Common use of Affordable Housing Clause in Contracts

Affordable Housing. a. The total number of affordable units among all the projects within the UMW MFOD will be up to 15% of the total units, provided that (i) any one project may be permitted at lesser or greater percentage (ii) further that all affordable units shall be eligible to be considered affordable by the Department of Housing and Community Development (DHCD) and be counted toward the Commonwealth of Massachusetts Subsidized Housing Inventory; and (iii) the units are subject to perpetual restriction using the rental price and to be mandated through a fair and equitable process to income qualified buyers’ or renters’ households making no more than 80% of the Area Median Income. The Applicant shall provide six (6) affordable units (approximately 2% of the total units) compliant with (i)-(iii) above. The Applicant shall prepare and submit to the Town a completed Local Action Unit application package within thirty (30) days of the receipt of all local permits and approvals (exclusive of building permits) for the Town’s submittal to DHCD. At the Town’s election, in the alternative, the Applicant will contribute the value of these six (6) units as a payment as specified in paragraph 4(c) below, for a total payment in lieu of twelve

Affordable Housing. a. The total number of affordable units among all the projects within the UMW MFOD will be up to 15% of the total units, provided that (i) any one project may be permitted at lesser or greater percentage (ii) further that all affordable units shall be eligible to be considered affordable by the Department of Housing and Community Development (DHCD) and be counted toward the Commonwealth of Massachusetts Subsidized Housing Inventory; and (iii) the units are subject to perpetual restriction using the rental price and to be mandated through a fair and equitable process to income qualified buyers’ or renters’ households making no more than 80% of the Area Median Income. The Applicant shall provide six (6) affordable units (approximately 2% of the total units) compliant with (i)-(iii) above. The Applicant shall prepare and submit to the Town a completed Local Action Unit application package within thirty (30) days of the receipt of all local permits and approvals (exclusive of building permits) for the Town’s submittal to DHCD. At the Town’s election, in the alternative, the Applicant will contribute the value of these six (6) units as a payment as specified in paragraph 4(c) below, for a total payment in lieu of twelvefourteen