Affordable Housing Program. RETENTION AND REPAYMENT AGREEMENT (For Rental Project on Native American Tribal Trust Land) This Affordable Housing Program Retention and Repayment Agreement (“Agreement”) is entered into as of the day of , 20 , by located at (“Member”); located at (“Sponsor”); and/or located at (“Owner”). The Member, Sponsor and/or Owner are jointly referred to as the “Parties”.
Affordable Housing Program. Owner-Occupied Projects Promissory Note and Retention Agreement The member shall ensure that an Affordable Housing Program (AHP) project financed by the proceeds of a direct subsidy and/or a subsidized advance is subject to this promissory note and retention agreement evidencing solely the AHP subsidy in connection with the Project. This note and retention agreement does not apply to any other loan on the Project. In the event that the Lender elects to record a leasehold deed of trust, collateral assignment of lease, or other security instrument in connection with financing an AHP-Assisted Unit, this promissory note and retention agreement shall be attached to, or incorporated by reference into, such security instrument and/or recorded separately as a deed restriction. In such case, the promissory note and retention agreement may require the approval of the Secretary of the Interior pursuant to 25 USC § 415. All subsidies disbursed by the member to an individual homebuyer must be secured by this note and retention agreement, a deed restriction, or another legally enforceable retention agreement or instrument consistent with the AHP regulations. Refer to the AHP retention, repayment, and recovery provisions described in the AHP Direct Subsidy Agreement—Homeownership Set-Aside Program. This form document has been prepared to address the minimum retention requirements of the AHP Regulations for projects located on tribal trust or allotted land. The Federal Home Loan Bank of San Francisco makes no representation or warranty that a court will enforce these form documents in accordance with applicable federal, state or tribal law. We strongly recommend that each member have its legal counsel review the documents to address any federal, state or tribal law requirements, including but not limited to consumer credit laws, notary requirements, and usury laws. The final note and retention agreement and any security documents must meet the requirements of your jurisdiction.
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.
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 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. 2019 Taco Hotel PUD ordinance 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 ...
Affordable Housing Program. The redevelopment of the Islands will provide a Project contribution (consisting of private funding and tax exempt funding sources generated on the Islands) of approximately $406 million for the construction of 1,800 new affordable housing units on the Islands for the benefit of San Francisco.
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 Below Market Units shall be subject to the following requirements:
