HOME-Assisted Units. During the HOME Term, Borrower shall cause twelve (12) Units to be rented to and occupied by or, if vacant, available for occupancy by Very Low Income Households. Such Units are "Very Low Income Units".
HOME-Assisted Units. A total of three (3) single-room occupancy units to be designated by Operator, shall be assisted by the HOME Program and shall meet the affordable housing, income targeting, and other requirements of 24 CFR 92.252 and 24 CFR 92.216 for a period of fifteen (15) years after the date that a “Notice of Completion” is recorded for the project described in this Agreement. County and Operator agree that the 15-year affordability period is the mandated by HUD. The three (3) HOME-assisted units will be “floating HOME units,” as defined at 24 CFR 92.252(j). During the term of this Agreement, all three (3) of the HOME-assisted units shall be reserved for, and occupied by, households with incomes at or below 50% of median income, as defined and adjusted by the U. S. Department of Housing and Urban Development in its definition of "very low-income families" at 24 CFR 92.2. However, in the case of previously qualified tenants whose incomes increase beyond the income limit described above, the provisions of 24 CFR 92.252(i) will apply. During the term of this Agreement, rents for these three (3) HOME-assisted units shall be “Low HOME Rents” as defined at 24 CFR 92.252(b) and must meet one of the following rent standards:
HOME-Assisted Units. The County and HUD through the HOME Investment Partnerships Program Regulations contained at 24 CFR Part 92 expressly require that the HOME assisted rental units produced through the Project and leased/managed by CEII shall continually occupied by lower income persons/families for the benefit of Pathways, shall be continually occupied by or made available to low income persons/families, who are case managed by Pathways, in accordance with the HOME rent and occupancy restrictions cited in Article V of this Agreement. Failure of CEII and/or Pathways to conform to these requirements will be deemed a breach of this Agreement and thereupon this Agreement shall be terminated pursuant to Section 6.1, whereupon, the County will immediately initiate legal action against CEII and/or Pathways, including foreclosure proceedings to recover its interest in the properties described in EXHIBIT IV as evidenced by mortgage and note assigned to it by CEII and or Pathways and recorded in the official records of the County. The County agrees to the subordination of its interest in the subject properties only to the extent necessary for CEII and/or Pathways to secure the financing required for the Project described in this Agreement. Specifically, the County agrees to subordinate the County’s HOME/SHIP Loan to a first mortgage in the approximate amount of $230,000.00 (amount subject to revision based on actual required first mortgage financing) and further, that the County’s HOME/SHIP loan set forth herein shall be a second mortgage. County agrees that the HOME/SHIP Loan provided hereunder shall be secured by a subordinate mortgage which is inferior to other private sector financing provided to CEII and/or Pathways.
HOME-Assisted Units. As denoted above, 100% (or 12) of the units provided through the Project shall be deemed SHIP assisted. Additionally, of the 12 units, nine (9) shall be deemed HOME- assisted rental units, and shall require the dual application of rent, occupancy and tenant income restrictions imposed by the governing regulations of the Federal HOME Program, generally denoted as follows:
HOME-Assisted Units. During the HOME Term, Borrower shall cause four (4) Units to be rented to and occupied by or, if vacant, available for occupancy by Very Low Income Households. The four (4) HOME-Assisted Units that are required to be rented to Very Low Income Households pursuant to this Subsection (b) are in addition to the eight (8) Locally- Assisted Units that are required to be rented to Very Low Income Households pursuant to Subsection (a)(3) above.
HOME-Assisted Units. The Project consists of [number of units]all units shall be designated as “fixed” [could also be floating]HOME-Assisted Units (“HOME- Assisted Units”).
HOME-Assisted Units
