Examples of Subsidized Agency in a sentence
The Agency shall have the right to construct the number of Agency Affordable Units on an Agency Lot as set forth in Section 4.1(c) even if the actual number of Agency Affordable Units is more or less than the number of Subsidized Agency Affordable Units for that Agency Lot.
If so, there will be no change in the number of Subsidized Agency Affordable Units for that Agency Lot unless agreed to by Developer and the Agency as set forth in clause (2) below or Developer elects to obtain Below-Market Rate Credits for the Additional Agency Affordable Units as set forth in Section 4.5(b).
On the Xxxxx Xxxxxxxx Authorization Date for an Xxxxx Xxxxxxxx Lot, Developer shall provide Adequate Security for (i) the Xxxxx Xxxxxxxx Subsidy for each Xxxxx Xxxxxxxx Replacement Unit applicable to such Xxxxx Xxxxxxxx Lot and (ii) the Agency Subsidy for each Subsidized Agency Affordable Unit applicable to such Xxxxx Xxxxxxxx Lot.
The Agency shall use good faith efforts to (i) Complete Agency Affordable Units on each Agency Lot as soon as reasonably feasible based on available funding, (ii) Complete all of the Subsidized Agency Affordable Units on each Agency Lot and (iii) construct Agency Affordable Units, excluding those specifically offered to senior or special-needs residents, such that the Rental Units and Sale Units will each average at least two and one-half (2.5) bedrooms.
The locations of the Agency Lots and the number of Subsidized Agency Affordable Units for each such Agency Lot have been determined by Developer and the Agency as set forth on the Housing Map.
Developer or the Agency may request from time to time a revision to the location of any Agency Lot or the applicable number of Subsidized Agency Affordable Units, and any such request shall be subject to the Approval of both Developer and the Agency in their respective sole and absolute discretion.
On the date of the closing of the construction loan for the applicable Xxxxx Xxxxxxxx Replacement Project, Developer shall provide to the Xxxxx Xxxxxxxx Replacement Project the Xxxxx Xxxxxxxx Subsidy for each Xxxxx Xxxxxxxx Replacement Unit and the Agency Subsidy for each Subsidized Agency Affordable Unit applicable to such Xxxxx Xxxxxxxx Replacement Project.