Common use of Tracking affordability during the Affordability Period Clause in Contracts

Tracking affordability during the Affordability Period. Once the Recipient achieves Project Completion for any given Project, the Recipient shall designate the number of Affordable Housing units attributable to the Eligible Project Costs of that Project, as well as the income restrictions for these units. The Recipient is responsible for tracking this number of units within the project for the duration of the Affordability Period. Each year during the Affordability Period, the Recipient shall report on its compliance with the requirements of this Section 5.5 in the Recipient’s Annual Report – Performance Report (as described in Schedule 1-B). The Recipient shall ensure that the Affordable Housing units meet the affordability requirements for no less than ten (10) years, beginning after Project Completion and on the date when the Affordable Housing achieves Initial Occupancy, by ensuring each year during the Affordability Period the following:

Tracking affordability during the Affordability Period. Once the Recipient achieves Project Completion for any given Projectproject, the Recipient shall designate the number of Affordable Housing units attributable to the Eligible Project Costs of that Project, as well as the income restrictions for these unitsproject. The Recipient is responsible for tracking this number of units within the project for the duration of the Affordability Period. Each year during the Affordability Period, the Recipient shall report on its compliance with the requirements of this Section 5.5 in the Recipient’s Annual Report – Performance Report (as described in Schedule 1-B). The Recipient shall ensure that the Affordable Housing housing units meet the affordability requirements for no less than ten (10) years, beginning after Project Completion and on the date when the Affordable Housing achieves Initial Occupancyhousing is Placed into Service, by ensuring the following each year during the Affordability Period the followingPeriod: