, be filed of record in favor of the Lender, at the office of the Cleveland County Clerk. The form of this covenant is attached as Exhibit I.
8.2. Throughout the Period of Compliance, at least 10% of the total number of units shall be affordable for households making 30% or less of the median family income for the area, as calculated and adjusted by the United States Department of Housing and Urban Project (“HUD”), 10 of the low-income units shall be available for households at 30% AMI and 30 of the low-income units shall be available for households at 60% AMI (“Affordability Requirements”).
8.3. Borrower shall develop procedures for tenant income eligibility verification for the assisted units that comply with the HUD Part 5 method or the IRS Method of income determination. These procedures must be approved by the Lender. The HUD Part 5 method of income determination refers to the annual income determination method as defined at 24 CFR § 5.609, including adjustments defined in 24 CFR §5.611; restrictions governed by 24 CFR § 5.612, whereby income is calculated for all adult household members and is projected for the upcoming 12-month period, factoring in historical data, source documentation and any other information obtained in the income review process.
8.4. Tenant leases shall be in writing, and the lease term shall be for one year unless otherwise mutually agreed upon between the tenant and Borrower or its property manager. Borrower or its property manager shall maintain copies of leases for every tenant throughout the Affordability Period. Lease clauses requiring tenants to accept supportive services (with the exception of residents in transitional housing) are prohibited. Termination or nonrenewal of leases may occur for good cause only, and good cause does not include nonparticipation in supportive service or tenant increases in income.
8.5. At the end of the Period of Compliance and assuming no Borrower default occurs, the Lender shall release by a written instrument in recordable form executed and acknowledged by the Lender upon the satisfaction of the SLFRF Requirements and the terms of this Agreement.
Affordability Requirements. For a term of fifty-five (55) years commencing upon the date of issuance of a final certificate of occupancy or equivalent for the Project, two of the residential units in the Project (the BMR Unit) shall be rented at Affordable Rent and occupied (or if vacant, available for occupancy) by Eligible Households. [Note City Ordinance §27.050.B and §27.090 D.4 refers to 30 year term; however, Govt Code §65915(c) requires 55 years for low- and very low-income density bonus rental units.] In the event that following initial occupancy of the BMR Units, a tenant’s household Gross Income increases so that the tenant no longer qualifies as an Eligible Household, Owner may raise the tenant’s rent to an amount net of utilities, that is the lesser of the rent for a comparable market-rate unit in the Project or one-twelfth (1/12th) of thirty percent (30%) of the tenant’s household Gross Income; provided however, Owner must rent the next available unit in the Project to an Eligible Household at an Affordable Rent.
