Affordable Housing. Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty percent (60%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in custom...
Affordable Housing. If this box is checked, Seller represents, to the best of Seller’s actual knowledge, the Property IS part 39 of an affordable housing program. If this box is NOT checked, Seller represents that Property is NOT part of an affordable housing 40 program.
Affordable Housing. Method of calculation Not consulted for this application Need/justification Current provision/ existing facilities (excl affordable housing) Details of anticipated facility or infrastructure Amount On site Amount Off site Officer Xxxxx Xxxxxxx, Housing Officer (Strategy and Enabling)
Affordable Housing. The Town and County will seek ways to implement its land use and development regulations in a manner that reflects the community values of diverse housing choice and affordability.
Affordable Housing. The Owner hereby covenants with the Council as follows:
Affordable Housing. The Developer shall comply with the affordable housing requirements as set forth in Exhibit L.
Affordable Housing. [Affordable Housing Clauses]
Affordable Housing. 1.1 The Owner covenants with the Council that not less than 11 Dwellings to be constructed on the Site pursuant to the Planning Permission shall be Affordable Housing Units
1.2 The Owner covenants with the Council that the Affordable Housing Units shall be made available as 4 Affordable Rented Housing units and 7 Shared Ownership Housing units (or such other type or mix of tenure as the Council may approve in writing)
1.3 To construct the Affordable Housing in accordance with the approved planning permission and the Scheme Development Standards and to provide satisfactory evidence of the same to the Council
1.4 That not more than 25% of the Market Dwellings shall be occupied until the Owner has entered into a binding Contract with the Registered Provider for the transfer of the completed Affordable Housing Units and no more than 50% of the Market dwellings shall be occupied before the Affordable Housing Units are completed.
Affordable Housing. 1.1 The Council covenants with the Developer to act reasonably in reviewing the draft Affordable Housing Scheme and not to unreasonably withhold or delay approval.
Affordable Housing a. The total number of affordable units among all the projects within the UMW MFOD will be up to 15% of the total units, provided that (i) any one project may be permitted at lesser or greater percentage (ii) further that all affordable units shall be eligible to be considered affordable by the Department of Housing and Community Development (DHCD) and be counted toward the Commonwealth of Massachusetts Subsidized Housing Inventory; and (iii) the units are subject to perpetual restriction using the rental price and to be mandated through a fair and equitable process to income qualified buyers’ or renters’ households making no more than 80% of the Area Median Income. The Applicant shall provide six (6) affordable units (approximately 2% of the total units) compliant with (i)-(iii) above. The Applicant shall prepare and submit to the Town a completed Local Action Unit application package within thirty (30) days of the receipt of all local permits and approvals (exclusive of building permits) for the Town’s submittal to DHCD. At the Town’s election, in the alternative, the Applicant will contribute the value of these six (6) units as a payment as specified in paragraph 4(c) below, for a total payment in lieu of twelve
