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.

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 a restrictive covenant that imposes income eligibilityrequirements 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.

Examples of Affordability Covenant in a sentence

• The County cannot reimburse you for qualified costs incurred until after contract execution, including execution of loan documents (i.e., Note; Deed of Trust; and HOME Affordability Covenant if HOME funds are involved).When planning your project schedule, please allow four weeks to four months for preparation and execution of the funding agreement.

• 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.

• Pursuant to the Affordability Covenant, affordable units must be both income and price restricted for homeownership units.

• Therefore, staff will prioritize and closely track ED 1 projects in order to meet expedited timelines.B. Concurrent Review: Applicants for ED 1 projects may now apply for both the RUD and Affordability Covenant at the same time, at the beginning of an ED 1 project’s review process.

More Definitions of Affordability Covenant

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.

Affordability Covenant has the meaning set forth in Section 9.6(a) and in the form attached hereto as Exhibit I.

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

Affordability Covenant means a covenant to be recorded against each Unit restricting each Unit as an affordable unit for the Affordability Covenant Term, and subject to the affordability requirements applicable to the specific Unit.

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

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