Housing Affordability. Where the City’s CDBG funds are used for homeownership assistance, the housing must qualify as affordable per Section 215 of the National Affordable Housing Act.
Housing Affordability. The DEVELOPER covenants and agrees with the CITY that the Project Units will be affordable to households with average incomes of no more than 60% AMI with a minimum of 30% of the units supporting Extremely Low-Income households and other requirements during the Affordability Period. The Project Units, at a minimum, shall be rented to and occupied by, or, if vacant, available for rental and occupancy by (a) person(s) whose annual household income at the time of initial occupancy is not greater than 60% of AMI for the Affordability Period except upon foreclosure or other transfer in lieu of foreclosure following default. However, if at any time following a transfer by foreclosure or transfer in lieu of foreclosure, but still during the Affordability Period, the owner of record prior to the foreclosure or transfer in lieu of foreclosure, or any newly formed entity that includes such owner of record those whom such owner of record has or had business ties, obtains an ownership interest in the Project or the Property, the Affordability Period shall be revived according to its original terms. In the event the DEVELOPER fails to comply with this Section, or the Affordability Period is not revived following transfer by foreclosure or transfer in lieu of foreclosure, the DEVELOPER shall return to the CITY all tiny homes disbursed to the DEVELOPER by the CITY.
Housing Affordability. In 2003/04, the cost of housing rose in the ACT, in some cases (such as private rental housing), surpassing rates in Sydney. The ACT Affordable Housing Taskforce (2003) found that housing affordability is a growing problem in the ACT, with many people unable to afford appropriate housing. Housing affordability is influenced by a number of factors other than housing costs. These include but are not limited to: general economic conditions, income and employment levels, overall living costs, planning and taxation systems. According to the ACT Affordable Housing Taskforce, “8,400 low-income households in the ACT were paying more than 30% of their income in housing costs. For over half of these households, housing costs amounted to more than 40% of their income.”4
Housing Affordability. Prior to execution of a Conveyance Agreement, the County and Developer will agree on the level of housing affordability and the nature of affordability controls to be set forth in the Conveyance Agreement, and, if desired by the Parties, a separate regulatory agreement to be recorded against the Property upon the conveyance of the Property to the Developer.
Housing Affordability. 3.1.2.1 Developer and City agree that the Project will provide affordable rental housing units by one of two alternative options, at the Developer’s option. Option one: Developer will provide a minimum of 53 low income deed restricted affordable rental units in the Specific Plan. The low-income units will be affordable to those persons making up to 80% of the County's median income and have an affordable-housing deed restriction for a minimum of 55 years. These 53 low-income units will be placed in subarea I-2. Option two: Developer will provide 33 low-income affordable rental units in subarea I-2, 33 moderate-income affordable rental units, and 34 unrestricted (market-rate) rental units in subareas I-2 and J-3. The units will be placed in two separate sites, with a minimum of 40 units in subarea I-2 and a minimum of 60 units in subarea J-3. The 33 low-income units will be affordable to those persons making up to 80% of the County’s median income and have an affordable-housing deed restriction for a minimum of 30 years. The 33 moderate-income units will be affordable to those persons making up to 120% of the County’s median income and have an affordable-housing deed restriction for a minimum of 30 years. Additionally, Developer and City agree that, under either option one or option two, the Developer may add additional units to the rental apartments under the terms and conditions imposed by the City’s density bonus ordinance, including additional unrestricted, market-rate units as allowed by applicable law, in return for providing the required number and type of affordable rental units under an affordable housing deed restriction for a minimum of 55 years. Any Developer responsible for the development of affordable housing within the Project may transfer the acreage designated for affordable housing uses to a non-profit affordable housing entity or government housing agency (an “Affordable Developer”) that is qualified to provide such Developer receipt of a federal and state charitable deduction or comparable favorable tax treatment in connection with such transfer by Developer for the purpose developing the affordable housing required by this Agreement. Any proposed Affordable Developer shall have experience as developers and operators of very low, low, and/or moderate income affordable housing projects, as applicable to the area being transferred, subject to the City’s reasonable approval in conjunction with a Transfer Agreement pursuant to Section 1.91.
Housing Affordability. 27. (1) The Owner covenants and agrees to provide updated information on housing affordability, prior to the registration of any phases of the Plan of Subdivision where applicable, which shall include the following:
Housing Affordability
