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 $15,000 to 39,999 10 Years $40,000 and higher 15 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 affordabilit...
Affordability Restrictions. The Developer hereby covenants and agrees, with respect to the Affordable Units, to perform all of its obligations under the "Affordability Restrictions," the form of which is attached hereto as Attachment No. 10. It is intended (as reflected in the Affordability Restrictions) that the term of the Affordability Restrictions, together with any and all covenants of Developer with respect thereto, shall extend for a period of forty-five (45) years after the sale of each Affordable Unit. A Notice of Affordability Restrictions on Transfer of Property, in the form attached hereto as Attachment No. 15, shall be recorded against the Property concurrently with recordation of the Affordability Restrictions.
Affordability Restrictions. When Recorded Return to: City of San Xxxx – Housing Department 000 X. Xxxxx Xxxxx Xxxxxx, 12th Floor San Jose, California 95113-1905 Attention: Loan Management TO BE RECORDED WITHOUT FEE PER GOVERNMENT CODE SECTIONS 6103 AND 27383; AND HEALTH AND SAFETY CODE SECTION 33334.3(f)(2). This Affordability Restrictions (“Agreement” or “Restriction”) is made by Sycamore Grove Terrace, LLC, a California limited liability company ("Developer") on this day of August, 2013, with respect to the following facts:
Affordability Restrictions. COUNTY and BORROWER, on behalf of 24 its successors and assigns, hereby declare their express intent that the restrictions set forth in this 25 Agreement shall continue in full force and effect for the duration of the Affordability Period (as 26 defined in Section 15 above). Each and every contract, deed or other instrument hereafter 27 executed covering and conveying the Property or any portion thereof shall be held conclusively 1 to have been executed, delivered and accepted subject to such restrictions, regardless of whether 2 such restrictions are set forth in such contract, deed or other instrument. BORROWER shall 3 execute and record as a lien against the Property, a Covenant Agreement, substantially 4 conforming in form and substance to the Covenant Agreement attached hereto as Exhibit G and 5 incorporated herein by this reference, setting forth the affordability use and income restriction
Affordability Restrictions. The Property is subject to the following Affordability Covenants:
(a) Until December 31, 2051, thirty nine (39) units (“Affordable Units”) shall be made available to Very Low Income households in accordance with applicable income limits adjusted for San Diego County published from time to time by the California Department of Housing and Community Development (“HCD”) at an affordable rent in accordance with the Schedule of Affordable Rents attached hereto as Exhibit “B” and incorporated herein by this reference. Of the 39 Affordable Units, sixteen (16) shall be one bedroom units, and twenty three (23) shall be two bedroom units. For purposes of
Affordability Restrictions. Agent shall comply with the affordability restrictions and requirements concerning leasing and related matters described in Exhibit A attached hereto.
