Examples of Affordable Purchase Price in a sentence
In the event that the sum of the Affordable Purchase Price plus the amount of the Excess Sales Proceeds under the City Note exceeds the Fair Market Value of the Residence, the amount of the City Note shall be reduced until the sum of the Affordable Purchase Price plus the amount of the City Note equals the Fair Market Value.
No adjustments to the Affordable Purchase Price shall be made for any improvements or upgrades to the unit.
The maximum amount that the Owner may receive for the Transfer after the payment of customary and reasonable closing costs for the sale of the Residence shall be lesser of: 1) the Fair Market Value of the Residence; or 2) the Affordable Purchase Price in effect at the date of sale as established by Council, subject to any adjustments due to Advances by the City or as described further in Section 14.
In the event the owner or the City is unable to identify a qualified purchaser who is able to purchase the unit within the resale marketing period in compliance with the sales timelines of this chapter and the Regulatory Agreement, the City shall have the right to purchase the unit at the Affordable Purchase Price.
An executed deed of trust and a promissory note from the Proposed Purchaser in favor of the City except that the principal amount of the new promissory note shall equal the difference between the Fair Market Value and the Affordable Purchase Price at the time of Transfer.
The maximum sales price (the "Sales Price") that theOwner may charge for a Transfer of the Residence to an Eligible Purchaser shall be lesser of: (i) the Fair Market Value of the Residence; or (ii) the Affordable Purchase Price, plus the amount of the Excess Sales Proceeds.
Figure 2-24Maximum Affordable Purchase Price by Race/Ethnicity, 2009 Sources: 2006-2008 American Community Survey ( B19013, B19013A, B19013B); Stark County Association of Realtors; Stark County Auditor's Office; Calculations by Mullin & Lonergan Associates, Inc.
If, after adjustment of the Resale Affordable Price described above, if any, the Resale Affordable Price is less than the sum of the Affordable Purchase Price plus the Closing Costs, then the Agency through its Executive Director as authorized in Resolution No. 73-2000 dated May 23, 2000 shall deposit into escrow the funds necessary to cover Owner’s original down payment funds and Closing Costs.
If the Inheriting Owner is not a qualified Inheriting Party, he or she shall Transfer the Residence to an Eligible Purchaser at a price not exceeding the Affordable Purchase Price, pursuant to the procedures set forth in Sections 9 through 14 below and the City may exercise the City Option pursuant to Section 15 below.
Subject to the Agency’s prior written approval, Owner may encumber title to the Property for the sole purpose of securing (a) purchase money financing, (b) refinancing (but only up to the amount of the original financing), or (c) refinancing up to the amount of the original financing, plus fifty percent (50%) of the value of the Resale Affordable Price less the Affordable Purchase Price.