Workforce Units Sample Clauses

Workforce Units. If a Vertical Developer (or the applicable Owner) has undertaken good faith efforts to sell or rent any Workforce Unit in accordance with Section 3.3(b), and despite such good faith efforts such Unit(s) have not been sold or rented, as applicable, by the date that is ninety (90) days after all Market Rate Units in the same Residential Project have been sold or rented or, for a Rental Unit, the vacancy of such Unit, then Vertical Developer (or the applicable Owner) may request that the Agency Director Approve in his or her sole and absolute discretion an increase of the applicable AMI Percentage by an amount equal to no greater than twenty percent (20%) (i.e., from an AMI Percentage equal to one hundred forty percent (140%) to no greater than one hundred sixty percent (160%)); provided, however, that (i) no such request shall be made unless the Workforce Unit has first been re-marketed for a period of not less than ninety (90) days to households at the applicable AMI Percentage but at a purchase price or rental charge reduced by a dollar amount equal to the Parking Cost (notwithstanding the fact that the Parking Cost was not included in the purchase price or rental charge), (ii) the Agency Director shall not Approve any such increase without first notifying the Agency Commission at its next regularly-scheduled meeting and, if the Agency Commission requests a public hearing or additional information, then following such public hearing or the receipt of such additional information, and (iii) with regard to Rental Units, the Agency Director shall have the right to permit a one-time increase of the applicable AMI Percentage as set forth above at any time in order to fill a vacant Rental Unit yet continue to require that the original AMI Percentage apply when that Rental Unit subsequently becomes vacant (subject to the term of the applicable Declaration of Restrictions). If after application of this Section 3.7(b) a Workforce Unit will have an AMI Percentage greater than the original AMI Percentage applicable to such Unit, then such Unit may be sold or rented as a Market Rate Unit and any rental charge or purchase price above the amount under the original AMI Percentage shall be payable to the Workforce Administrator to be used to pay for the cost of implementing, administering and monitoring the development of Workforce Units and thereafter to the Agency to be used for the development of Agency Affordable Units within the Project Site, with fifty percent (50%) ...
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Related to Workforce Units

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