Common use of Initial Sale Price Clause in Contracts

Initial Sale Price. Developer agrees to restrict the Initial Sale of Attainable Units to purchasing households with a maximum household income at or below 100% of the AMI affordability level for Flagstaff based on then current figures as determined by the United States Department of Housing and Urban Development (“HUD”) adjusted for household size (“Initial Sales Price”). In determining the Initial Sales Price, the eligible buyers housing expense ratio will not exceed thirty- five percent (35%) without approval by the Director of the City of Flagstaff Housing Section or designee. Developer will offer Attainable Units at a price point of at least twenty-five percent (25%) lower than the market rates for comparable units.

Initial Sale Price. Developer agrees to restrict the Initial Sale of Attainable Units to purchasing households with a maximum household income at or below 100% of the AMI affordability level for Flagstaff based on then current figures as determined by the United States Department of Housing and Urban Development (“HUD”) adjusted for household size (“Initial Sales Price”). In determining the Initial Sales Price, the eligible buyers housing expense ratio will not exceed thirty- thirty-five percent (35%) without approval by the Director of the City of Flagstaff Housing Section or designee. Developer will offer Attainable Units at a price point of at least twenty-five percent (25%) lower than the market rates for comparable units.

Initial Sale Price. Developer agrees to restrict the Initial Sale of Attainable Units to purchasing households with a maximum household income at or below 100% of the AMI affordability level for Flagstaff based on then current figures as determined by the United States Department of Housing and Urban Development (“HUD”) adjusted for household size (“Initial Sales Price”). In determining the Initial Sales Price, the eligible buyers housing expense ratio will not exceed thirty- five percent (35%) without approval by the Director of the City of Flagstaff Housing Section or designee. Developer will offer Attainable Units at a price point of at least twenty-five percent (25%) % lower than the market rates for comparable units.