Rental affordability qualifications Sample Clauses

Rental affordability qualifications. The Recipient shall ensure that the rental affordability requirements, as set forth in 12 C.F.R. Part 1807.400 et seq., and the following requirements are met for any Project undergoing an Affordability Period and for each year that the Project has an Affordability Period in effect: (a) Portfolio-level targeted incomes. If applicable, at the end of the Investment Period the percentage of rental Affordable Housing, as measured over the Recipient’s entire portfolio of rental Affordable Housing financed and/or supported by this CMF Award, leased by Very Low-Income (inclusive of Extremely Low-Income) Families, shall be no less than the percentage set forth in Schedule 1 of this Agreement.
AutoNDA by SimpleDocs
Rental affordability qualifications. The Recipient shall ensure that the rental affordability requirements, as set forth in 12 C.F.R. Part 1807.400 et seq., and the following requirements are met for any project undergoing an Affordability Period and for each year that the Recipient has an Affordability Period in place (provided that Section 5.2(a) shall only be required beginning after the end of the Investment Period): (a) Portfolio-level targeted incomes. The percentage of rental Affordable Housing units that are occupied by Very Low-Income or Extremely Low-Income Families, as measured over the Recipient’s entire portfolio of rental Affordable Housing units financed or supported by this CMF Award or associated Leveraged Costs, shall be no less than the percentage set forth in Schedule 1 of this Agreement. (b) Project-level targeted income. For each Multi-family rental Affordable Housing project, for which all or a portion of the CMF Award or associated Leveraged Costs is used, at least twenty percent (20%) of all rental units in each project must be occupied by Families at or below fifty percent (50%) of AMI. For the purposes of this Section 5.2(b), a project consists of a building or group of buildings on the same site (or on scattered sites if developed together) under the same ownership and includes all units in that building or group of buildings. (c) The maximum rent of and utilities allowances for each affordable unit shall not exceed the limitations set forth in 12 C.F.R. § 1807.401. (d) A tenant’s income is determined annually in the manner set forth in 12 C.F. R. 1807.401 et seq. (e) The affordable housing rental provisions of 12 C.F.R. § 1807.401 et seq. are otherwise met. (f) In the event of a refinancing, restructuring, or other event that results in the Recipient’s loss of privity with respect to a rental housing project, the CDFI Fund reserves the right to seek corrective actions from the Recipient in order to satisfy or otherwise address the affordability requirements for the remaining duration of the Affordability Period to the satisfaction of the CDFI Fund, including but not limited to requiring that the Recipient shall invest its own dollars in a replacement rental housing project, or requiring that the Recipient shall demonstrate through legal instruments, filings, and other documentation (e.g., deed restrictions, covenants running with the land, etc.) that the original rental housing project will continue to meet the affordability requirements for the remaining duration...
Rental affordability qualifications. The Recipient shall ensure that the rental affordability requirements, as set forth in 12 C.F.R. Part 1807.400 et seq., and the following requirements are met for any Project undergoing an Affordability Period and for each year that the Project has an Affordability Period in effect:

Related to Rental affordability qualifications

  • STAFF QUALIFICATIONS CONTRACTOR shall ensure that all individuals employed, contracted, and/or otherwise hired by CONTRACTOR to provide classroom and/or individualized instruction or related services hold a license, certificate, permit, or other document equivalent to that which staff in a public school are required to hold in the service rendered consistent with Education Code section 56366.1(n)(1) and are qualified pursuant to Title 34 of the Code of Federal Regulations sections 200.56 and 200.58, and Title 5 of the California Code of Regulations sections 3001(y), 3064 and 3065. Such qualified staff may only provide related services within the scope of their professional license, certification or credential and ethical standards set by each profession, and not assume responsibility or authority for another related services provider or special education teacher’s scope of practice. CONTRACTOR shall ensure that all staff are appropriately credentialed to provide instruction and services to students with the disabling conditions placed in their program/school through documentation provided to the CDE (5 CCR 3064 (a)).

  • Minimum Qualifications If applicable pursuant to Article 3, I acknowledge that the Bidder meets the minimum qualification requirements established for this solicitation.

  • Required Qualifications At all times during the term of the Contract, Vendor shall have available, under direct employment and supervision and/or subcontract agreement fully incorporating the terms and conditions of the Contract Documents, the required qualified and properly licensed (as applicable) personnel to properly fulfill all the terms and conditions of the Contract.

  • Contractor Qualifications Contractor warrants that Contractor has the necessary licenses, experience and technical skills to provide services under this Contract.

  • Professional Qualifications It shall be a condition of continued professional employment that employees must apply for enrolment in their appropriate professional licensing body by the thirtieth day of continuous service.

  • Arbitrator Qualifications and Powers; Awards Arbitrators must be active members of the California State Bar or retired judges of the state or federal judiciary of California, with expertise in the substantive laws applicable to the subject matter of the Dispute. Arbitrators are empowered to resolve Disputes by summary rulings in response to motions filed prior to the final arbitration hearing. Arbitrators (i) shall resolve all Disputes in accordance with the substantive law of the state of California, (ii) may grant any remedy or relief that a court of the state of California could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award, and (iii) shall have the power to award recovery of all costs and fees, to impose sanctions and to take such other actions as they deem necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the California Rules of Civil Procedure or other applicable law. Any Dispute in which the amount in controversy is $5,000,000 or less shall be decided by a single arbitrator who shall not render an award of greater than $5,000,000 (including damages, costs, fees and expenses). By submission to a single arbitrator, each party expressly waives any right or claim to recover more than $5,000,000. Any Dispute in which the amount in controversy exceeds $5,000,000 shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations.

  • Arbitrator Qualifications and Powers Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the State of California or a neutral retired judge of the state or federal judiciary of California, in either case with a minimum of ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of California and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the California Rules of Civil Procedure or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.

  • Existence, Qualification and Power; Compliance with Laws Each Loan Party (a) is duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, and (d) is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or (d), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

  • Insurer Qualifications Without limiting any obligations or liabilities of Consultant, Consultant shall purchase and maintain, at its own expense, hereinafter stipulated minimum insurance with insurance companies authorized to do business in the State of Arizona pursuant to ARIZ. REV. STAT. § 20-206, as amended, with an AM Best, Inc. rating of A- or above with policies and forms satisfactory to the City. Failure to maintain insurance as specified herein may result in termination of this Agreement at the City’s option.

  • Foreign Qualifications An officer of the Company shall execute, deliver and file any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any foreign jurisdiction in which the Company may wish to conduct business.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!