Common use of Affordable Housing Requirements Clause in Contracts

Affordable Housing Requirements. The following requirements with respect to Workforce/Affordable Housing Units shall at all times be continuously complied with and satisfied from the date on which the Project or the initial Phase thereof is first placed in service through the end of the Credit Period: (a) The Project shall be completed and placed in service on or before the end of the Investment Period, and shall contain and be comprised of approximately one hundred thirty-nine (139) Total Housing Units and approximately twenty-eight (28) Workforce/Affordable Housing Units. Workforce/Affordable Housing Units must be constructed before or concurrently with market-rate units (i.e., each Phase of the Project to be placed in service must include Workforce/Affordable Housing Units), and Workforce/Affordable Housing Units must represent at least twenty percent (20%) of Total Housing Units in all completed Phases of the Project, or in the completed Project if applicable. For purposes of calculating the percentage of Workforce/Affordable Housing Units represent of Total Housing Units, fractional percentages equal to or in excess of half of one percent (0.5%) shall be rounded up to the nearest whole percentage. For example only, if the Workforce/Affordable Housing Units represent nineteen and one-half of one percent (19.5%) of the Total Housing Units in the Project, the percentage or Total Housing Units represented by Workforce/Affordable Housing Units shall be rounded up to twenty percent (20%) for purposes of determining satisfaction of these Affordable Housing Requirements. (b) Of the Workforce/Affordable Housing Units established in the Project: i. At least twenty percent (20%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, or exclusively offered for rent as 40% AMI Housing Units; ii. At least sixty percent (60%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, or exclusively offered for rent as 60% AMI Housing Units; and iii. Not more than twenty percent (20%) of the Workforce/Affordable Housing Units shall at any time be rented, reserved, or exclusively offered for rent as 80% AMI Housing Units. (c) Workforce/Affordable Housing Units must be distributed approximately evenly throughout the Project, and shall not be clustered or grouped together in a particular area or location of the Project, and must be comparable to the market-rate units contained within the Project in size, exterior appearance, interior fixtures, furnishings and appliances provided by the Company (if applicable), and overall quality of construction. (d) The mixture of bedrooms per unit within each tier of Workforce/Affordable Housing Unit (i.e., 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units) must be substantially the same as the mixture of bedrooms per unit within the market rate units in the Project. By way of example only, if approximately fifty percent (50%) of the Project’s market rate units are two bedroom units, then approximately fifty percent (50%) of the 40% AMI Housing Units must be two bedroom units, approximately fifty percent of the 60% AMI Housing Units must be two bedroom units and approximately fifty percent (50%) of the 80% AMI Housing Units must be two bedroom units. (e) 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units must be distributed approximately evenly across all housing types contained within the Project. By way of example only, if the Project is comprised of (i) garden flat apartments and (ii) two story townhomes, the various tiers of Workforce/Affordable Housing Units must be approximately evenly distributed among these two types of housing, and cannot be significantly weighted to either garden flat apartments or townhomes. The Company shall allow the County to audit its records in connection with satisfaction of the Affordable Housing Requirement on reasonable notice by the County, by making such records available at reasonable times and locations in or in close proximity to the County’s offices in the City of Greenville, South Carolina, within ten (10) business days of receipt of such request.

Affordable Housing Requirements. The following requirements with respect to Workforce/Affordable Housing Units shall at all times be continuously complied with and satisfied from the date on which the Project or the initial Phase thereof is first placed in service through the end of the Credit Period: (a) The Project shall be completed and placed in service on or before the end of the Investment Period, and shall contain and be comprised of approximately one two hundred thirty-nine fourteen (139214) Total Housing Units and approximately twentyforty-eight four (2844) Workforce/Affordable Housing Units. Workforce/Affordable Housing Units must be constructed before or concurrently with market-rate units (i.e., each Phase of the Project to be placed in service must include Workforce/Affordable Housing Units), and Workforce/Affordable Housing Units must at all times represent at least twenty percent (20%) of Total Housing Units in all completed Phases of the Project, or in the completed Project if applicable. For purposes of calculating the percentage of Workforce/Affordable Housing Units represent of Total Housing Units, fractional percentages equal to or in excess of half of one percent (0.5%) shall be rounded up to the nearest whole percentage. For example only, if the Workforce/Affordable Housing Units represent nineteen and one-half of one percent (19.5%) of the Total Housing Units in the Project, the percentage or Total Housing Units represented by Workforce/Affordable Housing Units shall be rounded up to twenty percent (20%) for purposes of determining satisfaction of these Affordable Housing Requirements. (b) Of the Workforce/Affordable Housing Units established in the Project: i. At least twenty percent (20%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, or exclusively offered for rent as 40% AMI Housing Units; ii. At least sixty percent (60%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, or exclusively offered for rent as 60% AMI Housing Units; and iii. Not more than twenty percent (20%) of the Workforce/Affordable Housing Units shall at any time be rented, reserved, or exclusively offered for rent as 80% AMI Housing Units. Notwithstanding the foregoing requirements, nothing in this Agreement shall limit or prevent the Company from conducting standard due-diligence procedures in vetting potential tenants, including but not limited to background checks and credit checks. (c) Workforce/Affordable Housing Units must be distributed approximately evenly throughout the Project, and shall not be clustered or grouped together in a particular area or location of the Project, and must be comparable to the market-rate units contained within the Project in size, exterior appearance, interior fixtures, furnishings and appliances provided by the Company (if applicable), and overall quality of construction. (d) The mixture of bedrooms per unit within each tier of Workforce/Affordable Housing Unit (i.e., 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units) must be substantially the same as the mixture of bedrooms per unit within the market rate units in the Project. By way of example only, if approximately fifty percent (50%) of the Project’s market rate units are two bedroom units, then approximately fifty percent (50%) of the 40% AMI Housing Units must be two bedroom units, approximately fifty percent of the 60% AMI Housing Units must be two bedroom units and approximately fifty percent (50%) of the 80% AMI Housing Units must be two bedroom units. (e) 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units must be distributed approximately evenly across all housing types contained within the Project. By way of example only, if the Project is comprised of (i) garden flat apartments and (ii) two story townhomes, the various tiers of Workforce/Affordable Housing Units must be approximately evenly distributed among these two types of housing, and cannot be significantly weighted to either garden flat apartments or townhomes. The Company shall allow the County to audit its records in connection with satisfaction of the Affordable Housing Requirement on reasonable notice by the County, by making such records available at reasonable times and locations in or in close proximity to the County’s offices in the City of Greenville, South Carolina, within ten (10) business days of receipt of such request.

Affordable Housing Requirements. The following requirements with respect to Workforce/Affordable Housing Units shall at all times be continuously complied with and satisfied from the date on which the Project or the initial Phase thereof is first placed in service through the end of the Credit Period: (a) The Project shall be completed and placed in service on or before the end of the Investment Period, and shall contain and be comprised of approximately one hundred thirtyand twenty-nine eight (139128) Total Housing Units and approximately twenty-eight twenty six (2826) Workforce/Affordable Housing Units. Workforce/Affordable Housing Units must be constructed before or concurrently with market-rate units (i.e., each Phase of the Project to be placed in service must include Workforce/Affordable Housing Units), and Workforce/Affordable Housing Units must at all times represent at least twenty percent (20%) of Total Housing Units in all completed Phases of the Project, or in the completed Project if applicable. For purposes of calculating the percentage of Workforce/Affordable Housing Units represent in relation to Total Housing Units and for calculating the percentage of Total 40% AMI Housing Units in relation to 60% AMI Housing Units, fractional percentages equal to or in excess of half of one percent (0.5%) numbers shall be rounded up or down to the nearest whole percentage. For example only, if the Workforce/Affordable Housing Units represent nineteen and one-half of one percent (19.5%) of the Total Housing Units in the Project, the percentage or Total Housing Units represented by Workforce/Affordable Housing Units shall be rounded up to twenty percent (20%) for purposes of determining satisfaction of these Affordable Housing Requirementsnumber. (b) Of the Workforce/Affordable Housing Units established in the Project: i. At least twenty percent (20%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, rented or exclusively reserved and offered for rent as 40% AMI Housing Units;; and ii. At least sixty The remaining eighty percent (6080%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, or exclusively offered for rent as 60% AMI Housing Units; and iii. Not more than twenty percent (20%) of the Workforce/Affordable Housing Units shall at any time be rented, reserved, or exclusively offered for rent as 80% AMI Housing Units.shall (c) Workforce/Affordable Housing Units must be distributed approximately evenly throughout the Project, and shall not be clustered or grouped together in a particular area or location of the Project, and must be comparable to the market-rate units units, if any, contained within the Project in size, exterior appearance, interior fixtures, furnishings and appliances provided by the Company (if applicable), and overall quality of construction. (d) The mixture of bedrooms per unit within each tier of Workforce/Affordable Housing Unit (i.e., 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units) must be substantially the same as the mixture of bedrooms per unit within the market rate units units, if any, in the Project. By way of example only, if approximately fifty percent (50%) of the Project’s market rate units are two bedroom units, then approximately fifty percent (50%) of the 40% AMI Housing Units must be two bedroom units, approximately fifty percent of the 60% AMI Housing Units must be two bedroom units and approximately fifty percent (50%) of the 80% AMI Housing Units must be two bedroom units. (e) 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units must be distributed approximately evenly across all housing types contained within the Project. By way of example only, if the Project is comprised of (i) garden flat apartments and (ii) two story townhomes, the various tiers of Workforce/Affordable Housing Units must be approximately evenly distributed among these two types of housing, and cannot be significantly weighted to either garden flat apartments or townhomes. The Company shall allow the County to audit its records in connection with satisfaction of the Affordable Housing Requirement on reasonable notice by the County, by making such records available at reasonable times and locations in or in close proximity to the County’s offices in the City of Greenville, South Carolina, within ten (10) business days of receipt of such request.

Affordable Housing Requirements. The following requirements with respect to Workforce/Affordable Housing Units shall at all times be continuously complied with and satisfied from the date on which the Project or the initial Phase thereof is first placed in service through the end of the Credit Period: (a) The Project shall be completed and placed in service on or before the end of the Investment Period, and shall contain and be comprised of approximately one hundred thirty-nine sixteen (139116) Total Housing Units and approximately twenty-eight three (2823) Workforce/Affordable Housing Units. Workforce/Affordable Housing Units must be constructed before or concurrently with market-rate units (i.e., each Phase of the Project to be placed in service must include Workforce/Affordable Housing Units), and Workforce/Affordable Housing Units must at all times represent at least twenty percent (20%) of Total Housing Units in all completed Phases of the Project, or in the completed Project if applicable. For purposes of calculating the percentage of Workforce/Affordable Housing Units represent of Total Housing Units, fractional percentages equal to or in excess of half of one percent (0.5%) shall be rounded up to the nearest whole percentage. For example only, if the Workforce/Affordable Housing Units represent nineteen and one-half of one percent (19.5%) of the Total Housing Units in the Project, the percentage or Total Housing Units represented by Workforce/Affordable Housing Units shall be rounded up to twenty percent (20%) for purposes of determining satisfaction of these Affordable Housing Requirements. (b) Of the Workforce/Affordable Housing Units established in the Project: i. At least twenty percent (20%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, rented or exclusively reserved and offered for rent as 40% AMI Housing Units; ii. At least sixty percent (60%) of the Workforce/Affordable Housing Units shall at all times be rented, reserved, rented or exclusively reserved and offered for rent as 60% AMI Housing Units; and iii. Not more than twenty percent (20%) of the Workforce/Affordable Housing Units shall at any time be rented, reserved, rented or exclusively reserved and offered for rent as 80% AMI Housing Units. (c) Workforce/Affordable Housing Units must be distributed approximately evenly throughout the Project, and shall not be clustered or grouped together in a particular area or location of the Project, and must be comparable to the market-rate units contained within the Project in size, exterior appearance, interior fixtures, furnishings and appliances provided by the Company (if applicable), and overall quality of construction. (d) The mixture of bedrooms per unit within each tier of Workforce/Affordable Housing Unit (i.e., 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units) must be substantially the same as the mixture of bedrooms per unit within the market rate units in the Project. By way of example only, if approximately fifty percent (50%) of the Project’s market rate units are two bedroom units, then approximately fifty percent (50%) of the 40% AMI Housing Units must be two bedroom units, approximately fifty percent of the 60% AMI Housing Units must be two bedroom units and approximately fifty percent (50%) of the 80% AMI Housing Units must be two bedroom units. (e) 40% AMI Housing Units, 60% AMI Housing Units and 80% AMI Housing Units must be distributed approximately evenly across all housing types contained within the Project. By way of example only, if the Project is comprised of (i) garden flat apartments and (ii) two story townhomes, the various tiers of Workforce/Affordable Housing Units must be approximately evenly distributed among these two types of housing, and cannot be significantly weighted to either garden flat apartments or townhomes. The Company shall allow the County to audit its records in connection with satisfaction of the Affordable Housing Requirement on reasonable notice by the County, by making such records available at reasonable times and locations in or in close proximity to the County’s offices in the City of Greenville, South Carolina, within ten (10) business days of receipt of such request.