Affordable Housing Trust Fund Contribution. The anticipated deal points in the Pre-Development and Cost-Sharing Agreement approved by the City Council on November 27, 2012 assumed that there would be no affordable housing obligation for housing with densities exceeding 30 units per acre. In recognition of project location supportive of reduced costs for vehicle ownership and use, high-density housing including small ownership and rental units, and energy-efficiency features reducing resident energy costs, the Project is not required to provide price- and income-restricted rental or ownership housing. Nonetheless, the project will contribute one million dollars ($1,000,000.00) to the City of Xxxxx for deposit to the affordable Housing Trust Fund, to be used at the sole discretion of the City Council. This contribution will be allocated per parcel, on a basis such parcel size, parcel use, and/or anticipated building square footage basis, at the time of approval of the first Tentative Subdivision Map for the project. Payment for each parcel shall be made with Certificate of Occupancy for the first building on that parcel.
Affordable Housing Trust Fund Contribution. In addition to the Xxxxxx Acres affordable units, Xxxxxxx agrees to make a payment in lieu of construction in the amount of Two Hundred and Fifteen Thousand Dollars ($215,000.00) to the Borough Affordable Housing Trust Fund. This payment to the the Borough Affordable Housing Trust Fund shall be made simultaneously with the closing on the sale of the Xxxxxx Acres Property to Melillo.
