Limited Equity Program Sample Clauses

Limited Equity Program. The units in the Affordable Projects shall be sold pursuant to OCII’s Limited Equity Program (“LEP”), in order to ensure the units will be permanently affordable. See Exhibit H for a description of the LEP. The Affordable Purchase Price (at initial sale and future resale), as defined on Exhibit H on page H-6 of the LEP attached hereto, will be set according to a formula based on the Unadjusted Area Median Income for the HUD Metro Fair Market Rent Area that contains San Francisco, as published by MOHCD (“AMI”), rather than market values. At resale, the price will be set at the same affordability level that established the original Affordable Purchase Price, regardless of the current market value. When a homeowner sells, the homeowner’s equity will be based on the change in AMI over time, plus any capital improvements made by the homeowner. For illustrative purposes, the Affordable Purchase Prices for 2014 are shown in Attachment A to the LEP.
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Related to Limited Equity Program

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