Eligible Dwelling Unit - Additional Provisions Sample Clauses

Eligible Dwelling Unit - Additional Provisions. The determination of whether a Dwelling Unit constitutes an Eligible Dwelling Unit for purposes of determining the amount of an Annual Grant shall be subject to the following: (a) Except as provided in Section 3.3(b), below, whether or not a Dwelling Unit qualifies as Workforce Housing and, therefore, an Eligible Dwelling Unit, shall be based on the purchase price of the Dwelling Unit paid by the initial purchaser of the Dwelling Unit from the builder of the Dwelling Unit as set forth in the purchaser’s signed HUD-1 Settlement Statement executed at the time of closing on the purchase of said Dwelling Unit; (b) If Completion of Construction of a Dwelling Unit has occurred as of January 1 of a Grant Year but closing on the sale of such Dwelling Unit by the initial purchaser from the builder of the Dwelling Unit has not occurred on or before December 31 of the same Grant Year, said Dwelling Unit may be included as an Eligible Dwelling Unit for such Grant Year if the Taxable Value of Dwelling Unit as set by the Appraisal District for said Grant Year is equal to or less than the then current maximum sales price for Workforce Housing; (c) A Dwelling Unit that qualifies as an Eligible Dwelling Unit pursuant to the provisions of Section 3.3(b), above, alone shall no longer be considered an Eligible Dwelling Unit and not included in the determination of the amount of the Annual Grant for the Grant Year in which the Dwelling Unit is sold by the builder of the Dwelling Unit to its initial buyer, nor included for any Grant Year thereafter, if upon the closing of said sale the purchase price of said Dwelling Unit exceeds the then current maximum sales price for Workforce Housing; and (d) A Dwelling Unit that is determined to be an Eligible Dwelling Unit pursuant to Section 3.3(a) and that does not lose its status as an Eligible Dwelling Unit pursuant to Section 3.3(c) shall be deemed to be an Eligible Dwelling Unit for each subsequent Grant Year.
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