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, ▇▇▇▇▇▇ ▇▇▇▇, and ▇▇▇▇▇▇▇▇▇ 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.

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Affordable Housing Commitment is defined in Section 2.2(d) (Affordable Housing).

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 ▇▇▇▇▇▇ 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..

Examples of Affordable Housing Commitment in a sentence

To secure the Phase 1 Affordable Housing Commitment and Phase 2 Affordable Housing Commitment as described in this Section 6, Company will cause each Property Owner to execute (i) the Phase 1 Loan Agreement, Phase 1 Deed of Trust, and related promissory note, and (ii) the Phase 2 Loan Agreement, Phase 2 Deed of Trust, and related promissory note, to be recorded in lien priority as agreed herein at each phase’s respective Start Date.
As more particularly set forth in Section 10.2 (Affordable Housing) and the Affordable Housing Covenants, the Mixed-Use Development shall contain a minimum number of Affordable Housing Units sufficient to satisfy the Affordable Housing Commitment as the same relates to the Project Site.
Further, the deposit of $10,000,000.00 in such escrow account by the Developer, or by a third-party for the benefit of the Developer, shall satisfy the Developer’s obligations with respect to the requirement to raise $10,000,000 from third-parties as part of the Affordable Housing Commitment.
The Developer shall satisfy its Affordable Housing Commitment in accordance with the terms of Section 2.2(d) (Affordable Housing Commitment), the Phase 1 Master Plan and the applicable Minimum Development Milestones.
Consistent with Section 2(d), Developers’ Affordable Housing Commitment improvements will constitute Affordable Housing within the meaning of ZR 23-911 and the New York City Inclusionary Housing Program Guidelines (the “Guidelines” or “Program”).
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.
With respect to those Affordable Housing Units to be directly developed and constructed by the Developer on the Project Site as one component of the Affordable Housing Commitment, the Developer shall satisfy such component of the Affordable Housing Commitment in accordance with the Master Plan.
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.
A Residential Unit that has been vacated will continue to be treated as meeting the requirements of the Phase 1 or Phase 2 Affordable Housing Commitment, as applicable, provided that (i) reasonable attempts are made to rent the Residential Unit and (ii) no other Residential Units of comparable or smaller size are rented to person who do not meeting the requirements for the Phase 1 or Phase 2 Affordable Housing Commitments, as applicable.
The Developer must satisfy its Affordable Housing Commitment no later than the applicable Minimum Development Milestone Deadlines and otherwise in accordance with the terms of this Development Agreement.

More Definitions of Affordable Housing Commitment

Affordable Housing Commitment is defined in Section 6.4.