Affordability Restrictions Sample Clauses
Affordability Restrictions. The Sponsor and the Owner agree, during the Retention Period, to manage and operate the Project as rental housing for very-low-, low-, and/or moderate- income households. [For purposes of this Agreement, very-low-income households shall mean households whose annual income is 50% or less of area median income, low-income households shall mean households whose annual income is 60% or less of area median income, and moderate- income households shall mean households whose annual income is 80% or less of area median income, as determined from time to time by the U.S. Department of Housing and Urban Development (“HUD”), the AHP Regulations, or as further provided in federal regulations.] [This Project serves households that are eligible for assistance from a Tribally Designated Housing Entity, and therefore, for purposes of this Agreement, very-low-income households shall mean households whose annual income is 50% or less of area median income, low-income households shall mean households whose annual income is 60% or less of area median income, and moderate-income households shall mean households whose annual income is 80% or less of area median income, where area median income is either as determined from time to time by the U.S. Department of Housing and Urban Development (“HUD”) or as provided for in the Native American Housing Assistance and Self-Determination Act (“NAHASDA”) income guidelines, whichever is greater.] The Sponsor and the Owner agree to make of the units affordable for and occupied by very- low-income households, of the units affordable for and occupied by low-income households, and units affordable for and occupied by moderate-income households during the term of the Retention Period.
Affordability Restrictions. If Borrower purchases the Property in order to construct the Development, the County and Borrower shall cause a regulatory agreement to be recorded against the Property concurrently with the close of escrow. The regulatory agreement will obligate Borrower to, among other matters, cause the operator of the Development to rent a certain number of units in the Development to low income households. The regulatory agreement will be in effect for a time period of no less than fifty-five (55) years.
Affordability Restrictions. Limits imposed by regulation or regu- latory agreement on tenant rents, rent contributions, or income eligibility with respect to eligible low income housing. Low-Income Families. Families or per- sons whose incomes do not exceed the levels established for low-income fami- lies under part 5 of this title. Moderate Income Families. Families or persons whose incomes are between 80 percent and 95 percent of median area income, as determined by the Commis- sioner with adjustments for smaller and larger families.
Affordability Restrictions. A. Real property acquired and/or improved for a homebuyer project by use of loan funds approved by the Subrecipient or its subrecipient are subject to recapture provisions per 24 CFR 92.254(4) and limit any Sub-grantee or homebuyers rights to dispose of said property or to utilize it for a purpose other than that specified in this Agreement, for a minimum period of time as indicated below. This provision will be implemented through a Deed of Trust from the homebuyer in favor of the Subrecipient per the stated schedule below, placed on the property at the time any assistance to a sub-grantee or homebuyer is provided. Any circumstances affecting that property other than those stated in Sub- grantee’s application for funding shall require the specific approval of the City of Tacoma. In the event of a proposed change of use or ownership, Subrecipient shall contact the City for appropriate disposition of this provision. Homeowner Rehabilitation Any Amount No minimum HOME term Homebuyer Assistance $-0- to $14,999 5 Years
B. The City of Tacoma uses the recapture provision to recapture the direct HOME assistance to homebuyers receiving funding through a down payment assistance program or its homeownership development programs. Developers, subrecipients, owners and/or sponsors of HOME homebuyer projects cannot choose their own recapture options. HOME funds will not be provided as a development subsidy only; a direct subsidy loan will be required with each HOME eligible homebuyer. If the HOME- assisted homebuyer sells the HOME-assisted unit during the relevant period of affordability, the Subrecipient will recapture the entire amount of the HOME subsidy to the homebuyer as defined in 24 CFR 92.254(a)(4). If there are no net proceeds from a sale, or the net proceeds from a sale are insufficient to repay the HOME investment due, the Subrecipient or its subrecipient will only recapture the amount of net proceeds available, if any. Net proceeds shall be defined as the sales price minus superior loan repayment (other than HOME funds) and standard closing costs. Under no circumstances will the Subrecipient recapture more than is available from the net proceeds of the sale.
C. Real property acquired and/or improved for a rental housing project by use of loan funds provided by the Subrecipient to an owner/developer/sponsor is subject to the affordability restrictions under 24 CFR 92.252 indicated below. The affordability restrictions will be secured by a Note, Deed of Trust...
Affordability Restrictions. Any Rental Assistance Demonstration (RAD) use agreement, ground lease, other land use restriction Agreements (XXXX), and mortgages (as described below) will include use restrictions that ensure that the property is reserved for low and very low-income households.
Affordability Restrictions. This is to inform the Buyer that the Property to be purchased will be subject to affordability and use restrictions pursuant to the restrictions and limitations of the Neighborhood Stabilization Program (“NSP”), which is administered by the United States Department of Housing and Urban Development (“HUD”). The Buyer acknowledges and agrees that the Property will be subject to continuing affordability requirements under the NSP program in accordance with the HOME Program standards at 24 CFR 92.254 for homeownership housing (the “Affordability Requirements”). Buyer acknowledges and agrees that: i) it is receiving assistance from HUD in the form of an incrementally forgivable loan at zero percent interest that is funded by NSP funds (the “NSP Loan”) and ii) that the NSP Loan is enabling Buyer to purchase the Property. The NSP Loan will be forgiven at the end of ________ years from purchase (the “Affordability Term”). All buyers of NSP-funded properties must earn at or below 120% of the Area Median Income in order to be considered “income-eligible” (“NSP Income Eligible”). Buyer acknowledges and agrees that before it can purchase the Property, it must provide documentation in form and content required by the {insert name of administering entity or the Seller] to establish that it is NSP Income Eligible. Buyer hereby agrees that the [Seller] [or the administering entity] will determine, in its sole discretion, whether Buyer is NSP Income Eligible. The Buyer certifies that he/she will be the owner occupant of the Property and will occupy the Property as his/her primary residence. During the Affordability Term, the Buyer may not lease the Property, may not transfer, sell, encumber, lien, abandon, or otherwise alienate the Property, and must inhabit the Property as its primary residence (the “Use Restrictions”). If the Buyer violates any of the Use Restrictions during the Affordability Term, then the Buyer will be required to repay all or a portion of the NSP Loan pursuant to the terms of the Loan Agreement to be executed at the purchase of the Property. At Closing, Buyer acknowledges and agrees that it will be required to execute a Note, a Deed of Trust, and a Loan Agreement evidencing the Affordability Requirements and Use Restrictions affecting the Property.
Affordability Restrictions. The income and rent restrictions described in Attachment 3 shall apply to all City-Assisted Units. During the Affordability Period Declarant will maintain the City-Assisted Units as rental housing and rent or hold available for rental each City-Assisted Unit on a continuous basis.
Affordability Restrictions. Agent shall comply with the affordability restrictions and requirements concerning leasing and related matters described in Exhibit A attached hereto.
Affordability Restrictions. Owner hereby covenants and agrees that during the term of this Agreement all of the requirements and restrictions of this Agreement shall apply, and the Property shall be sold or otherwise transferred only pursuant to the terms and conditions of this Agreement and only to (i) Eligible Households at a price not to exceed the Adjusted Resale Price, as defined in Section 5, (ii) the Agency pursuant to Section 3, or (iii) a Permitted Transferee pursuant to Section 9.