Homeownership Affordable Housing Sample Clauses

Homeownership Affordable Housing. If applicable, as of the end of the Investment Period, the Recipient shall have used its CMF Award for Affordable Housing Activities resulting in Homeownership Affordable Housing reserved for ownership or owned by Low-Income Families (inclusive of Very Low-Income and Extremely Low-Income Families), as measured over the Recipient’s entire portfolio of Homeownership Affordable Housing, financed and/or supported with the CMF Award, in a percentage no less than the percentage set forth in Schedule 1 of this Assistance Agreement. In the event the Recipient’s percentage is 100%, all Homeownership Affordable Housing, as measured over the Recipient’s entire portfolio of Homeownership Affordable Housing financed and/or supported with the CMF Award, as of the applicable Initial Occupancy date, must be reserved for ownership or owned by Low-Income Families (inclusive of Very Low-Income and Extremely Low-Income Families).
Sample 1Sample 2
AutoNDA by SimpleDocs
Homeownership Affordable Housing. As of the end of the Investment Period, the percentage of Homeownership Housing units that are designated for Low-Income, Very Low-Income, or Extremely Low-Income Families, as measured over the Recipient’s entire portfolio of Homeownership Housing units financed or supported by this CMF Award or associated Leveraged Costs, shall be no less than the percentage set forth in Schedule 1 of this Assistance Agreement.
Sample 1
Homeownership Affordable Housing. If applicable and as indicated in Schedule 1, as of the end of the Investment Period, at least twenty percent (20%) of the Housing units in each Homeownership Housing project financed or supported by this CMF Award or associated Leveraged Costs shall be designated for Families at or below eighty percent (80%) of AMI. This requirement will be calculated based on all Housing units or assistance provided to homeowners in the Recipient’s portfolio in each of the following discrete eligible activity types financed and supported by this CMF Award or associated Leveraged Costs. (1) Development of Homeownership Housing units; (2) Rehabilitation of Homeownership Housing units; (3) Purchase in the form of mortgage finance assistance of Homeownership Housing units; and (4) Purchase in the form of down payment assistance of Homeownership Housing units.
Sample 1
Homeownership Affordable Housing. If applicable, as of the end of the Investment Period, the Recipient shall have used its CMF Award for Affordable Housing Activities resulting in a percentage, as set forth in Schedule 1, of Homeownership Affordable Housing units – as measured over the Recipient’s entire portfolio of Homeownership Affordable Housing financed and/or supported with the CMF Award – with one or more of the following characteristics: (A) located in Areas of Economic Distress, designated as such on the CDFI Fund’s website under the applicable NOFA pursuant to this Assistance Agreement at the time of Commitment, and reserved for ownership or owned by Families with incomes above 80% and no greater than 120% Area Median Income; or (B) reserved for ownership or owned by Low-Income Families; or (C) a combination of A and B. The CDFI Fund will publish a dataset on its website indicating which census tracts are designated as Areas of Economic Distress for the applicable NOFA pursuant to this Assistance Agreement. In the event the Recipient’s percentage is 100%, all Homeownership Affordable Housing units, must meet one of the above conditions.
Sample 1

Related to Homeownership Affordable Housing

  • Affordable Housing Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty percent (60%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no XXXX will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a new, replacement XXXX that extends for the lesser of 20 years or the period necessary that the 20 year Affordability Housing Requirements are satisfied on a cumulative basis.

  • APARTMENT OWNERSHIP ACT The Promoter has assured the Allottees that the project in its entirety is in accordance with the provisions of the West Bengal Apartment Ownership Act, 1972. The Promoter showing compliance of various laws/regulations as applicable in the State of West Bengal.

  • Department of Housing and Urban Development Iowa Civil Rights Commission 000 Xxxx 00xx Xxxxxx

  • Family The District shall contribute no less than eighty percent (80%) of the total cost of the premium toward family coverage. The employee shall pay the difference between the District contribution and the total cost of the premium for family dental coverage.

  • Management, Ownership The Company shall not materially change its ownership, executive staff or management without the prior written consent of the Secured Party. The ownership, executive staff and management of the Company are material factors in the Secured Party's willingness to institute and maintain a lending relationship with the Company.

  • Housing The receiving institution will guide incoming mobile participants in finding accommodation, according to the requirements of the Erasmus Charter for Higher Education. Information and assistance can be provided by the following persons and information sources: DE CZ xxxxxxxxx@xxx.xxxx.xx, +000000000000 xxxx://xxx.xxxx.xx/incoming-students-housing

  • Fair Housing The Agency is committed to compliance with all laws as well as the philosophy of fair housing for all people. The Agency will present the Property to all prospective Buyers in compliance with local, State, and Federal Fair Housing laws against discrimination on the basis of race, color, religion, sex, national origin, handicap, age, marital status and/or familial status, children, or other prohibited factors.

  • EQUAL HOUSING OPPORTUNITY The Property is offered in compliance with Federal, State, and local anti-discrimination laws.

  • Property Ownership The Fund owns or leases all such properties as are necessary to the conduct of its operations as presently conducted.

  • HOMEOWNERS ASSOCIATION 9.1 The Purchaser acknowledges that the Property falls under the jurisdiction of the HOA, being a new Homeowners’ Association, which came into existence on registration of transfer of the first Erf in the Development from the Seller to a third party purchaser, it being recorded that the HOA is established for the benefit of, inter alia, all of owners of xxxxx in the Development and to control and maintain roads, services and amenities within, inter alia, the Development.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!