Examples of Designated Affordability Level in a sentence
By execution of a deed for a For Sale Affordable Unit, Developer (for initial Sales) and the Affordable Unit Owner (for subsequent Sales) shall be deemed to represent and warrant to, and agree with, the Agency and, if applicable, the title company, each of whom may rely on the following: that (i) the Household is determined to be a Qualified Purchaser by the Certifying Authority at the Designated Affordability Level, and (ii) the sale price satisfies the terms of this Covenant.
Developer may only change the designation of a Rental Affordable Unit to a new Designated Affordability Level or to a Market-Rate Unit as necessary to allow an Over-Income Tenant to remain in the unit.
The sale price of each For Sale Affordable Unit upon an initial Sale shall not exceed an amount (the “Maximum Sales Price”) that is affordable to a Household with an Annual Household Income at the Designated Affordability Level, adjusted by the Occupancy Standard Factor, spending not more than thirty percent (30%) of their Annual Household Income on Housing Cost.
The Developer and each Affordable Unit Owner of such For Sale Affordable Unit shall sell to a buyer within the Designated Affordability Level, [adjusted by household size], applicable to such For Sale Affordable Unit and who is a Qualified Purchaser.
Developer may transfer a Rental Affordable Unit to a new Designated Affordability Level or change the designation of a Rental Affordable Unit to a Market-Rate Unit of equivalent size and location as necessary to allow an Over-Income Tenant to remain in the unit.
Any Affordable Unit Tenant whose Annual Household Income remains at or below the maximum income for the Designated Affordability Level for his/her Rental Affordable Unit will be eligible to remain in the Rental Affordable Unit and to renew his/her lease at the then-current lease rate for the particular Rental Affordable Unit.
Upon receipt of an Affordable Unit Tenant’s renewal documents at annual recertification, the Developer shall determine if the Affordable Unit Tenant’s Annual Household Income is below or above the maximum income for the Designated Affordability Level for the subject Rental Affordable Unit and notify Affordable Unit Tenant of the same within fifteen (15) days prior to the expiration of the then-current lease term.
The sale price of each For Sale Affordable Unit upon an initial Sale shall not exceed (the “Maximum Sales Price”) an amount that is affordable to a Household with an income at the Designated Affordability Level, adjusted by the Occupancy Standard Factor, spending not more than thirty percent (30%) of their Annual Household Income on Housing Cost.
By execution of a deed for a For Sale Affordable Unit, the Developer (for initial Sales) and the Affordable Unit Owner (for subsequent Sales) shall be deemed to represent and warrant to, and agree with, the 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.
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.