Periods of Affordability Sample Clauses

Periods of Affordability. The HOME-assisted units must meet the affordability requirements for not less than the applicable period specified in the following table, beginning after project completion. The affordability requirements apply without regard to the term of any loan or mortgage or the transfer of ownership. They must be imposed by deed restrictions, covenants running with the land, or other mechanisms approved by HUD, except that the affordability restrictions may terminate upon foreclosure or transfer in lieu of foreclosure. The participating jurisdiction may use purchase options, rights of first refusal or other preemptive rights to purchase the housing before foreclosure or deed in lieu of foreclosure to preserve affordability. The affordability restrictions shall be revived according to the original terms if, during the original affordability period, the owner of record before the foreclosure, or deed in lieu of foreclosure, or any entity that includes the former owner or those with whom the former owner has or had family or business ties, obtains an ownership interest in the project or property. HUD Regulation 92.254 (a.)(4.)
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Periods of Affordability. The HOME-assisted housing must meet the affordability requirements for not less than the applicable period specified in the following table, beginning after project completion. The per unit amount of HOME funds and the affordability period that they trigger are described more fully in paragraphs (a)(5)(i) (resale) and (ii) (recapture) of this section. Minimum period of Homeownership assistance HOME amount per-unit affordability in years.
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Periods of Affordability. (1) HTF-as- sisted units must meet the afford- ability requirements for not less than 30 years, beginning after project com- pletion. The grantee may impose longer periods. (2) The affordability requirements apply without regard to the term of any loan or mortgage, repayment of the HTF investment, or the transfer of ownership. They must be imposed by a deed restriction, covenant running with the land, an agreement restricting the use of the property, or other mech- anisms approved by HUD under which the grantee and beneficiaries have the right to require specific performance,
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Periods of Affordability. Specifically, Greccio is responsible for ensuring compliance with the HOME rent limitations for the 19 floating HOME funded efficiencies during the Period of HOME Affordability which is 5 years for per unit amounts of less than $15,000.00 per unit. The per unit amount is $10,263.15 ($195,000 divided by 19 units). The period of affordability will begin after the date of the last disbursement by the City to Greccio. The City’s Loan Affordability Period will begin after the HOME Affordability Period ends and will continue until the loan is paid in full. During the HOME and Loan Period of Affordability, Greccio agrees to allow the City to perform on-site property inspections of the HOME assisted rental housing as needed to determine compliance with the Property standards of Section 92.251. Greccio agrees to verify yearly the tenants income and tenant rents to comply with HOME regulations. One hundred percent (100%) of HOME funds invested by the City in the Project will be repaid to the City if at any time prior to the end of the HOME Period of Affordability or the Loan Period of Affordability the Property does not meet these affordability standards. The income of each tenant must be determined initially in accordance with Section 92.203. In addition, each year during the HOME and loan period of affordability of the loan, Greccio must re-examine each tenant's annual income in accordance with one of the options in Section 92.203 selected by the Greccio. An owner of a multifamily Project with an affordability period of 10 years or more who re- examines tenant's annual income through a statement and certification in accordance with Section 92.203(a)(1)(ii), must examine the income of each tenant, in accordance with Section 92.203(a)(1)(I), every sixth year of the HOME affordability period. Otherwise, an owner who accepts the tenant's statement and certification in accordance with Section 92.203(a)(1)(ii) is not required to examine the income of tenants in multifamily or single family Projects unless there is evidence that the tenant's written statement failed to completely and accurately state information about the family's size or income. Greccio is responsible for ensuring that this Project complies with this requirement.
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Periods of Affordability. The HOME- assisted housing must meet the afford- ability requirements for not less than the applicable period specified in the following table, beginning after project completion. The per unit amount of HOME funds and the affordability pe- riod that they trigger are described more fully in paragraphs (a)(5)(i) (re- sale) and (ii) (recapture) of this sec- tion. Homeownership assistance HOME amount per-unit Minimum period of affordability in years Under $15,000 ....................................... 5 $15,000 to $40,000 ............................... 10 Over $40,000 ......................................... 15
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Related to Periods of Affordability

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  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

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  • Work in a Higher Classification Any employee who is assigned by his/her supervisor to a vacant position in a higher grade for a period of more than thirty (30) days shall receive the salary rate for the higher position from the first day of the appointment, provided such assignment has the prior approval in writing of the Appointing Authority or his/her designee. The approval of the Appointing Authority or his/her designee shall take effect as of the first day of the assignment. Any assignment to a vacant position in a higher grade must be in writing to be valid.

  • Payments and Computations, Etc (a) All amounts to be paid or deposited by the Seller or the Servicer hereunder or under any other Transaction Document shall be made without reduction for offset or counterclaim and shall be paid or deposited no later than noon (New York, New York time) on the day when due in same day funds to the account for each Purchaser maintained by the applicable Purchaser Agent as may be designated from time to time by such Purchaser Agent to the Seller and the Servicer. All amounts received after 1:00 p.m. (New York, New York time) will be deemed to have been received on the next Business Day. Except as expressly set forth herein, each Purchaser Agent shall distribute the amounts paid to it hereunder for the benefit of the Purchasers in its Purchaser Group to the Purchasers within its Purchaser Group ratably (x) in the case of such amounts paid in respect of Discount and fees, according to the Discount and fees payable to such Purchasers and (y) in the case of such amounts paid in respect of Capital (or in respect of any other obligations other than Discount and fees), according to the outstanding Capital funded by such Purchasers. (b) The Seller (with respect to amounts payable by the Seller) or the Servicer (with respect to amounts payable by the Servicer), as the case may be, shall, to the extent permitted by law, pay interest on any amount not paid or deposited by the Seller or the Servicer, as the case may be, when due and payable hereunder, at an interest rate equal to 2.00% per annum above the Base Rate, payable on demand; provided, that such rate shall not at any time exceed the maximum rate permitted by applicable Law. (c) All computations of interest under clause (b) and all computations of Discount, fees and other amounts hereunder shall be made on the basis of a year of 360 days (or 365 or 366 days, as applicable, with respect to Discount or other amounts calculated by reference to the Base Rate) for the actual number of days elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next Business Day and such extension of time shall be included in the computation of such payment or deposit.

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