Common use of Affordability Restrictions Clause in Contracts

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. 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- 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- 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- 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.