Affordable Housing Commitment definition

Affordable Housing Commitment means the obligation of the Company to provide or cause to be provided affordable housing units equal to fourteen percent (14%) of the total number of market rate housing units to be constructed as part of the Project (194 affordable housing units based on current plans for the construction of 1,386 market rate units) and/or to pay a fee in lieu of units, as follows: 3% of the units shall be constructed at the River Park Center Site and be restricted to income of 80% to 120% of AMI; 3% of the units shall be new or rehabilitated units constructed off the Project Site but within the downtown areas of Ashburton Avenue, Warburton Avenue, Ravine Avenue, School Street, Xxxxxx Xxxx, and Xxxxxxxxx Avenue and be restricted to 30% - 80% AMI; and the remaining 8% shall be any combination of new or rehabilitated units in the downtown or payment of a fee in lieu equal to $61,000 per unit, as the Company elects. AMI means the Area Median Income for the Westchester County, New York MSA as adjusted from time to time. For fiscal year 2007, AMI was $95,900 for a family of four adjusted for family size pursuant to Section 142(d) of the Internal Revenue Code. The affordable units constructed as part of the Project shall be sized comparable to the market rate units and have amenities comparable to the market rate units. The relevant Affordable Housing Commitment will be incorporated into the respective Development Lease for each phase of the Project. Notwithstanding anything in this Agreement to the contrary, the Company shall only be required to provide at any given time such number of affordable units as is equal in proportion to the proportion of the total number of market rate units for which certificates of occupancy have been obtained. The foregoing is subject to the interim requirements described in Section 3.2(e) should the scenario described in Section 3.2(e) occur. The Affordable Housing Commitment shall be subject to a 15-year regulatory agreement between the Company and the CDA to assure the maintenance, operation and delivery of affordable housing units required under this Agreement (“Regulatory Agreement”).
Sample 1
Affordable Housing Commitment is defined in Section 6.4.
Sample 1
Affordable Housing Commitment means, if SFC and/or the Sponsor constructs residential units at the Project on the Premises before residential units are constructed at the River Park Center site, then until such time as residential units are constructed at the River Park Center site, SFC shall comply with the Affordable Housing Commitment under the LDA by providing affordable housing units on an interim basis equal to 14% of the total number of market rate housing units constructed at the Project. The interim program for affordable housing units shall be limited to off-site affordable housing units on the west side of the MetroNorth Xxxxxx Line tracks in Yonkers equal to 3% of the number of market rate units constructed on the Premises; 3% of the units shall be new or rehabilitated units constructed within the downtown areas, and the remaining 8% shall be any combination of new and rehabilitated units in the downtown area, or payment of a fee in lieu equal to $61,000 per unit, as SFC may elect. The Affordable Housing Commitment shall be subject to a regulatory agreement between CDA and SFC to assure the maintenance, operation and delivery of affordable housing units for a period of thirty years from the date of substantial completion of the Project; provided that units having a tenant in occupancy as of the expiration of the initial term will continue to be maintained as affordable housing for up to 20 additional years so long as that tenant continues to renew the lease, and further provided that nothing shall prohibit termination of a lease at any time for non-payment or as a result of any other breach by the tenant..
Sample 1

Examples of Affordable Housing Commitment in a sentence

  • Affordable Housing Commitment Housing Finance Grant (HFG2) funding for new affordable housing ended in 2019/20.This funding was provided as a revenue source, requiring the authority to borrow the money and WG repaying the capital charges.

  • It was noted that the proposed investment within the current business plan had delivered the CHS by 2015 (to those homes where tenants had agreed to have the work undertaken) provided investment to maintain the CHS+ and continued investment for the Council’s Affordable Housing Commitment.

  • Figure 27: Crystal House 5 Rendering and Plan View Affordable Housing Commitment: The Applicant proposes the conveyance of an entitled parcel of land (Crystal Houses 5) as a contribution for the additional density it is requesting in association with its request to rezone the site to the CO-Crystal City zoning district.

  • Affordable Housing Commitment Letter to FHFC.pdf3.b.Resolution 20-30, amending the City of Dunedin Health Reimbursement Plan and the employees' Flexible Benefit Plan.

  • This plan aligns with our previous Affordable Housing Commitment 2015-20 that sets out our clear principles in terms of delivery.

  • Developers agree that the Affordable Housing Commitment shall be memorialized in a restrictive declaration and/or regulatory agreement with HPD, recorded in the City Register’s Office and indexed against the Premises.

  • The determination of whether an eligible household meets the requirements necessary to comply with the Phase 1 and Phase 2 Affordable Housing Commitment, as applicable, will be made by the Company or a Project Owner on the basis of the current income of such eligible household at the time of their initial lease, subject to periodic recertification and the reporting requirements set forth in Section 6.2 below.

  • This gives an overall spend of £18.64million on stock improvement and maintenance (the total for 2016/17 was £15.99million) Affordable Housing Commitment WG have recently indicated the availability of Housing Finance Grant (HFG2) funding for new affordable housing.

  • Influences of social class and race on information use have been examined by Martinez [1994] and Sutton [1991].

  • The fifteen-year Phase 2 Affordable Housing Commitment begins on that date that the Residential Units January 1 of the calendar year following the date that the City issues the first certificate of occupancy for the Phase 2 Improvements.

Related to Affordable Housing Commitment

  • Affordable Housing Cost means an amount satisfied by:

  • Affordable housing project means, for purposes of this part, title fourteen of article twenty seven of the environmental conservation law and section twenty-one of the tax law only, a project that is developed for residential use or mixed residential use that must include affordable residential rental units and/or affordable home ownership units.

  • Affordable Housing Unit means a rental unit in an affordable housing building that rents for an amount that is affordable to households at or below 60 percent of area median income, as median income was most recently determined by the United States Department of Housing and Urban Development for the Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for household size and number of bedrooms.

  • Affordable housing development means a development included in the Housing Element and Fair Share Plan, and includes, but is not limited to, an inclusionary development, a municipal construction project or a 100 percent affordable development.

  • Affordable housing means, unless the context clearly

  • Affordable housing program(s means any mechanism in a municipal Fair Share Plan prepared or implemented to address a municipality’s fair share obligation.

  • Affordable Housing Units – means the Affordable Housing to be provided as part of the development in accordance with the application and/or any subsequent reserved matters approval.

  • Financing Commitment shall have the meaning set forth in Section 6.4.

  • Existing Commitment shall have the meaning provided in Section 2.17.

  • Financing Commitments has the meaning set forth in Section 5.7.

  • Commitment Parties means the “Commitment Parties” as defined in the Commitment Letter.

  • Housing commission means a housing commission or housing authority as defined under section 3 of the housing cooperation law, 1937 PA 293, MCL 125.603.

  • Supportive housing means housing with no limit on length of stay, that is occupied by the target population, and that is linked to an onsite or offsite service that assists the supportive housing resident in retaining the housing, improving his or her health status, and maximizing his or her ability to live and, when possible, work in the community.

  • Refinancing Commitments shall have the meaning provided in Section 2.15(b)(i).

  • Commitment Agreement means the written agreement that may be required at EDTI’s sole discretion between a Customer and EDTI whereby the Customer both authorizes the design and construction of new or expanded Facilities and agrees to pay all cancellation costs if the project is cancelled or if the Customer fails to sign an Electric Service Agreement prior to the energization of the new or expanded Facilities;

  • Closing Date Term Loan Commitment means, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(b) as such Lender’s Closing Date Term Loan Commitment. The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date is $820,000,000.

  • Backstop Commitment Agreement means that certain Backstop Commitment Agreement, by and between CEOC and the PropCo Preferred Backstop Investors party thereto from time to time, as the same may be amended, amended and restated, supplemented, or otherwise modified from time to time in accordance with its terms, the form of which shall be included in the Plan Supplement.

  • Incremental Commitment Agreement means each Incremental Commitment Agreement in the form of Exhibit R (appropriately completed) executed and delivered in accordance with Section 2.14.

  • Initial Commitment means, as to the Lender, its obligation to make an Initial Loan to the Borrower pursuant to Section 2.01(a) in an aggregate amount not to exceed the amount set forth opposite the Lender’s name in Schedule 1.01A under the caption “Initial Commitment”, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The initial aggregate amount of the Initial Commitments is $75,000,000.

  • Commitment means a Term Commitment or a Revolving Credit Commitment, as the context may require.

  • Takeout Commitment means a commitment of Seller to sell one or more Mortgage Loans to a Takeout Investor, and the corresponding Takeout Investor’s commitment back to Seller to effectuate the foregoing.

  • Existing Facility Agreement has the meaning specified therefor in the recitals hereto.

  • Financial Commitment means the legally binding undertaking of the Operator to mobilize the financial requirements of the project, for ensuring the completion of the project;

  • Property Management Agreement means that certain management agreement between the Company and the Property Manager with respect to the management of the Property.

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).

  • Incremental Facility Agreement means an Incremental Facility Agreement, in form and substance reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Lenders, establishing Incremental Term Loan Commitments of any Series or Incremental Revolving Commitments and effecting such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.20.