Affordable Housing Program. RETENTION AND REPAYMENT AGREEMENT
Affordable Housing Program. Owner-Occupied Projects Promissory Note and Retention Agreement
Affordable Housing Program. The Below Market Units shall be subject to the following requirements:
Affordable Housing Program. (1) The Project Developer will make 50% of the residential units built at the Project affordable to low- and moderate-income families in accordance with the ACORN/Forest City 50-50 Program described in the Memorandum of Understanding, dated May 17, 2005 (the “MOU”), between ACORN and the Project Developer attached as Exhibit D hereto (the “50-50 Program”). Exhibit D contains three scenarios for the 50-50 Program with different income tiers for the moderate-income units and per unit subsidy assumptions.
(2) As provided in the MOU, Project Developer and ACORN will work together to secure necessary modifications to existing affordable housing programs and policies in order to accomplish the 50-50 Program and ACORN (with the participation of other Coalition members as appropriate) will appear with the Project Developer before government agencies, community organizations and the media as part of a coordinated effort to realize and advance the Project, including the 50-50 Program. In the event that Project Developer and ACORN determine once there is definitive information regarding:
(a) the costs of acquiring and developing the Project allocated appropriately between the residential portion of the Project and the rest of the Project,
(b) the amount of governmental contributions for site development and affordable housing subsidies for the Project, and
(c) the net proceeds from the sale of condominium units at the Project that the 50-50 Program cannot be accomplished in accordance with Scenario A-1, Project Developer and ACORN will cooperate to make revisions to Scenario A-1 to permit the 50-50 Program to proceed as closely as possible to Scenario A-1. If following such effort, Project Developer and ACORN agree that the Project cannot be accomplished in accordance with Scenario A-1, Project Developer will implement the 50-50 Program in accordance with Scenario A-2; provided that if Project Developer and ACORN agree that the 50-50 Program cannot be accomplished in accordance with Scenario A-2, Project Developer and ACORN will cooperate to make revisions to Scenario A-2 to permit the 50- 50 Program to proceed as closely as possible to Scenario A-2, Project Developer will implement the 50-50 Program in accordance with Scenario A-3.
(3) Project Developer will make the designs and plans (and material modifications thereto) for the housing to be built at the Project available to the Housing Committee (which may be shared with the Executive Committee), and the Housing C...
Affordable Housing Program. The project will comply with the requirements for affordable housing options in accordance with the established PUD regulations. Participation will be provided by either providing on-site units or by paying a fee-in-lieu. The fee-in-lieu will be $6 for each square foot of bonus square footage above the basehne. The baseline shall include F.A.R. that could be achieved under the existing zoning and existing applicable site development regulations, including additional F.A.R. that may be granted under Section 25-2-714 (Additional Floor Area). If rental housing is provided, dwelling units equal to at least 10 percent of the bonus area square footage within the PUD must be affordable. If owner occupied housing is provided, dwelling units equal to at least 5 percent of the bonus area square footage within the PUD must be affordable. Payment of the fee-in-lieu will be made prior to the site plan being released. If the site plan is revised to increase square footage, the project will have to pay additional fees for the additional square footage above baseline.” Note that the fee rate was locked in at a very low $6 per square foot of bonus area, and the size of the bonus area was slashed by requiring that the baseline include “additional F.A.R. that may be granted under Section 25-2-714.” Because PUD fees were tied to permit approvals, the baseline FAR and the bonus square footage were not estimated, and the public never had the opportunity to compare the value of housing provided in a VMU project with the housing that would be expected from the PUD project. We were told that the fee-in-lieu would work out to something between $250,000 and $500,000. My own estimate, with incomplete data, was $414,000. Six years later, no site plan had been submitted, no market or affordable housing had been built, and no fees had been paid--demonstrating that the minimum affordable housing requirement under a typical PUD is, essentially, 0 units and $0 in fees to NHCD. If the 2019 hotel PUD had been approved under the baseline and bonus area methodology of the 2013 PUD, the baseline entitlement would have been about 193,000 square feet. In the end, the site plan submitted for the hotel had a gross floor area of 184,000 square feet, which works out to a bonus area of negative 9,000 sf. In other words, the project would be required to provide 0 affordable units and $0 in fees to NHCD. That’s why the ZNA zoning committee worked to negotiate a substantial contribution to an off-site pr...
Affordable Housing Program. Owner shall apply for an award of Affordable Housing Program (“AHP”) funds in the amount of Two Hundred Sixty Thousand Dollars ($260,000). Owner shall submit a completed application prior to that certain date set forth in the Amended Schedule of Performance, attached hereto as Attachment No. 5. In the event the Owner is awarded AHP funds, Owner shall, within ten (10) days of notice of award amount, notify the Agency in writing of the amount of such award. The principal amount of the Agency Loan evidenced in the Agency Note shall be reduced by (or if the principal amount of the Agency Note has already been disbursed at the time of the award of AHP Funds, within five (5) days thereafter Owner shall pay to Agency) the total amount of the AHP award.
Affordable Housing Program. The Owner shall demonstrate to the Agency that it has timely applied to the Federal Home Loan Bank of San Francisco for Affordable Housing Program funds in the amount of $260,000. Owner shall submit its application for Affordable Housing Program funds by December 2009. In the event Owner is unsuccessful in obtaining an allocation, Owner shall timely apply for the next allocation. .
Affordable Housing Program. Pursuant to the DDA, Borrower has agreed to apply for an award of AHP funds in the amount of two hundred sixty thousand dollars ($260,000). In the event Borrower is awarded AHP funds, Borrower shall, within ten (10) days of notice of award, notify the Agency in writing of the amount of such award. The principal amount of this Note shall be reduced by (or if the principal of this Note has already been disbursed at the time of the award of AHP funds, within five (5) days thereafter Borrower shall pay to Agency) the amount equal to the amount of the AHP award.
Affordable Housing Program. The following types of housing will be offered as follows: MFI Studio 1BR 2BR 3BR Total 50% 29 53 18 4 104 60% to 80% 44 77 27 11 159 Subtotal 73 130 45 15 263
Affordable Housing Program. The Developer is required to construct affordable housing units equal to at least 125% of the existing units on site, or a minimum of 969 affordable units. This includes a 1-for-1 replacement of the occupied 775 public housing units and the addition of new low-income units. A mixture of both types of affordable units will be contained within each new affordable housing building.
