Duration of Affordability Requirements. The Required Affordable Units shall be available to and occupied by Very Low Income Households and Low Income Households at Affordable Rent, as more particularly set forth herein, throughout the Required Covenant Period. All tenants residing in the Affordable Units during the last two (2) years of the Required Covenant Period shall be given notice by the Participant at least once every six (6) months prior to the expiration date of this requirement, that the rent payable on the Affordable Unit may be raised to a market rate rent at the end of the Required Covenant Period.
Duration of Affordability Requirements. The Required Affordable Units shall be maintained as rental units available at and rented to Low Income Households at Affordable Rent throughout the Required Covenant Period, as more particularly set forth in the CC&Rs.
Duration of Affordability Requirements. The Housing Units shall be subject to the requirements of this Agreement for fifty-five (55) years from the date of project completion, which shall occur on the date a certificate of occupancy is issued for the project site in accordance with the definition of Project Completion as enumerated in 24 CFR 92.2. The duration of this requirement shall be known as the "Affordability Period."
Duration of Affordability Requirements. The Affordable Units shall be subject to the requirements of this Section throughout the Restricted Period.
Duration of Affordability Requirements. The Required Affordable Units shall be available to and occupied by Extremely Low Income Households and, to the extent provided under Prescribed Income Levels, 40% Very Low Income Households, 50% Very Low Income Households and Lower Income Households, at Affordable Rent throughout the Required Covenant Period. All tenants residing in any Unit for which rents are limited by virtue of this Regulatory Agreement or pursuant to other regulation during the last two (2) years of the Required Covenant Period shall be given notice by Developer at least once every six (6) months prior to the expiration date of this requirement, that the rent payable on such Unit may be raised to a market rate rent at the end of the Required Covenant Period.
