Period of Affordability. To ensure a minimum twenty (20) year period of affordability, Habitat shall encumber the Project Property with restrictive covenants, CC&R’s, or other appropriate documents reasonably acceptable to and approved in advance by City, which restrict ownership of the Improvements (whether resulting from the initial sale or any subsequent resale) to Low Income Households for a period not less than twenty (20) years from the date of the initial sale of the property to an income eligible household.
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Samples: Development and Disposition Agreement, Development and Disposition Agreement, Development and Disposition Agreement
Period of Affordability. To ensure a minimum twenty (20) year period of affordability, Habitat shall encumber the Project Property with restrictive covenants, CC&R’s, or other appropriate documents reasonably acceptable to and approved in advance by City, which restrict ownership of the Improvements (whether resulting from the initial sale or any subsequent resale) to Low and Moderate Income Households for a period not less than twenty (20) years from the date of the initial sale of the property to an income eligible household.
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