Affordable Housing Covenants Sample Clauses

Affordable Housing Covenants. Sale and use of the Property is governed by regulations known as the Uniform Housing Affordability Controls, which are found in New Jersey Administrative Code at Title 5, chapter 80, subchapter 26 (N.J.A.C. 5:80-26.1, et seq, the “Regulations”). Consistent with the Regulations, the following covenants (the “Covenants”) shall run with the land for the period of time commencing upon the earlier of (a) the date hereof or (b) the prior commencement of the “Control Period”, as that term is defined in the Regulations, and terminating upon the expiration of the Control Period as provided in the Regulations. A. The Property may be conveyed only to a household who has been approved in advance and in writing by ____________________________________________________, an administrative agent appointed under the Regulations (hereinafter, collectively, the “Administrative Agent"). B. No sale of the Property shall be lawful, unless approved in advance and in writing by the Administrative Agent, and no sale shall be for a consideration greater than maximum permitted price (“Maximum Resale Price”, or “MRP”) as determined by the Administrative Agent. C. No refinancing, equity loan, secured letter of credit, or any other mortgage obligation or other debt (collectively, “Debt”) secured by the Property, may be incurred except as approved in advance and in writing by the Administrative Agent. At no time shall the Administrative Agent approve any such Debt, if incurring the Debt would make the total of all such Debt exceed Ninety-Five Percent (95%) of the applicable MRP. D. The owner of the Property shall at all times maintain the Property as his or her principal place of residence. E. Except as set forth in F, below, at no time shall the owner of the Property lease or rent the Property to any person or persons, except on a short-term hardship basis as approved in advance and in writing by the Administrative Agent. F. If the Property is a two-family home, the owner shall lease the rental unit only to income-certified low-income households approved in writing by the Administrative Agent, shall charge rent no greater than the maximum permitted rent as determined by the Administrative Agent, and shall submit for written approval of the Administrative Agent copies of all proposed leases prior to having them signed by any proposed tenant. No improvements may be made to the Property that would affect its bedroom configuration, and in any event, no improvement made to the Property will b...

Affordable Housing Covenants. The Owner covenants with the District Council that it will:

Affordable Housing Covenants. The following covenants (the “Covenants”) shall run with the land for the period of time (the “Control Period”), determined separately with respect for each dwelling unit, commencing upon the earlier of the date hereof or the date on which the first certified household occupies the unit, and shall and expire as determined under the Uniform Controls, as defined below. In accordance with N.J.A.C. 5:80-26.11, each restricted unit shall remain subject to the requirements of this subchapter, the “Control Period,” until the municipality in which the unit is located elects to release the unit from such requirements. Prior to such a municipal election, a restricted unit must remain subject to the requirements of this subchapter for a period of at least 30 years; provided, however, that: 1. Units located in high-poverty census tracts shall remain subject to these affordability requirements for a period of at least 10 years; and 2. Any unit that, prior to December 20, 2004, received substantive certification from COAH, was part of a judgment of compliance from a court of competent jurisdiction or became subject to a grant agreement or other contract with either the State or a political subdivision thereof, shall have its control period governed by said grant of substantive certification, judgment or grant or contract. A. Sale and use of the Property is governed by regulations known as the Uniform Housing Affordability Controls, which are found in New Jersey Administrative Code at Title 5, chapter 80, subchapter 26 (N.J.A.C. 5:80-26.1, et seq, the “Uniform Controls”). B. The Property shall be used solely for the purpose of providing rental dwelling units for low- or moderate-income households, and no commitment for any such dwelling unit shall be given or implied, without exception, to any person who has not been certified for that unit in writing by the Administrative Agent. So long as any dwelling unit remains within its Control Period, sale of the Property must be expressly subject to these Deed Restrictions, deeds of conveyance must have these Deed Restrictions appended thereto, and no sale of the Property shall be lawful, unless approved in advance and in writing by the Administrative Agent. C. No improvements may be made to the Property that would affect the bedroom configuration of any of its dwelling units, and any improvements to the Property must be approved in advance and in writing by the Administrative Agent. updated June 2007 D. The Owner shall notify t...

Affordable Housing Covenants. The following covenants (the "Covenants") shall run with the land for the period of time commencing upon the date on which the first Medicaid certified resident occupies a unit in the Facility, and shall expire as determined under the Uniform Controls, as defined below (the "Control Period"). The Facility shall remain subject to the requirements of N.J.A.C. 5:80-26.11 until the sooner of the date that the site is no longer operated as a Assisted Living and Assisted Living with Memory Care Facility or until the Municipality elects to release the facility from such requirements. Prior to such a municipal election, the Facility must remain subject to the requirements set forth in this Deed for a period of at least thirty (30) years. A. The Municipality acknowledges that if the Assisted Living and Assisted Living with Memory Care Facility use is abandoned prior to the expiration of thirty years, then fair share housing credit may not be available to the Township. B. The Property shall be used for the purpose of providing Assisted Living and Assisted Living with Memory Care Facility and related services. Pursuant to N.J.S.A. 26:2H- 12.16 and N.J.A.C. 8:36.5.1(h), the Facility shall have a Medicaid occupancy level of 10 percent (10%) within three years of its licensure. The ten percent (10%) Medicaid occupancy level shall be met through conversion of residents who enter the Facility as private paying persons and subsequently become eligible for Medicaid, or through direct admission of Medicaid-eligible persons, or though individuals who qualify for Medicaid waiver in accordance with N.J.A.C. 5:97 - 6.11 (B)(2) and N.J.A.C. 5:93 -

Affordable Housing Covenants. The following covenants (the “Covenants”) shall run with the land for the period of time (the “Control Period”) set forth in paragraph B, below.

Affordable Housing Covenants a. Owner Compliance with the Affordable Housing Ordinance (West Hollywood Municipal Code Section 19.22). Owner has obtained a copy of the Affordable Housing Ordinance. Owner is familiar with the requirements of the Affordable Housing Ordinance and shall ensure that the Project complies in all material respects with this Agreement and the requirements set forth in all the foregoing documents.