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. Homeownership Activity Minimum period of affordability in years per unit amount of HOME fund invested in the unit: Homeownership Assistance HOME Amount Per-Unit HOME Investment Amount Per Unit Minimum Years of Affordability in Years Up to $14,999 5 $15,000-$40,000 10 Above $40,000 15 Considering the proposed project budgeted and amount of HOME funding anticipated to be invested in each housing unit, the term of this agreement and the affordability period for each unit constructed under this agreement shall be ten (10) years.
Sample 1
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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.
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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. Homeownership Assistance HOME Investment Amount Per Unit Minimum Years of Affordability in Years Less than $14,999 5 $15,000-$40,000 10 Over $40,000 15
Sample 1Sample 2
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
Sample 1
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. Subsequent rents during the affordability period - Section 92.252(f): Greccio agrees to comply with this HOME requirement. Tenant Income 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.
Sample 1

Related to Periods of Affordability

  • Affordability (a) Throughout the term of this Agreement, each Low and Moderate Income Unit will be rented for no more than the rental rates set forth herein to an Eligible Tenant. An Eligible Tenant is a Family whose annual income does not exceed eighty percent (80%) of the Area median income adjusted for family size as determined by the U.S. Department of Housing and Urban Development (“HUD”). A “

  • PROCEDURAL HISTORY On January 27, 2003, pursuant to 83 Illinois Administrative Code Part 763, Illinois Bell Telephone Company (SBC Illinois) (“SBC”) and Oneida Network Services, Inc. (“Oneida”), filed a joint Petition for approval of a negotiated Traffic Termination Agreement dated January 2, 2003 (the “Agreement”), under Section 252 of the Telecommunications Act of 1996 (47 U.S.C. §§ 151 et seq.) (“the Act”). The Agreement was submitted with the Petition. A statement in support of the Petition was filed along with verifications sworn to by Xxxx Xxxxxx on behalf of SBC Illinois and by Xxxx Xxxxx on behalf of Xxxxxx, stating that the facts contained in the Petition are true and correct to the best of their knowledge, information, and belief. Pursuant to notice as required by law and the rules and regulations of the Commission, this matter came on for hearing by a duly authorized Administrative Law Judge of the Commission at its offices in Chicago, Illinois, on March 11, 2003. Staff filed the Verified Statement of Xxx Xxx of the Commission’s Telecommunications Division. At the hearing on March 11th, SBC, Oneida, and Staff appeared and agreed that there were no unresolved issues in this proceeding. Xx. Xxx’x Verified Statement was admitted into evidence and the record was marked “Heard and Taken.”

  • Constructability Program 5.2.1 Implement and conduct a constructability program to identify and document Project cost and schedule savings opportunities. The constructability program shall follow accepted industry practices and be reviewed by Owner at design milestones. Whenever the term “value engineering” is used in conjunction with this Agreement or the Project, it has its commonly accepted meaning within the construction industry and does not imply the practice of professional engineering without a license. If any value engineering activities constitute the professional practice of engineering, then such activities shall be performed by an engineer licensed in Texas.

  • Health Spending Account contributions by the Executive will cease on the Effective Date. The Executive may submit claims against the balance accrued to the Effective Date, until the end of the calendar year in which the Effective Date occurs.

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;

  • Volunteer Firefighting Leave Leave without pay will be granted when an employee who is a volunteer firefighter is called to duty to respond to a fire, natural disaster or medical emergency.

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