Affordability Clause Samples

Affordability. While AECL’s compensation systems will be designed around the first three principles, from time to time financial limitations may restrict the Company’s ability to make changes consistent with the first three principles. However, the Company would not, by this, jeopardize its long term level of competitiveness and its ability to attract and retain needed people. It is also recognized by the Company that Federal Government programs may impact on the its ability to design or manage its compensation program in a manner consistent with the first three principles.

Affordability. (a) Throughout the term of this Agreement, each Low and Moderate Income Unit will be rented for no more than the rental rates set forth herein to an Eligible Tenant. An Eligible Tenant is a Family whose annual income does not exceed eighty percent (80%) of the Area median income adjusted for family size as determined by the U.S. Department of Housing and Urban Development (“HUD”). A “Family” shall mean two or more persons who will live regularly in the Low and Moderate Income Unit as their primary residence and who are related by blood, marriage, or operation of law or who have otherwise evidenced a stable inter-dependent relationship; or an individual. The “Area” is defined as the MSA/HMFA/Non-Metropolitan County.

Affordability. LHA will ensure affordability by monitoring the lease for the HOME-assisted units. The affordability period will be equal to the lease period. The level of assistance provided will be determined based on the same payment requirements used in LHA’s Housing Choice Voucher Program. Assisted households will pay 30% of their adjusted gross income for rent and utility allowances. A copy of the policy that determines the amount to be paid by individual tenants for rent and utilities will be retained at LHA. The payment standard for the level of rent paid will be equal to the Housing Choice Voucher Program’s Voucher Payment Standard, not to exceed HOME Rents, as determined by HUD. Exception rents equal to 110% of the Fair Market Rents may be approved for up to 20% of the units leased under this program. All rent increases for any units under this program must be approved by LHA. The standards for determining the number of bedrooms that a household is eligible to lease will be the same standards as currently used by LHA for the Housing Choice Voucher Program. A written copy of these standards shall be retained at LHA.

Affordability. Funds provided under this Agreement must meet the affordability requirement of 24 CFR Part 92 and the HOME rules as applicable. The City shall reduce HOME investment amount to be recaptured on a pro-rata basis for the time the unit is in compliance with 24 CFR 92 and the HOME rules as applicable.

Affordability. Landowner shall meet the requirements of the County’s affordable housing ordinance for the CCRC units through the payment of an amount equivalent to the in-lieu fee determined in accordance with Napa County Zoning Code Section 18.107.090 in effect as of the applicable payment date. For purposes of calculating the in-lieu fee applicable to the CCRC, the gross square foot of residential floor area shall include only the gross square footage of rooms that are designed or used for living by one or more occupants and that contain a sleeping unit, as defined by the California Building Code, whether or not the unit contains provisions for sanitation or kitchen facilities, and shall not include common areas.

Affordability. While affordability is an important factor in student housing, students are not guaranteed to be assigned to a room at the lowest price point, even when requested, when demand for such a space exceeds availability, or when other preferences noted in the application indicate an assignment to more expensive housing is appropriate to accommodate the Studentʼs preferences. The Student agrees to accept an assignment to the space assigned, and to make payment according to the published rate for the assigned room. The Student must communicate any concerns about, or problems related to, the affordability of the assigned space and address those concerns prior to move-in.

Affordability. For rental projects receiving HOME Funds: To ensure the housing is affordable to low and moderate income persons, XX% of the HOME-assisted rental units ([X] units) must have rents that meet the requirements of 24 CFR 92.252. Rents shall be the lesser of the Section 8 Fair Market Rents periodically established by HUD for the Section 8 rental assistance program for existing housing pursuant to 24 CFR Sec. 888.111, or rents which are 30% of adjusted income for households at 65% of area median income minus tenant paid utilities. In rental projects with five or more HOME-assisted rental units, at least 20 percent of the HOME-assisted units must be occupied by very low-income families where the rent does not exceed 30 percent of the annual income of a family whose income equals 50 percent of the median income for the area, as adjusted for household size.

Affordability. In compliance with 24 CFR §570.208(a)(3) and §570.483(b)(3), Subrecipients of NYS CDBG funds must ensure assisted rental units are occupied by and affordable to low- and moderate-income tenants for housing activities intended to meet Low-and- moderate national objectives. However, the Subrecipient may receive approval from Corporation to allow the Subrecipient to assist rental units that are occupied by non-low and moderate income tenants to meet National Objectives as permitted by the Program.

Affordability. Applies to activities that provide affordability in a variety of ways. It can include the creation or maintenance of affordable housing, basic infrastructure hookups, or services such as transportation or day care.