Inclusionary Unit definition

Inclusionary Unit means a Residential Unit that is, pursuant to the Housing Plan, subject to restrictions related to the affordability of the Residential Unit or income restrictions for its occupants, and is not an Authority Housing Unit.

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Inclusionary Unit means a Residential Unit that is: (i) required pursuant to the DDA, (ii) subject to a deed restriction related to the affordability of the Residential Unit or income restrictions for its occupants, (iii) approved by the Successor Agency as an affordable housing unit priced for sale or lease with an AMI Percentage that is a minimum of 80% and a maximum of 120%, and (iv) not an Agency Housing Unit.

Inclusionary Unit is defined in the Below-Market Rate Housing Plan. “Increment Allocation FY” means the Agency Fiscal Year in which Developer has received the Major Phase Increment Allocation Amounts for all Major Phases.

Examples of Inclusionary Unit in a sentence

• Owner will be responsible for obtaining the certifications and shall submit photocopies of all income certifications to ACC not later than fifteen (15) days prior to tenant’s initial occupancy of an Inclusionary Unit on the Property.

• The initial amount of contributions to a homeowners association required to be made by a purchaser of an Inclusionary Unit or a Workforce Unit, as applicable, (the “BMR Association Dues”) shall not be increased for a period of one year following the date that fifty one percent (51%) of all of the Units in the Residential Project have been sold to an Owner/Occupant.

• Vertical Developer will, upon sale of each Inclusionary Unit, promptly provide to the Agency a copy of the recorded grant deed as well as the above recorded documents showing the date of recording and document numbers.

• Vertical Developers of Inclusionary Units shall include a Certificate of Preference notification period in its marketing plan so that the Agency can provide those holding a Certificate of Preference (as defined in the Certificate of Preference Program) with advance notice of the opportunity to purchase or rent the Inclusionary Unit, as applicable.

• In no event later than the first rental or sale of an Inclusionary Unit, as applicable, Vertical Developer will record against such Inclusionary Unit, as applicable, either (1) the Declaration of Restrictions for Rental Inclusionary Units or (2) the Declaration of Restrictions for Sale Inclusionary Units, including the Short Form Deed of Trust and Assignment of Rents, the Addendum to Deed of Trust and the Promissory Note Secured by Deed of Trust attached thereto.

More Definitions of Inclusionary Unit

Inclusionary Unit means a Unit for which the rental charge or purchase price is Affordable with an AMI Percentage that is equal to a minimum of eighty percent (80%) and a maximum of one hundred twenty percent (120%), and includes the recorded restrictions as set forth in Section 3.4(a).

Inclusionary Unit means a dwelling unit required by this chapter to be affordable to 35% AMI, very low, low, median or moderate-income households and subject to recorded affordability restrictions.

Inclusionary Unit means a dwelling unit for sale or for rent that

Inclusionary Unit means a dwelling unit that will be offered for sale or rent to low or Moderate-Income Households, at an affordable housing cost, in compliance with this Article.

Inclusionary Unit means (i) a Unit for which the rental charge or purchase price is Affordable with an AMI Percentage that is equal to a minimum of eighty percent (80%) and a maximum of one hundred twenty percent (120%), and includes the recorded restrictions as set forth in Section 3.4(a) or (ii) a Unit in the CP-02 Senior BMR Project.

Inclusionary Unit means a Dwelling Unit developed pursuant to an Affordable Housing Agreement that will be offered For-Sale or rent to Very Low-, Low- and Moderate- Income Households, at an Affordable Rent or Affordable Sales Price, as applicable, pursuant to this Chapter.

Inclusionary Unit means an Affordable Residential Unit to be constructed by Vertical Developer pursuant to this Affordable Housing Plan and the Agreement.