Common use of Period of Affordability Clause in Contracts

Period of Affordability. The affordability period for the HOME-assisted property shall be determined and provided by LHA to the Grantee, upon project completion. The affordability period can begin only after all title transfer requirements and construction work have been performed, the project complies with the HOME requirements (including property standards), the final drawdown for the project has been disbursed, and project completion information has been entered into HUD’s Integrated Disbursement and Information System (IDIS). The Grantee is responsible for providing beneficiary information to LHA. The affordability period shall continue for five (5), ten (10) or fifteen (15) years, subject to the amount and type of assistance received, from that date unless modified as allowed under the HOME program. The Grantee shall ensure affordability through placing a promissory note and a recorded lien, in formats approved by the Community Development Department, upon the property. A copy of the promissory note and lien will be submitted to the Community Development Department as documentation of the project’s continued affordability.

Period of Affordability. The affordability period for the HOME-assisted property shall be determined and provided by LHA to the Grantee, upon project completion. The affordability period can begin only after all title transfer requirements and construction work have been performed, performed and the project complies with the HOME requirements (including property standards), the final drawdown for the project has been disbursed, and project completion information has been entered into HUD’s Integrated Disbursement and Information System (IDIS). The Grantee is responsible for providing beneficiary information to LHA. The affordability period shall continue for five (5), ten (10) or fifteen (15) years, subject to the amount and type of assistance received, from that date unless modified as allowed under the HOME program. The Grantee shall ensure affordability through placing a promissory note and a recorded lien, in formats approved by the Community Development Department, upon the property. A copy of the promissory note and lien will be submitted to the Community Development Department as documentation of the project’s continued affordability.

Period of Affordability. The affordability period for the HOME-assisted property shall be determined and provided by LHA to the Grantee, upon project completion. The affordability period can begin only after all title transfer requirements and construction work have been performed, the project complies with the HOME requirements (including property standards), the final drawdown for the project has been disbursed, and project completion information has been entered into HUD’s Integrated Disbursement and Information System (IDIS). The Grantee is responsible for providing beneficiary information to LHA. The affordability period shall continue for five (5), ten (10) or fifteen (15) years, subject to the amount and type of assistance received, from that date unless modified as allowed under the HOME program. The Grantee shall ensure affordability through placing a promissory note and a recorded lien, in formats approved by the Community Development DepartmentLHA, upon the property. A copy of the promissory note and lien will be submitted to the Community Development Department LHA as documentation of the project’s continued affordability.