Affordable Housing Set-Aside. Haßz shall have an obligation to deed-restrict 38 ofthe residential units in the Inclusionary Development as very low, low and moderate income family affordable rental units. Any such affordable units shall comply with UHAC, applicable COAH affordable housing regulations, any applicable order of the Court, and other applicable laws. ⏵n addition, the affordable units shall remain affordable rental units for a period ofat least thirty (30) years from the date ofneir initial occupancy ("Deed-Restriction Period"), which period may be extended by the Township, so that the Township may count the units against its obligations to provide afifordable housing. This obligation includes, but is not limited to Xxxxx'x obligation to comply with (1) bedroom distribution requirements (2) income split requirements, (3) pricing requirements, (4) affirmative marketing requirements, (5) candidate qualification and screening requirements, (6) integrating the affordable units amongst the market rate units, and (7) deed restriction requirements. The distribution ofthe affordable housing units shall be in compliance I I 7129106.v2 with COAH's Round Two substantive regulations, N.J.A.C. 5:93 (and N.J.A.C. 5:97-6.6 governing Redevelopment), which the Parties believe will govern the issue, or as approved by the Special Master and the Court. The Fair Housing Act's definition of very low-income shall control for purposes of the Xxxxx'x obligation to provide very low-income units. Xxxxx agrees to comply with UHAC bedroom distributions for very-low income units in the same distribution as required for low-income units.
Affordable Housing Set-Aside. Notwithstanding the foregoing, the Parties hereby agree that for each tax year during the Tax Increment Collection Period, the Agency at its option shall transfer an amount equal to 15% of any Tax Increment it receives from the Salt Lake County Treasurer (i) to the Agency's housing fund established under Section 17C-1-412 of the Utah Code for use in providing Income Targeted Housing within the Project Area, or (ii) to a fund maintained by the County (the “Affordable Housing Set-Aside”). The Agency’s transfer of the Affordable Housing Set-Aside shall occur no later than three months following the Agency’s receipt of Tax Increment from the Salt Lake County Treasurer.
Affordable Housing Set-Aside. The Agency shall expend all Affordable Housing Set-Aside dollars received from the Project Area on Income Targeted Housing projects within the boundary of the Agency before December 31st of the second year following expiration of the Tax Increment Collection Period.
Affordable Housing Set-Aside. 6.1.1. Company understands and agrees that providing affordable housing is an essential component of this Agreement and the Company TIF Agreement. Therefore, failure to comply with the affordable housing requirements will constitute an event of default under this Agreement and may result in the termination of this Agreement or a repayment of the Program Grants if the default is not cured in a timely manner (as set forth below).
Affordable Housing Set-Aside. Xxxxxxx shall have an obligation to deed-restrict twenty-nine (29) of the residential units in the Inclusionary Development as very low, low and moderate income affordable units, including not less than twenty-five (25) non-age restricted, family rental affordable housing units and four (4) rental affordable housing units subject to the Age-Restriction (for a total of twenty-nine (29) affordable rental units) in accordance with the Uniform Housing Affordability Controls, N.J.A.C 5:80-26. 1, et. seq. ("UHAC"). Any such affordable units shall comply with UHAC, applicable COAH affordable housing regulations, any applicable order of the Court, and other applicable laws.
