Affordable Units Sample Clauses

Affordable Units. The Developer agrees to make available, restrict occupancy to, and lease three (3) housing units at an Affordable Rent (all of the three units are hereafter the “Affordable Units”), as follows: a. two (2) of the housing units within the Property to households with incomes that do not exceed the stricter of: i) the qualifying limits for very- low income households as established and amended from time to time by the United States Department of Housing and Urban Development (HUD), or ii) the limits defined under California Health and Safety Code Section 50105 for very-low income households; and adjusted for household size, and b. one (1) unit to i) a qualifying household that does not exceed the extremely low income limits as established and amended from time to time by the United States Department of Housing and Urban Development (HUD), or ii) the limits defined under Section 50106 for extremely low income households. The Developer shall comply with the terms set forth below and in the Regulatory Agreement which is attached hereto as Exhibit D and incorporated herein by reference. Any variation from these requirements must comply with the procedure set forth in Section 390 of this Agreement. The Developer shall annually submit to the City and the Agency a completed income computation and certification form, in a form to be provided by the City and Agency, and such forms may change from time to time. The Developer shall certify that each tenant of the Property meets the income restrictions of this Section 301. The Developer shall obtain an income certification from the tenant of the Property which shall certify that the income of the tenant is truthfully set forth in the income certification form. Unless otherwise specified by the Agency or City, the Developer shall verify the income certification of the tenant in accordance with HUD or HCD regulations which may include one or more of the following methods: a. obtain two (2) paycheck stubs from the tenant’s two (2) most recent pay periods, if any. b. obtain a true copy of an income tax return from the tenant for the most recent tax year in which a return was filed. c. obtain an income verification certification from the employer of the tenant. d. obtain an income verification certification from the Social Security Administration and/or the California Department of Social Services if the tenant receives assistance from such agencies. e. obtain an alternate form of income verification reasonably requested by th...

Affordable Units. Owner hereby covenants and agrees that at least thirty percent (30%) of the units in the Residential Development (at least 30 units) shall be rented exclusively to Low Income Households, at an Affordable Rent.

Affordable Units. The Developer agrees to make available, restrict occupancy to, and lease at an Affordable Rent (the “Affordable Units”): a. obtain two (2) paycheck stubs from the tenant’s two (2) most recent pay periods, if any. b. obtain a true copy of an income tax return from the tenant for the most recent tax year in which a return was filed. c. obtain an income verification certification from the employer of the tenant. d. obtain an income verification certification from the Social Security Administration and/or the California Department of Social Services if the tenant receives assistance from such agencies. e. obtain an alternate form of income verification reasonably requested by the Developer, if none of the above forms of verification is available to the Developer.

Affordable Units. The development, sale and use of the Project are subject to the terms and provisions of the Development Agreement between Seller and HHFDC, which requires that Seller reserve at least sixty percent (60%) of the residential units in the Project for purchase by persons who meet certain eligibility and income requirements as determined by HHFDC. Seller has designated a total of six hundred three (603) residential units in the Project as Affordable Housing Units and four hundred one (401) residential units as Market Units. The eligibility requirements for the purchase of an Affordable Housing Unit include, without limitation, residency requirements and income limits. In addition, the Affordable Units are subject to certain restrictions on occupancy, use, sale, and transfer, and HHFDC buy-back rights and shared equity requirements. THIS PURCHASE AGREEMENT IS FOR THE PURCHASE AND SALE OF A MARKET UNIT. A PURCHASER WHO WISHES TO PURCHASE AN AFFORDABLE HOUSING UNIT SHOULD CONSULT WITH SELLER TO DETERMINE IF AFFORDABLE HOUSING UNITS HAVE BEEN DESIGNATED BY SELLER AND ARE CURRENTLY BEING OFFERED FOR SALE, AND TO FURTHER DETERMINE APPLICABLE ELIGIBILITY REQUIREMENTS AND OWNERSHIP RESTRICTIONS.

Affordable Units. Phase B Developer agrees to make available, restrict occupancy to, and rent the seventy-four (74) Housing Units in Phase B at an Affordable Rent in compliance with Section 400, et seq., of the Original Agreement and Section 2 of the Phase B Regulatory Agreement, to qualified Low and Very Low Income Households as follows: 2-bedroom units 16 14 19 1 3-bedroom units 10 9 5 0 (i) Two-Bedroom Housing Units: (A) sixteen (16) of the two-bedroom Housing Units to 30% AMI Very Low Income Households at an Affordable Rent; (B) fourteen (14) of the two-bedroom Housing Units to 50% AMI Very Low Income Households at an Affordable Rent; (C) nineteen (19) of the two-bedroom Housing Units to 55% AMI Low Income Households at an Affordable Rent; and (D) one (1) of the two-bedroom Housing Units to an on-site property manager who need not be income qualified but who shall pay no more than the amount of Affordable Rent which may be charged to 55% AMI Low Income Households. (ii) Three-Bedroom Housing Units: (A) ten (10) of the three-bedroom Housing Units to 30% AMI Very Low Income Households at an Affordable Rent; (B) nine (9) of the three-bedroom Housing Units to 50% AMI Very Low Income Households at an Affordable Rent; and (C) five (5) of the three-bedroom Housing Units to 55% AMI Low Income Households at an Affordable Rent. Authority reserves the right to unilaterally modify the above income restrictions among the Housing Units to higher income categories if the Executive Director determines in her sole discretion that such modification is necessary to comply with requirements of the Act and/or otherwise benefits Authority; provided, however, Phase B Developer may at any time further restrict income levels below those imposed by Authority, including, without limitation, any lower income levels required in connection with the Tax Credit Rules or the Tax Credit Regulatory Agreement.

Affordable Units. Notwithstanding the foregoing, preferences (B), (C), (D) and (E) will be subordinate to the affordability requirements contained in paragraph (iii) above. In addition, said preferences will be subordinate to the requirement that, on average, twenty percent (20%) of the housing units at the Property will be affordable units.”

Affordable Units. As to each For Sale Affordable Unit, upon the transfer of the Affordable Unit to a Qualified Purchaser in accordance with all requirements of this Agreement, including the recording of the Affordable Housing Covenant against the For Sale Affordable Unit, Owner and City shall cooperate to execute and record or cause to be recorded against the For Sale Affordable Unit for the benefit of the Property and the Project an executed original of the Unit Release. Owner shall provide upon City's request evidence that Affordable Housing Covenants have been recorded against all of the For Sale Affordable Units. City shall cooperate with Owner to timely execute and deliver to Owner each Unit Release for prompt recording when due.

Affordable Units. The Developer agrees to make available, restrict occupancy to, and lease at an Affordable Rent (the “Affordable Units”):

Affordable Units. The City Affordable Units and the Qualifying Units (as defined below) are together known as the Affordable Units.

Affordable Units. The twenty-four (24) dwelling unit(s) that will be offered for rent exclusively to a Qualifying Household at an Affordable Rent pursuant to this Agreement.