Continued Affordability. When acquiring a property with the use of NSP3 funds, the Developer will comply with all affordability requirements stated in the Housing and Economic Recovery Act §2301 (f) (3) (B) and adopted by the jurisdiction.
Continued Affordability. All CDBG-assisted properties are required to meet the HOME “affordability period” requirement. The City of North Las Vegas has adopted the HOME Investment Partnerships Program affordability guidelines (24 CFR 92.254 (a)(4) and 92.254 (i) as its parameter for meeting this requirement. This affordability requirement has been adopted as the minimum required term to comply with the HOME program, however, the City of North Las Vegas would greatly encourage the Subrecipient to maintain the acquired properties as affordable housing for the longest period possible. Full recapture requirements will be used and will be secured by a deed of trust at conveyance of the property to the Subrecipient: ACTIVITY $ PER UNIT MINIMUM AFFORDABILITY PERIOD Rehabilitation and/or Acquisition of Existing Housing Less than $15,000 per unit 5 years $15,000 - $40,000 per unit 10 years More than $40,000 per unit 15 years Requests for Funds Subrecipient will submit requests for funds to the City’s Housing and Neighborhood Services Division no more than twice monthly. Requests will include a Request for Payment form with a checklist of required documentation, invoices for services rendered, backup documentation documenting that the listed expense has been paid by the Subrecipient. City to pay out request for funds within 30 days of receipt of submission from Subrecipient.
Continued Affordability. If the HAP Contract is terminated prior to the expiration or earlier termination of the Lease due to a permanent reduction in or termination of the Section 8 rental subsidy program that prevents the Tenant from satisfying the Affordability Requirements:
Continued Affordability. Following any purchase under a or b, the Project will continue to be subject to existing affordability restrictions for the balance of the applicable extended use period (under the TDHCA XXXX), and the restrictions set forth in the Xxxx XXXX (if applicable), the AHFC RHDA XXXX, the Ground Lease and any other applicable affordability restrictions.
Continued Affordability. The AHA shall include the procedures and mechanisms proposed by the developer to maintain the continued affordability of all affordable housing units, whether rental or ownership units. An applicant shall agree to, and the City shall ensure, continued affordability of all very low-and low-income units that qualified the applicant for the award of the density bonus for 30 years, or a longer period of time if required by the construction or mortgage-financing assistance program, mortgage-insurance program, or rental-subsidy program. Rents for very-low and low-income units shall be set at an affordable rent as defined in Section 18.26.030 of this chapter. Owner-occupied units shall be available at an affordable housing cost as defined in Section 18.26.030 of this chapter. The following specific items shall be addressed in the AHA:
Continued Affordability. In addition to ensuring that the HOME-assisted homebuyer receives a fair return on investment, the entities will ensure that the housing under a resale provision will remain affordable to a reasonable range of low-income homebuyers. The sales price may not exceed a price that is affordable to households with incomes at or below 80% AMI. To be affordable, a household would be expected to pay no more than 32% of its monthly income for mortgage principal and interest, property taxes, and insurance. And in no case could the price exceed the HOME Program purchase price limits as defined by HUD and provided on Commerce’s website.
