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: (a) For rental Affordable Housing units: (1) The tenant’s income is re-examined annually to determine if the Family remains income eligible in accordance with 12 C.F.R. 1807.401(f). (2) The requirements of Section 5.2 are met. (3) The Housing adheres to the applicable Participating Jurisdiction’s maximum monthly allowances for utilities and services (excluding telephone). (4) Any increase in rents adheres to the rent limitations and notice requirements set forth in 12 C.F.R. § 1807.401(a) and (e). (5) Any temporary noncompliance resulting from CMF-assisted units that are occupied by tenants that are over-income is resolved in accordance with 12 C.F.R. § 1807.401(g). (b) For Homeownership Affordable Housing units: (1) The original or a subsequent qualifying Family owns and resides in the Housing, provided that qualifications for each such qualifying Family are determined at the time the equitable title of the Housing is transferred to the qualifying Family, or at or around the time the Affordable Housing Activity achieves Project Completion. Income verifications should rely on third party documentation and not solely on self-certification by the qualifying Family. (2) Resale strategies pursuant to Section 5.3(g) and 12 C.F.R. § 1807.402(a)(5) are imposed should the Housing be sold to a non-Eligible-Income Family.

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: (a) For rental Affordable Housing units: (1) The tenant’s income is re-examined annually to determine if the Family remains income eligible in accordance with 12 C.F.R. 1807.401(f)eligible. (2) The requirements of Section 5.2 are met. (3) The Housing adheres to the applicable Participating Jurisdiction’s maximum monthly allowances for utilities and services (excluding telephone). (4) Any increase in rents adheres to the rent limitations and notice requirements set forth in 12 C.F.R. § 1807.401(a) and (eg). (5) Any temporary noncompliance resulting from CMF-assisted units that are occupied by tenants that are over-income is resolved in accordance with 12 C.F.R. § 1807.401(g). (b) For Homeownership Affordable Housing units: (1) The original or a subsequent qualifying Family owns and resides in the Housing, provided that qualifications for each such qualifying Family are determined at or around the time the that equitable title of the Housing is transferred to the qualifying Family, or at or around the time that the Affordable Housing Activity achieves Project Completion. Income verifications should rely on third party documentation and not solely on self-certification by Rehabilitation or the refinancing is executed for the qualifying Family, as applicable. (2) Resale strategies pursuant to Section 5.3(g) and 12 C.F.R. § 1807.402(a)(5) are imposed should the Housing be sold to a non-Eligible-Income Familyqualifying family.

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: (a) For rental Affordable Housing units: (1) The tenant’s income is re-examined annually to determine if the Family remains income eligible in accordance with 12 C.F.R. 1807.401(f). (2) The requirements of Section 5.2 are met. (3) The Housing adheres to the applicable Participating Jurisdiction’s maximum monthly allowances for utilities and services (excluding telephone). (4) Any increase in rents adheres to the rent limitations and notice requirements set forth in 12 C.F.R. § 1807.401(a) and (e).. (5) (5) Any temporary noncompliance resulting from CMF-assisted units that are occupied by tenants that are over-income is resolved in accordance with 12 C.F.R. § 1807.401(g). (b) For Homeownership Affordable Housing units: (1) The original or a subsequent qualifying Family owns and resides in the Housing, provided that qualifications for each such qualifying Family are determined at the time the equitable title of the Housing is transferred to the qualifying Family, or at or around the time the Affordable Housing Activity achieves Project Completion. Income verifications should rely on third party documentation and not solely on self-certification by the qualifying Family. (2) Resale strategies pursuant to Section 5.3(g) and 12 C.F.R. § 1807.402(a)(5) are imposed should the Housing be sold to a non-Eligible-Income Family.