Federal Affordability Period definition

Federal Affordability Period means the period commencing on the date the Development is completed as defined by Federal Act and ending on the date which is ■[OPTIONAL■five/ten/fifteen/twenty ■[5/10/15/20] years from the date of Construction Completion in accordance with the Federal Act and Federal HOME Regulations.
Sample 1Sample 2
Federal Affordability Period means the period commencing on [NEW CONSTRUCTION/RECONSTRUCTION: the date of Project Completion and ending on the date which is [CHOOSE ONE: fifteen/twenty] [(15/20)] years from the date of Project Completion in accordance with the applicable parts of the Federal Act and Federal HOME Regulations][OCCUPIED REHAB: the effective date of the XXXX and ending on the date which is ■[OPTIONAL ■thirty-five/forty ■[(35/40)] years from the effective date of XXXX].
Sample 1
Federal Affordability Period means the period commencing on the date the Development is completed as defined by Federal Act and ending on the date which is thirty (30) years from the date of Construction Completion in accordance with the Federal Act, the Consolidated Plan and Federal NHTF Regulations.
Sample 1

Examples of Federal Affordability Period in a sentence

  • In the event that the affordability will not be maintained during the Federal Affordability Period, through an event of foreclosure, Development Owner will be required to repay the outstanding balance to the Department.

  • Contract Term begins on the Effective Date of this Contract as defined herein and terminates at the end of the Federal Affordability Period, as may from time to time be amended or extended in writing and signed by both Parties (the “Contract Term”).

  • In the event that the affordability will not be maintained during the Federal Affordability Period, Development Owner will be required to repay the outstanding balance to the Department.

  • During the Contract Term or Affordability Period, whichever is longer, Development Owner agrees to permit the Department and HUD (during any applicable Federal Affordability Period or federal recordkeeping period), or its designated representative, access to the Property for the purpose of performing Department Compliance Monitoring Procedures in accordance with Subchapter F of the Uniform Multifamily Rules.

  • Development Owner must comply with: The notification requirements 24 CFR §92.359(c)(1), and 24 CFR §5.2005; The bifurcation of lease requirements 24 CFR §92.359(d)(1) and 24 CFR §93.356(c); The VAWA lease term/addendum and the emergency transfer plan, as further described in 10 TAC §10.613, as may be amended from time, 24 CFR §92.359(e) and 24 CFR §93.356(d); and The requirements apply for the duration of the Federal Affordability Period and the State Affordability Period (as defined herein).

  • Leases for tenants of a HOME Match-Eligible Unit during the Federal Affordability Period shall not contain provisions prohibited by 24 CFR §92.253.

  • During the Federal Affordability Period of the XXXX, the Property will be subject to all federal laws, regulations and the Consolidated Plan regarding the NHTF Program and its affordability requirements.

  • The Department has the option to utilize purchase options, rights of first refusal or any other preemptive rights to purchase Property in accordance with 10 TAC §10.407 and 24 CFR §93.302(d)(3) in order to preserve the affordability requirements under Section VI of this Contract during the Federal Affordability Period.

  • Nothing herein shall serve to waive, modify, supersede, abridge, suspend, or otherwise limit Development Owner’s obligation to cause the Property to be operated in compliance with HUD requirements for the entirety of the Federal Affordability Period regardless of the status of the Loan, including any situation in which it has been prepaid or discharged.

  • Nothing herein shall serve to waive, modify, supersede, abridge, suspend, or otherwise limit Development Owner’s obligation to cause the Property to be operated in compliance with applicable Federal requirements for the entirety of the Federal Affordability Period required under the XXXX, regardless of the status of the Loan, including any situation in which it has been prepaid or discharged.


More Definitions of Federal Affordability Period

Federal Affordability Period means the affordability period for rental housing under 24 CFR§92.254 commencing on the date the Development is completed as determined by the Closed Final Development Inspection Letter and ending on the date which is ■[OPTIONAL■five/ten/fifteen/twenty ■[5/10/15/20] years from the date of Construction Completion in accordance with the Notice, Consolidated Plan, Federal Act, Federal NSP Regulations and State Multifamily Rules.
Sample 1
Federal Affordability Period means -- the The period commencing on the date of Construction Completion and ending on the date which is the required number of years as defined by the federal program from the date of Construction Completion
Sample 1Sample 2

Related to Federal Affordability Period

  • Affordability Period means the period during which the average rent in a Project is required to be maintained at an affordable level, as determined in accordance with the Program Guidelines or as otherwise established by the County;

  • Insurance Affordability Program means a program that is one of the following:

  • Affordability average means the average percentage of median income at which restricted units in an affordable housing development are affordable to low- and moderate-income households.

  • Period of Affordability means the time during which HOME Loan financed units must remain affordable to eligible households, as defined by HOME program regulations and this Plan. The Period of Affordability shall commence upon completion of the project and shall run for the period required under HOME regulations or the term of the HOME Loan, whichever is greater. Completion shall be defined as set forth in the HUD regulations for the HOME program.

  • Federal Flood Insurance means federally backed Flood Insurance available under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program.

  • Affordability means a housing unit that satisfies at least one of the following criteria:

  • National Flood Insurance Program means the program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a Federal insurance program.

  • National Ambient Air Quality Standards or “NAAQS” means national ambient air quality standards that are promulgated pursuant to Section 109 of the Act, 42 U.S.C. § 7409.

  • Insurance Administration means, with respect to each Shared Policy, the accounting for premiums, retrospectively-rated premiums, defense costs, indemnity payments, deductibles and retentions, as appropriate, under the terms and conditions of each of the Shared Policies; and the reporting to excess insurance carriers of any losses or claims which may cause the per-occurrence, per claim or aggregate limits of any Shared Policy to be exceeded, and the distribution of Insurance Proceeds as contemplated by this Agreement.

  • Benchmark Unavailability Period means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.23 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.23.

  • Flood Insurance Rate Map (FIRM means the official map on which the Federal Insurance Administration has delineated both the areas of special flood hazards and the risk premium zones applicable to the community.

  • Emergency medical condition means a medical condition manifesting itself by acute symptoms of sufficient severity (including severe pain) such that the absence of immediate medical attention could reasonably be expected to result in any of the following:

  • Federal safety requirements means applicable provisions of 49 U.S.C. § 30101 et seq. and all

  • Flood Insurance Regulations means (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, and (iv) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder.

  • Community Accountability Planning Submission means the HSP Board approved planning document submitted by the HSP to the LHIN. The form, content and scheduling of the Planning Submission will be identified by the LHIN;

  • Flood Insurance Rate Map means the most recent flood hazard map published by the Federal Emergency Management Agency under the National Flood Insurance Act of 1968 (42 U.S.C. Section 4001 et seq.).

  • Environmental Policy means to conserve energy, water, wood, paper and other resources, reduce waste and phase out the use of ozone depleting substances and minimise the release of greenhouse gases, volatile organic compounds and other substances damaging to health and the environment, including any written environmental policy of the Customer;

  • Credit accident and health insurance means insurance on a debtor to provide

  • Affordable means, a sales price or rent level that is within the means of a low- or moderate- income household as defined within N.J.A.C. 5:93-7.4, and, in the case of an ownership unit, that the sales price for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.6, as may be amended and supplemented, and, in the case of a rental unit, that the rent for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.12, as may be amended and supplemented.

  • Flea and tick insecticide means any insecticide product that is designed for use against fleas, ticks, their larvae, or their eggs. “Flea and Tick Insecticide” does not include products that are designed to be used exclusively on humans or animals and their bedding.

  • Flood Insurance Study means the official report provided by the Federal Insurance Administration that includes flood profiles, the Flood Insurance Rate Map, the Flood Boundary and Floodway Map, and the water surface elevation of the base flood.

  • Health Insurance Portability and Accountability Act means the Health Insurance Portability and Accountability Act of 1996, Pub. L. No. 104-191, 110 Stat. 1936, as amended.

  • Flood Insurance Study (FIS means an examination, evaluation, and determination of flood hazards, corresponding water surface elevations (if appropriate), flood hazard risk zones, and other flood data in a community issued by the FEMA. The Flood Insurance Study report includes Flood Insurance Rate Maps (FIRMs) and Flood Boundary and Floodway Maps (FBFMs), if published.

  • New Jersey Stormwater Best Management Practices (BMP) Manual or “BMP Manual” means the manual maintained by the Department providing, in part, design specifications, removal rates, calculation methods, and soil testing procedures approved by the Department as being capable of contributing to the achievement of the stormwater management standards specified in this chapter. The BMP Manual is periodically amended by the Department as necessary to provide design specifications on additional best management practices and new information on already included practices reflecting the best available current information regarding the particular practice and the Department’s determination as to the ability of that best management practice to contribute to compliance with the standards contained in this chapter. Alternative stormwater management measures, removal rates, or calculation methods may be utilized, subject to any limitations specified in this chapter, provided the design engineer demonstrates to the municipality, in accordance with Section IV.F. of this ordinance and N.J.A.C. 7:8-5.2(g), that the proposed measure and its design will contribute to achievement of the design and performance standards established by this chapter.

  • Credit unemployment insurance means insurance: