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. 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. Activity HOME Subsidy Minimum Federal Term 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
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. The affordability of the Project shall be maintained as follows: Twelve (12) one-bedroom, seventeen \/ two-bedroom, and eleven (11.) one-bedroom units in the Project o»hall at. all tlines be occupied or held vacant and available for rental by 60 Income Household Income determination shall made at time orsz initial occupancy of a unit by a tenant.
Affordability Restrictions. 1. An applicant/developer shall agree to the continued affordability of all very low and low- income rental units that qualified for the award of the density bonus for 55 years or a longer period of time if required by the construction or mortgage financing assistance program, mortgage insurance program, or rental subsidy program.
Affordability Restrictions. Agent shall comply with the affordability restrictions and requirements concerning leasing and related matters described in Exhibit A attached hereto.
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. 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
