Designated Affordability Level definition
Designated Affordability Level has the meaning given in Article III. B. “Designated Housing Provider”: has the meaning given in Article III.A.1.
Designated Affordability Level means the maximum percentage of the AMI for a Qualified Purchaser or Qualified Tenant of each Inclusionary Unit as listed in the Certificate of Inclusionary Zoning Compliance and mandated by the IZ Laws.
Designated Affordability Level means the percentage of AMI assigned to each Affordable Unit, at or below which a Qualified Purchaser’s or Qualified Tenant’s, as applicable, Annual Household Income must fall. Developer: is identified in the preamble of this Covenant.
Examples of Designated Affordability Level in a sentence
By execution of a deed for the For Sale Inclusionary Unit, the Inclusionary Development Owner, for initial Sales, and the Inclusionary Unit Owner, for subsequent Sales, shall be deemed to represent and warrant to, and agree with, the District Agency and, if applicable, the title company, each of whom may rely on the following: that (i) the purchaser is a Qualified Purchaser at the Designated Affordability Level, and (ii) the sale price satisfies the terms of this Covenant and the IZ Laws.
More Definitions of Designated Affordability Level
Designated Affordability Level means the maximum percentage of the MFI for a Qualified Purchaser or Qualified Tenant of each Affordable Housing Unit as listed in the DOB Compliance Certification and mandated by the HID Laws. Development: means the buildings or improvements constructed or redeveloped that include Housing Units on the Parcel.