Inclusionary Housing. (a) Prior to the issuance of a certificate of occupancy for any rental dwelling unit on the Development Agreement Property, the Developer shall execute and record a rental covenant agreement running with the land with a term of Fifty-Five (55) years, to the satisfaction of the City. The covenant shall bind the Developer to reserve, among the constructed rental units in the South and Corner Plan areas (Lots 8 -10 of the Development Vesting Tentative Tract Map), either: (i) 9 percent of rental units for Low-Income tenants and 6 percent of rental units for Moderate-Income tenants, or (ii) 6 percent of rental units for Low-Income tenants, 9 percent of rental units for Moderate-Income tenants, and a $1,000,000 Community Benefit Payment.
(b) For purposes of this Agreement the term Moderate Income shall be defined as housing for families earning up to 120 percent (120%) of the area median income, defined as the median income in the Los Angeles County as determined annually by the United States Department of Housing and Urban Development (HUD), or any successor agency, adjusted for household size. The moderate-income units may be provided in any mix of unit type otherwise included in the Project at the discretion of the Developer. Low-Income shall be defined as housing for families earning up to 80 percent (80%) of the area median income.
(c) The City acknowledges and agrees that Developer may develop the Master Plan in phases, and that inclusionary housing may be constructed in any phase, at the discretion of the Developer, subject to the following limitation: upon the issuance of certificates of occupancy for 80 percent of the Master Plan’s proposed rental units, the Developer must have constructed the inclusionary housing units.
Inclusionary Housing. In addition to the dedication of development-ready sites and Developer funding as described above, Developer will require vertical developers (including Developer, Affiliates of Developer and third-party developers) to provide inclusionary units in an amount equal to 5% of the market- rate units proposed within Development Phase One which will result in approximately 165 affordable homes (5% of the 3,294). These inclusionary units shall be affordable to moderate income households, shall be located within high-density residential product types, and shall be distributed among Development Stage Two and Development Stage Three.
Inclusionary Housing. (a) Borrowers shall cause Mortgage Borrower to maintain the Inclusionary Air Rights Agreement and to use best efforts to cause the Affordable Developer to maintain the HPD Off-Site Agreement in full force and effect throughout the term of the Loan in order to allow Mortgage Borrowers to include the Bonus Area Rights within the Project Improvements.
(b) Borrowers shall not cause or permit Mortgage Borrower to assign (other than to Mortgage Lender) the HPD Off-Site Agreement or the Inclusionary Air Rights Agreement, or to surrender, cancel, modify in any material respect, or waive any of its material rights under, or transfer, or permit the surrender, cancellation, modification in any material respect, revocation or transfer of, the HPD Off-Site Agreement or the Inclusionary Air Rights Agreement, without Lender’s prior written consent.
(c) Borrowers shall notify Lender of (i) any material default by any party, including Mortgage Borrowers, under the HPD Off-Site Agreement or the Inclusionary Air Rights Agreement, (ii) the termination or cancellation of either the HPD Off-Site Agreement or the Inclusionary Air Rights Agreement, (iii) the modification in any material respect, revocation of or failure to timely obtain and maintain any Certificate of Eligibility of Zoning Bonus necessary to obtain the benefits of the Bonus Area, (iv) any material delay in the construction or completion of the Off-Site Property, and (v) any assignment of the HPD Off-Site Agreement or the Inclusionary Air Rights Agreement by Affordable Developer, in each case within three (3) Business Days after any Borrower or any Mortgage Borrower obtains knowledge thereof. Borrowers’ notice to Lender shall include a statement setting forth details of the occurrence referred to therein and stating what action Borrowers and Mortgage Borrowers propose to take with respect thereto. Borrowers shall deliver to Lender any notices received or sent by any Borrower, any Mortgage Borrower, Affordable Developer, the City of New York, HPD or any other party with respect to the Inclusionary Air Rights Agreements within three (3) Business Days after any Borrower or any Mortgage Borrower receives or concurrently with any Borrower’s or any Mortgage Borrower’s sending the same.
(d) Borrowers shall deliver or cause Mortgage Borrower to deliver to Lender complete copies of any Certificate of Eligibility for Zoning Bonus affecting the Property promptly after obtaining the same. Borrowers shall deliver or cause Mort...
Inclusionary Housing. (a) Prior to the issuance of a certificate of occupancy for any rental dwelling unit on the Development Agreement Property, the Developer shall execute and record a rental covenant agreement running with the land with a term of Fifty-Five (55) years. The rental covenant agreement is attached as Exhibit [ ]. The covenant shall bind the Developer to reserve, among the constructed rental units in the South and Corner Plan areas (Lots 8 -10 of the Development Vesting Tentative Tract Map), either: (i) 9 percent of rental units for Low-Income tenants and 6 percent of rental units for Moderate-Income tenants, or (ii) 6 percent of rental units for Low-Income tenants, 9 percent of rental units for Moderate-Income tenants, and a $1,000,000 Community Benefit Payment. In the event the number of affordable units is not a whole number, the number of units shall be rounded up if the unit calculation is 0.5 or greater and rounded down if the unit calculation is less than 0.5.
(b) Developer shall be obligated to construct and designate affordable units at the required percentages upon Project completion regardless of whether the Developer constructs the maximum number of 790 total Project units. To ensure affordable units are constructed and designated as the Project is developed, for every 225 units constructed for which certificates of occupancy are requested, the Developer shall substantiate designation of affordable units in a percentage within 5 percent of the required affordable units based upon the number of units constructed, to provide flexibility given varying building sizes and unit distribution as the Project develops.
(c) If Developer avails itself of the 5 percent flexibility provided for in section 6.1(b), in the event that Project rental product construction ceases for at least nine months, Developer shall provide the number of required affordable units based upon total units constructed to date, either by designating vacant units as affordable units or if a sufficient number of vacant units are not available, designating units as affordable as they become available.
(d) In the event that the City chooses the inclusionary housing option as stated in section 6.3(a)(ii), the $1,000,000 Community Benefit Payment shall be paid as follows: one third ($333,333.33) due upon the request for certificates of occupancy for the first 225 units constructed in South and Corner Plan areas (Lots 8 -10 of the Development Vesting Tentative Tract Map), one third ($333,333.33)...
Inclusionary Housing. Article XIII of Chapter 16 of the SMC went into effect in November of 2018 with the adoption of Ordinance 2018-14. The ordinance requires major subdivisions to either include 12.5% of the units as affordable; or pay a fee-in-lieu, due at the time of building permit submittal. During the Planned Development review process, the applicant offered to provide a total of two (2) affordable housing units- a total of approximately 14% of all units, which was provided as a condition of approval (among others) for the project. The code requires the final agreement for how a developer will meet the requirements to be by agreement between the City and Developer. Section 7 specifically defines how the inclusionary housing responsibilities will be met. Staff recommends approval of the Development Improvements; Subdivision Improvements; and Inclusionary Housing Agreement for the Xxxxxx Court Planned Development and Major Subdivsion.
Inclusionary Housing. Pursuant to the provisions of the Special Permit and Town of Wenham Zoning Bylaw, the two (2) Units in the Farmhouse Building shall qualify as affordable pursuant to the Regulatory Agreement (the “Regulatory Agreement”) between the Declarant and the Town of Wenham recorded to herewith. Pursuant to the Regulatory Agreement, an Affordable Deed Rider must be affixed to each deed of an Affordable Unit.
Inclusionary Housing. Ten percent of the homes in the SFR Project will be made available to moderate-income households at affordable sales prices in accordance with the provisions of Richmond Municipal Code Section 15.04.603 – “Inclusionary Housing and Affordable Housing Linkage Fee” and Richmond Municipal Code Section 15.04.602 – “Affordable Housing Density Bonus.”
Inclusionary Housing. The City confirms that in accordance with the Certificate of Inclusionary Housing Compliance issued by the Burlington Community & Economic Development Office dated January 10, 2019 and issued in connection with Zoning Permit ZP 19- 0021CA/MA, the 125 IZ rental units that are being constructed as part of the CHT Project satisfy the IZ requirement for up to 500 total rental units at Cambrian Rise, including the 146 total rental units that are part of the CHT Project. The City further confirms that upon its receipt of a certification from CHT indicating that the CHT Project actually contains 128 IZ rental units, the Burlington Community & Economic Development Office will issue a new or amended Certificate of Inclusionary Housing Compliance to certify that the CHT Project satisfies the IZ requirement for up to 512 total rental units at Cambrian Rise, including the 146 total rental units that are part of the CHT Project. If the Projects ultimately include more than 500 or 512 units of rental housing, as the case may be, then BCCH will be obligated to satisfy IZ requirements with respect to such excess rental housing units.
Inclusionary Housing. The Revised Project will comply with the City’s inclusionary housing ordinance.
Inclusionary Housing. To the extent permitted by law, the Project will be subject to City’s Inclusionary Housing Ordinance (RMC Section 00.00.000.000). This requirement will be included in any Request for Qualifications and/or Request for Proposals (“RFP”) for the development of the Property. The City will provide Petitioner written notice when any legally required in-lieu fees have been paid to the City, with any such notice stating the amount of in-lieu fees actually paid. Should an evaluation of the City’s Inclusionary Housing Ordinance be scheduled for an open meeting of the City Council at any time within five years of the Effective Date of this Agreement, the City will notify Petitioner of any such meeting.
