Common use of Change to non-Affordable Housing use Clause in Contracts

Change to non-Affordable Housing use. 10.1 A change of use will be a Recovery Event if the property in the ownership of the Grant Recipient changes use to one which does not qualify for FSG (at the time of the change of use). 10.2 FSG will be recovered as if the property had been sold outright. 10.3 The Grant Recipient will not actually receive any payment from a purchaser, of course, so the calculation has to be based on notional figures. The Grant Recipient must obtain a valuation of the property from an Independent Qualified Valuer on the assumptions of: 10.3.1 vacant possession 10.3.2 existing use to determine the notional "gross sales receipt". 10.4 Eligible deductions are: 10.4.1 the Deemed Loan Debt 10.4.2 reasonable valuation fees and expenses and 10.4.3 reasonable legal fees and expenses of the disposal. A Grant Recipient may not deduct any administration allowance. 10.5 FSG will not normally be recoverable where the primary need of an elderly resident changes from housing to nursing care and it is intended that the next letting will be to someone in housing need. Where there is any doubt about the future use of the property, the Grant Recipient should consult with the Agency’s relevant operational area in advance.

Change to non-Affordable Housing use. 10.1 A change of use will be a Recovery Event if the property in the ownership of the Grant Recipient changes use to one which does not qualify for FSG Firm Scheme Grant (at the time of the change of use). 10.2 FSG Firm Scheme Grant will be recovered as if the property had been sold outright. 10.3 The Grant Recipient will not actually receive any payment from a purchaser, of course, purchaser so the calculation has to be based on notional figures. The Grant Recipient must obtain a valuation of the property from an Independent Qualified Valuer on the assumptions of: 10.3.1 vacant possession; 10.3.2 existing use use, to determine the notional "gross sales receipt". 10.4 Eligible deductions are: 10.4.1 the Deemed Loan Debt; 10.4.2 reasonable valuation fees and expenses expenses; and 10.4.3 reasonable legal fees and expenses of the disposal. A Grant Recipient may not deduct any administration allowance. 10.5 FSG Firm Scheme Grant will not normally be recoverable where the primary need of an elderly resident changes from housing to nursing care and it is intended that the next letting will be to someone in housing need. Where there is any doubt about the future use of the property, the Grant Recipient should consult with the Agency’s relevant operational area in advance.

Change to non-Affordable Housing use. 10.1 A change of use will be a Recovery Event if the property in the ownership of the Grant Recipient changes use to one which does not qualify for FSG (at the time of the change of use). 10.2 FSG will be recovered as if the property had been sold outright. 10.3 The Grant Recipient will not actually receive any payment from a purchaser, of course, purchaser so the calculation has to be based on notional figures. The Grant Recipient must obtain a valuation of the property from an Independent Qualified Valuer on the assumptions of: 10.3.1 vacant possession 10.3.2 existing use to determine the notional "gross sales receipt". 10.4 Eligible deductions are: 10.4.1 the Deemed Loan Debt 10.4.2 reasonable valuation fees and expenses and 10.4.3 reasonable legal fees and expenses of the disposal. A Grant Recipient may not deduct any administration allowance. 10.5 FSG will not normally be recoverable where the primary need of an elderly resident changes from housing to nursing care and it is intended that the next letting will be to someone in housing need. Where there is any doubt about the future use of the property, the Grant Recipient should consult with the Agency’s relevant operational area in advance.

Change to non-Affordable Housing use. 10.1 9.1 A change of use will be a Recovery Event if the property in the ownership of the Grant Recipient Landlord changes use to one which does not qualify for FSG Financial Assistance (at the time of the change of use). 10.2 FSG 9.2 Financial Assistance will be recovered as if the property had been sold outright. 10.3 9.3 The Grant Recipient Landlord will not actually receive any payment from a purchaser, of course, so the calculation has to be based on notional figures. The Grant Recipient Landlord must obtain a valuation of the property from an Independent Qualified Valuer on the assumptions of: 10.3.1 9.3.1 vacant possession 10.3.2 9.3.2 existing use to determine the notional "gross sales receipt". 10.4 9.4 Eligible deductions are: 10.4.1 9.4.1 the Deemed Loan Debt 10.4.2 9.4.2 reasonable valuation fees and expenses and 10.4.3 9.4.3 reasonable legal fees and expenses of the disposal. A Grant Recipient Landlord may not deduct any administration allowance. 10.5 FSG 9.5 Financial Assistance will not normally be recoverable where the primary need of an elderly resident changes from housing to nursing care and it is intended that the next letting will be to someone in housing need. Where there is any doubt about the future use of the property, the Grant Recipient Landlord should consult with the Agency’s relevant operational area in advance.

Change to non-Affordable Housing use. 10.1 A change of use will be a Recovery Event if the property in the ownership of the Grant Recipient changes use to one which does not qualify for FSG Firm Scheme Grant (at the time of the change of use). 10.2 FSG Firm Scheme Grant will be recovered as if the property had been sold outright. 10.3 The Grant Recipient will not actually receive any payment from a purchaser, of course, purchaser so the calculation has to be based on notional figures. The Grant Recipient must obtain a valuation of the property from an Independent Qualified Valuer on the assumptions of: 10.3.1 vacant possession; 10.3.2 existing use to determine the notional "gross sales receipt".use, 10.4 Eligible deductions are: 10.4.1 the Deemed Loan Debt; 10.4.2 reasonable valuation fees and expenses expenses; and 10.4.3 reasonable legal fees and expenses of the disposal. A Grant Recipient may not deduct any administration allowance. 10.5 FSG Firm Scheme Grant will not normally be recoverable where the primary need of an elderly resident changes from housing to nursing care and it is intended that the next letting will be to someone in housing need. Where there is any doubt about the future use of the property, the Grant Recipient should consult with the AgencyGLA’s relevant operational area in advance.

Change to non-Affordable Housing use. 10.1 A change of use will be a Recovery Event if the property in the ownership of the Grant Recipient Landlord changes use to one which does not qualify for FSG Financial Assistance (at the time of the change of use). 10.2 FSG Financial Assistance will be recovered as if the property had been sold outright. 10.3 The Grant Recipient Landlord will not actually receive any payment from a purchaser, of course, so the calculation has to be based on notional figures. The Grant Recipient Landlord must obtain a valuation of the property from an Independent Qualified Valuer on the assumptions of: 10.3.1 vacant possession 10.3.2 existing use to determine the notional "gross sales receipt". 10.4 Eligible deductions are: 10.4.1 the Deemed Loan Debt 10.4.2 reasonable valuation fees and expenses and 10.4.3 reasonable legal fees and expenses of the disposal. A Grant Recipient Landlord may not deduct any administration allowance. 10.5 FSG Financial Assistance will not normally be recoverable where the primary need of an elderly resident changes from housing to nursing care and it is intended that the next letting will be to someone in housing need. Where there is any doubt about the future use of the property, the Grant Recipient Landlord should consult with the Agency’s relevant operational area in advance.