Project-Wide Affordability Requirements Sample Clauses

Project-Wide Affordability Requirements. Developer and/or Developer Successors shall construct not less than thirty-one and eighty-six one hundredths percent (31.86%) of the housing units in the Project as Affordable Housing Units in the proportions and with the characteristics set forth in the table contained in this Section 2.1 (the “Affordable Housing Table”). For example, when all housing units in the Project have been Completed, at least fifteen and sixty-six hundredths percent (15.66%) of all such housing units shall be rental units Affordable to households whose income is equal to or less than sixty percent (60%) of AMI. Thus, if 10,000 housing units were Completed in the Project, the number and type of Affordable Housing Units reserved for households qualifying for each AMI tier described in the Affordable Housing Table would be as shown in column 4 of such table. AMI Percentage Range Affordable Housing Type Percentage of Total Project Units Affordable Housing Units6 Qualifying Income for 4-person household (2008) 7 0-60%1 Affordable Rentals 15.66% 1,566 $49,750 80-100%2 Affordable For-Sale 3.45% 345 $74,610 (90% AMI) 120%3 Affordable For-Sale 4.25% 425 $99,500 140%4 Affordable For-Sale 4.25% 425 $116,060 141-160%5 Affordable For-Sale 4.25% 425 $124,350 (150% AMI) Total Affordable Housing Units 31.86% 3,186 1 All units in this tier must be Affordable at no greater than 60% of AMI.
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Project-Wide Affordability Requirements. Developer shall cause to be constructed not less than thirty-five percent (35%) of the housing units in the Project as Affordable Housing Units in the proportions and with the characteristics set forth in the table contained in this Section 7.2 (the “Affordable Housing Table”). For example, when all housing units in the Project have been Completed, three and one-half percent (3.50%) of all such housing units shall be rental units Affordable to households whose income is equal to or less than forty percent (40%) of AMI. Thus, if 3,400 housing units were Completed in the Project, the number and type of Affordable Housing Units reserved for households qualifying for each AMI tier described in the Affordable Housing Table would be as shown in column 4 of such table; the qualifying income, based on the most recent AMI data available, would be as shown in column 5 of such table. AMI Percentage Range Affordable Housing Type Percentage of Total Project Affordable Housing Units if 3,400 Total Housing Units are Created in the Project (for illustrative purposes only) Qualifying Income for 4- person Household (most recent data available; for illustrative purposes only) 40% AMI or lower Affordable Rentals 3.50% 119 $21,964 50% AMI or lower Affordable Rentals 3.50% 119 $27,455 60% AMI or lower Affordable Rentals 3.50% 119 $32,946 70% AMI or lower Affordable Rentals 3.50% 119 $38,473 80% AMI or lower Affordable Rentals 3.50% 119 $43,928 90% AMI or lower Affordable Rentals 3.50% 119 $49,419 100% AMI or lower Affordable Rentals 3.50% 119 $54,910 110% AMI or lower Affordable Rentals 3.50% 119 $60,401 120% AMI or lower Affordable Rentals 3.50% 119 $65,892 130% AMI or lower Affordable Rentals or Affordable Homeownership 3.50% 119 $71,383 Total Affordable Housing Units 35.00% 1,190
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Related to Project-Wide Affordability Requirements

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  • Contractor Requirements The Contractor shall—

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