CDBG Affordability Covenant Sample Clauses

CDBG Affordability Covenant. Projects receiving CDBG funds must record on title a CDBG affordability covenant (“Covenant”) or deed restriction (“Deed Restriction”) that runs with the land and restricts household incomes and rents of CDBG assisted units such that the units remain continuously affordable to low income persons for a specified period of time. The term of said CDBG affordability restriction for this Project shall be fifteen (15) years. The period of affordability becomes effective upon initial occupancy of CDBG assisted units notwithstanding that HUD defines Project Completion as the date when the final CDBG funds are drawn down and the City has entered project completion information into HUD’s disbursement and information system.
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Related to CDBG Affordability Covenant

  • Please see the current Washtenaw Community College catalog for up-to-date program requirements Conditions & Requirements

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