Period of Affordability definition

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.

Period of Affordability means the time during which HOME Loan financed units must remain affordable to eligible households, as defined by HOME program regulations or the term of the HOME Loan, whichever is greater.

Period of Affordability means the time during which the Project must comply with the Declaration of Covenants, Conditions, and Restrictions applicable to gap financing.

Examples of Period of Affordability in a sentence

• Contributions must be made to the reserve account, starting at or before the conversion date of the construction loan to permanent loan and must be funded for the longer of the term of the HOME loan, Period of Affordability or the Compliance Period in accordance with the Replacement Plan.

• DCA will not fund or select projects that are not financially viable and sustainable for the entire required Compliance Period, Extended Use, and/or Period of Affordability or that constitute a waste or risk to state resources and/or assets, regardless of their competitive score.

• The value of the property at the end of the Period of Affordability may be considered as a source of repayment.• The adherence to underwriting criteria increases the chances of a project receiving final committee approval but is not a guarantee of approval.

• In the event the housing does not continue to be the principal residence of the family for the duration of the Period of Affordability, the GRANTOR shall recapture a portion of the HOME Program assistance provided to the homebuyers in accordance with the terms and conditions provided in the loan agreement and note.

• This provision applies to any changes proposed after Application award and, if an award is made, throughout the project’s Compliance Period or Period of Affordability, whichever is longer.

More Definitions of Period of Affordability

Period of Affordability means the length of time a recipient or subrecipient must impose the rent or occupancy income restrictions on the units assisted by HOME funds as established by federal program requirements.

Period of Affordability means the period beginning on the date specified in the Loan Agreement and ending on the date that is fifteen (15) years from the date of commencement..

Period of Affordability means the term in which the assisted units must maintain the required tenant income verification and rent limits, five years from the receipt of the Certificate of Occupancy (CO) or the date of the first signed lease, if CO is not issued. Upon initial lease up after rehab/conversion all tenants will be income verified by the Recipient or their Grant Administrator, using the provided certification form. For the subsequent years of the period of affordability, the developer/owner will re-certify tenants annually and provide completed certification forms to IEDA.

Period of Affordability means the period beginning on the date of this Declaration and ending on the date that is twenty (20) years from the date of this Declaration.

Period of Affordability means the period beginning on the date specified in the Loan Agreement and ending on the date that is twenty (20) years from the date of commencement of the Permanent Term, but in no event ending later than November 30, 2037.

Period of Affordability means the period beginning on the date that is the later of:

Period of Affordability means the required length of time a