Affordability Covenant definition

Affordability Covenant is that certain Affordable Housing Covenant in the form attached hereto as Exhibit C, to be recorded in the Land Records against the Property in connection with Closing.

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Affordability Covenant is the covenant agreement that contains certain affordability requirements for the Project, and is recorded in the Land Records against the Property.

Affordability Covenant means the legally binding instrument which (a) is recorded in first position against Project real property in consideration for the Homekey Program Award to the Grantee; (b) imposes use, operation, occupancy, and affordability restrictions on the real property and improvements; and (c) incorporates the Homekey Program Requirements by reference. Upon its execution, the Affordability Covenant shall be binding, effective, and enforceable against all successors, transferees, and assignees, in accordance with Section 208 of this NOFA, after a certificate of occupancy or its equivalent has been issued for the Project, or if no such certificate is issued, from the date of initial occupancy of the Project.

Examples of Affordability Covenant in a sentence

The exercise by District of any right or remedy hereunder or under the PDA, Construction and Use Covenant, Affordability Covenant, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.
Each Guarantor agrees that any rights of such Guarantor, whether now existing or later arising, to receive payment on account of any indebtedness (including interest) or other obligations or liabilities owed to such Guarantor by another Guarantor or Developer shall at all times be subordinate to the time of payment and in all other respects to the full and prior indefeasible performance of all obligations owed to District under the PDA, Construction and Use Covenant, and Affordability Covenant.
Developer agrees that a portion or all of the Residential Units to be developed in the Project shall be dedicated as Affordable Units, as required in the Affordability Covenant, in accordance with the schedule attached as Exhibit H (the “Schedule of Affordable Units”).
Developer agrees that a portion of the Residential Units to be developed in the Project shall be dedicated as Affordable Units, as required in the Affordability Covenant, in accordance with the schedule attached as Exhibit H (the “Schedule of Affordable Units”).
Upon the occurrence of any failure of Developer to fully and timely perform its agreements, covenants, and obligations under the PDA, Construction and Use Covenant, and Affordability Covenant, upon request by District, Guarantors shall, at Guarantor’s sole cost and expense, cure such default by or failure of Developer.

More Definitions of Affordability Covenant

Affordability Covenant means the legally binding 55-year instrument which (a) is recorded in first position against the Project real property for the benefit of the state, regional, local, or Tribal Grantee; (b) imposes use, operation, occupancy, and affordability restrictions on the real property and improvements; (c) duly names HCD as a third-party beneficiary with the right and privilege, but not the obligation, of enforcement thereof, (d) incorporates the Homekey+ Program Requirements by reference, and (e) is otherwise in form and substance acceptable to HCD. Upon its execution, the Affordability Covenant shall be binding, effective, and enforceable against all successors, transferees, and assignees, in accordance with Section 208 of this NOFA, after a certificate of occupancy or its equivalent has been issued for the Project, or if no such certificate is issued, from the date of initial occupancy of the Project. Affordability Covenants on Tribal trust land are addressed separately under Section 208 of this NOFA.

Affordability Covenant means a restrictive covenant that imposes income eligibility

Affordability Covenant means the legally binding instrument which (a) is recorded in first position against Project real property and/or the leasehold, as may be applicable, in

Affordability Covenant has the meaning set forth in paragraph 17(a) hereof.

Affordability Covenant means the legally binding instrument which (i) is recorded in first position against Project real property in consideration for the Homekey Tribal Program award to the Grantee; (ii) imposes use, operation, occupancy, and

Affordability Covenant means a restrictive covenant that imposes income eligibility requirements and rental amount restrictions on a residential dwelling unit and remains in effect for the City’s benefit for the longest feasible time, which shall not be less than 55 years.

Affordability Covenant means the CC&Rs restricting the sales price of the Unit and limiting the maximum income of any purchaser of the unit.