West Bluffs Affordable Housing Sample Clauses

West Bluffs Affordable Housing. If a portion of the West Bluffs Land is subjected to affordable housing requirements as a result of the “Assumed Litigation” (as defined in the Purchase Agreement), then Development Manager shall promptly pay to WB Owner an amount equal to the “WB Affordable Housing Payment” (as hereinafter defined). As used herein, the “WB Affordable Housing Payment” means an amount equal to the lesser of (1) *** or (2) the amount, if any, by which (a) the sum of (i) the sum of the Total Lot Prices specified on Schedule L-3 for each of the residential home sites included in the West Bluffs Land that are subjected to on-site affordable housing requirements and (ii) the product of *** multiplied by the number of residential home sites included in the West Bluffs Land that are subjected to on-site affordable housing requirements on which affordable housing is required to be constructed exceeds (b) ***. Development Manager shall not pay to WB Owner the WB Affordable Housing Payment if the sum of in-lieu payments and “Off-Site AH Contributions” (as hereinafter defined) by WB Owner to satisfy affordable housing requirements is less than ***. However, subject to Development Manager’s approval rights under Section 3(d) of this Exhibit, if all affordable housing requirements with respect to the West Bluffs Land may be satisfied by the payment of an in lieu fee and/or a contribution toward the construction of an off site affordable housing project (“Off-Site AH Contributions”), WB Owner may elect to pay such fee or make such off site contribution or both, in which event (x) the West Bluffs Earn Out Amount shall be reduced (but not below zero) by the amount of such fee and/or off site contribution, and (y) if the amount of such fee and/or off site contribution exceeds the West Bluffs Earn Out Amount, then Development Manager shall also pay to WB Owner the WB Affordable Housing Payment, which shall, in this case, equal the amount of such excess (but not more than ***).
Sample 1
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Related to West Bluffs Affordable Housing

  • Affordable Housing Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty percent (60%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no XXXX will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a new, replacement XXXX that extends for the lesser of 20 years or the period necessary that the 20 year Affordability Housing Requirements are satisfied on a cumulative basis.

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