Affordability Requirement definition

Affordability Requirement means the amount set out in Section 3.1.1 of Volume 1 of this RFP.
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Affordability Requirement means the need to not exceed the contract price for the Project as set out in the RFP.
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Affordability Requirement is the requirement that certain Housing Units in the Development are to be Affordable Housing Units and reserved for Eligible Households in accordance with the DOB Compliance Certification.
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Examples of Affordability Requirement in a sentence

  • Owner and Tenant intend the Affordability Requirement and this Lease to be adjusted as necessary to allow for the Project to fully take advantage of any then available federal, state or local programs for affordable housing.

  • To the extent any element of the Affordability Requirement or this Lease is inconsistent with any federal, state or local state affordable housing program that applies to the Project (or any residential dwelling units therein) (an “Applicable Affordable Housing Program”), then the terms of the Applicable Affordable Housing Program will govern over the inconsistent terms of the Affordability Covenant or the Lease.

  • Developer shall construct, reserve, and either maintain and lease as Rental Affordable Units, or sell as For Sale Affordable Units that number of Affordable Units that are required by the Affordability Requirement.

  • After occupancy of the Project, Tenant will provide Owner with a written report (in any form reasonably requested by Owner) by March 1 of each year that provides reasonable evidence that the Affordable Housing Units have been leased (or made available for lease) in compliance with the Affordability Requirement (as applicable) during the prior calendar year.

  • A “Affordable Housing Unit” is each residential dwelling unit in the Project that is designated as being subject to the Affordability Requirement, which will be all residential dwelling units in the Project except Community Housing Units and Employee Housing Units.

  • Where the term “Committed Affordable Unit” or “Committed Rental Affordable Unit” is used, said term refers to an Affordable Unit of Rental Affordable Unit committed by means of this Covenant to satisfy the Affordability Requirement throughout the Affordability Period.

  • The initial annual certification will be required when 80% of the Affordability Requirement has been met or on the first anniversary of the issuance of the CoC, whichever occurs first.

  • Following any change in designation of a Rental Affordable Unit to a higher Designated Affordability Level of similar size and location in the property to the lower Designated Affordability Level from which the original Rental Affordable Unit had been changed in order to bring the Parcel in conformity with the Affordability Requirement.

  • Although the rising cost of construction will reduce the number of units produced, LIHTC projects are being awarded every two years which will continue to make new units available.LIHTC Affordable Housing Stockbased on Affordability Requirement End Dates1400 1200 1000 800 600 400 200 0Figure 7.

  • Affordability Requirement: has the meaning given in Section 2.1 Affordable Unit: means a residential dwelling unit for occupancy by a household having household income at or below 80% of Area Median Income who are paying no more than 30% of income for Gross Housing Costs, including utilities.


More Definitions of Affordability Requirement

Affordability Requirement is defined in Section 2.1.
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Affordability Requirement means a requirement imposed as a condition of a development of residential units, that the development include a certain percentage of the units affordable for rent or sale to households with incomes that do not exceed the limits for moderate-income, lower income, very low income, or extremely low income households specified in Sections 50079.5, 50093, 50105, and 50106 of the Health and Safety Code, or an alternative means of compliance with that requirement including, but not limited to, in-lieu fees, land dedication, off-site construction, or acquisition and rehabilitation of existing units.
Sample 1
Affordability Requirement means a requirement imposed as a condition of a development of residential units, that the development includes a certain percentage of the units affordable for rent or sale to households with incomes that do not exceed the limits for moderate-income, lower income, very low income, or extremely low income households specified in Sections 50079.5, 50093, 50105, and 50106 of the Health and Safety Code, or an alternative means of compliance with that requirement including, but not limited to, in-lieu fees, land dedication, off-site construction, or acquisition and rehabilitation of existing units.
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Affordability Requirement means the requirement that the Affordable Unit is reserved for Households with incomes at or below either 50% AMI or 80% AMI for the Affordability Period.
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Related to Affordability Requirement

  • Affordability means a housing unit that satisfies at least one of the following criteria:

  • Program Requirements means certain minimum program entry requirements as well as ongoing program requirements, to be fulfilled by Partner, some of which are general PartnerEdge requirements, some of which are specific for the “Sell Engagement” and some of which are specific for the different “Cloud” Product Families, including, without limitation payment of the Program Fee(s), meeting certain minimum annual revenue requirements, upholding a Sell Authorization for at least one “Cloud” Product Family and other requirements as set out in detail in the PartnerEdge Program Guide and the RSPI.

  • MREL Requirement means the minimum requirement for own funds and eligible liabilities which is or, as the case may be, will be applicable to the Issuer;

  • Data Protection Requirements means all applicable (i) Data Protection Laws, (ii) Privacy Policies and (iii) those terms of any Contracts imposing obligations on the Company or its Subsidiaries with respect to the Company’s collection, use, storage, disclosure, or cross-border transfer of Personal Data.

  • Federal safety requirements means applicable provisions of 49 U.S.C. § 30101 et seq. and all