Rental affordability qualifications Clause Samples

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:

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...