Affordability Requirements. All requirements of this Section 2 shall apply for the entirety of the Affordability Period for each Phase. Owner agrees to the following:
Affordability Requirements. Pursuant to the terms of Condition 26 of the Comprehensive Permit, the Applicant will restrict certain units in the Project (the “Affordable Units”) as follows: twenty percent (20%) of the units in the Project to be occupied and rented by households earning not more than fifty percent (50%) of the AMI. During the Subsidy Period (as defined below), rents for the Affordable Units shall be no greater than those permitted by the Subsidizing Agency Agreements, all in accordance with the applicable rules, regulations, and guidelines of the Subsidizing Agency. Without derogating from the provisions of Paragraph 4 below relative to the exclusive jurisdiction of the Subsidizing Agency to monitor and enforce the affordability requirements, during the period (hereinafter, the “Subsidy Period”) that the Subsidizing Agency Agreements are in force and effect, the Applicant shall provide a copy to the Town, care of the Board of Selectmen, of any statements, reports, notices, or certifications made by the Developer to the Subsidizing Agency (or its monitoring agent) relative to the Applicant’s compliance with the affordability requirements in the Subsidizing Agency Agreements contemporaneously with the Applicant’s delivery of the documents to the Subsidizing Agency. From and after the Subsidy Period, the Affordable Units shall continue to be restricted as set forth in the preceding paragraph in accordance with the applicable rules, regulations, and guidelines of the Subsidizing Agency (or its successor agency) that existed prior to the expiration or termination of the Subsidizing Agency Agreements, all as though the Subsidizing Agency Agreements were still in force and effect. To the extent that the Subsidizing Agency (or its succesory agency) has ceased to promulgate such applicable rules, regulations, and policies, then the Affordable Units shall be determined based on substitute regulations of a federal or state governmental agency providing subsidies for low or moderate income housing as shall be reasonably determined by the Applicant and the Town, in order to ensure the continued availability of the Affordable Units for the purposes set forth herein and in the Comprehensive Permit for the entire term of the agreement. Further, if after the Subsidy Period, M.G.L. c.40B (or its successor statute) still provides a mandate for municipalities to provide low or moderate income housing, the Applicant agrees to continue to operate and manage the Project as would permit the P...
Affordability Requirements. The Recipient acknowledges and agrees that the Rental Protocol set out in Appendix “A” to this Schedule applies to all Supportive Housing Projects by virtue of the contractual terms of this Agreement, whether or not the Rental Protocol applies to Supportive Housing Projects under the Residential Tenancies Act, 2006, and shall ensure that the Proponent agrees in writing that Appendix “A” to this Schedule applies to its Supportive Housing Project(s). Homelessness Prevention Program APPENDIX “A” RENTAL PROTOCOL
Affordability Requirements a. Developer assures County that housing assisted with Home Project and matching funds will meet the affordability requirements of 24 CFR § 92.252 (rental housing) or 24 CFR § 92.254 (homeownership), as applicable, and guarantees repayment of funds if the housing does not meet said affordability requirements. Failure by Developer to maintain the affordability requirements, as applicable, shall be considered a material breach of this Agreement, and, if the affordability requirements are not met, Developer shall repay such funds regardless of any subordination or other agreement entered into by the County with other lenders of the Home Project.
Affordability Requirements. The For-Rent Owner Affordable Housing Units shall be restricted to low-income households earning up to sixty percent (60%) of the area median income, as adjusted only for household size (“AMI”), with the maximum rent that may be charged any tenant occupying an For-Rent Owner Affordable Housing Unit not exceeding thirty percent (30%) of sixty percent (60%) of AMI, as adjusted only for household size as set forth in California Code of Regulations (CCR), title 25, Section 6932, as amended from time to time, as of the first date of tenancy (“Maximum Annual Rent”). In the event that a For-Rent Owner Affordable Housing Unit is converted to an ownership unit (“For-Sale Owner Affordable Housing Unit”), existing tenants will be offered a right of first refusal to purchase the For-Sale Owner Affordable Housing Unit. For any units that are occupied, the maximum purchase price shall be set at the level of affordability that is the higher of sixty percent (60%) of AMI, as adjusted only for household size as set forth in California Code of Regulations (CCR), Title 25, Section 6932, as amended from time to time, or the actual income level of the existing tenant, as of the date of the close of escrow, assuming an annual payment for all housing costs of thirty-three percent (33%) of the combined household annual net income, a five percent (5%) down payment, and available financing (“Maximum Purchase Price”). The Maximum Purchase Price of any For-Rent Owner Affordable Housing Unit that is vacant or whose tenant does not exercise the right of first refusal to purchase the unit will be set at 110% of AMI, as adjusted only for household size as set forth in California Code of Regulations (CCR), Title 25, Section 6932, as amended from time to time. Conversion of any For-Rent Owner Affordable Housing Units to For For-Sale Owner Affordable Housing Unit will be subject to all requirements in a recorded Declaration of For-Sale Restrictions related to conversion substantially in the form of Exhibit K to the Mission Bay South Housing Program, Declaration of For-Sale Site Restrictions (Attachment 1 to this Third Amendment) including, but not limited to: Notice of Conversion to Agency and Rights of Existing Tenants (Notice of Conversion; Right of First Refusal); and Incentive Programs (including Downpayment Assistance and Moving Assistance). Additionally all terms and conditions of the sale shall conform to the Agency’s Limited Equity Ownership Program (Attachment 2 to this Third Amend...
Affordability Requirements. All multi-family residential property that receives a grant, incentive, or subsidy through a sale lease-back or other written agreement involving a development authority doing business in the City of Atlanta, regardless of the number of parcels, shall comply with the affordability requirement selected by Owner as initialed in Section 2(a) or
Affordability Requirements. The Restricted Unit, if it is rented, shall be rented at not more than Qualifying Rent and occupied by Eligible Households. Owner shall ensure that language is contained in all leases and contracts with tenants of the Restricted Unit executed by Owner that prohibits subleasing of the Restricted Unit.
Affordability Requirements. Pursuant to the requirements of the HOME Program and the Agreement, the Recipient agrees that the HOME-Assisted Units on Property as more particularly described in the Agreement shall remain affordable for and be used solely by low income persons or families as described in the Program Requirements, as such requirements are defined below, for their principal residence and for no other purpose throughout the Affordability Period as defined below.
Affordability Requirements. Required affordable low-moderate income units shall remain affordable over time and continue to ensure affordable housing opportunities for future income eligible households. The following requirements shall be established in a deed restriction recorded to the low-moderate income units and shall be subject to review and approval by the City Manager’s Office prior to sale of the unit: • Owner-Occupancy Requirement, the Project developer agrees to record this requirement to each affordable unit, using the City’s standard deed in accordance with Section 18.04 of Xxxxx Municipal Code. • A Right of First Refusal, including the 1% administrative fee for carrying out this right that allows the City of Xxxxx the opportunity to either purchase the unit upon resale or present a buyer for the unit within 60 days of a notice from the seller indicating their intent to sell, closing escrow on the unit within 90 days of notice or as agreed upon by buyer and seller. In cases where the city gives up its right or does not provide a buyer in 90 days, the owner of the unit shall also have a 90 day deadline to sell the unit before the Right of First Refusal goes back into effect. • Sustained Affordability, in accordance with Section 18.05.050 of the Xxxxx Municipal Code, which should specifically include an appreciation cap through a restriction recorded to the deeds of the affordable units. • Resale Report requirement will be recorded to the deed for each affordable unit, as part of the City’s standard deed to be used that all future owners of the affordable units clear the City of Xxxxx resale report prior to the close of escrow in future sells of the unit, in all circumstances where the unit is not exempt from the city’s resale inspection. No findings in the city’s resale report shall be transferred to the subsequent buyer of the unit.
Affordability Requirements. For a term of fifty-five (55) years commencing upon the date of issuance of a final certificate of occupancy or equivalent for the Project, one of the residential units in the Project (the BMR Unit) shall be rented at Affordable Rent and occupied (or if vacant, available for occupancy) by Eligible Households. [Note City Ordinance §27.050.B and §27.090 D.4 refers to 30 year term; however, Govt Code §65915(c) requires 55 years for low- and very low-income density bonus rental units.] In the event that following initial occupancy of the BMR Unit, a tenant’s household Gross Income increases so that the tenant no longer qualifies as an Eligible Household, Owner may raise the tenant’s rent to an amount net of utilities, that is the lesser of the rent for a comparable market-rate unit in the Project or one-twelfth (1/12th) of thirty percent (30%) of the tenant’s household Gross Income; provided however, Owner must rent the next available unit in the Project to an Eligible Household at an Affordable Rent.
