Affordability Requirement Sample Clauses

Affordability Requirement. The Developer shall comply with the following requirements in connection with the sale of the Affordable Units (collectively, the “Affordability Requirement”): (a) The Developer shall sell the Affordable Units only to Eligible Purchasers at no greater than the Maximum Initial Sale Price. There shall be Affirmative Fair Marketing and the Developer shall comply with the lottery procedures set forth in the Comprehensive Permit Rules prior to the selection of an Eligible Purchaser. At the time of sale of each Affordable Unit by the Developer, the Developer shall execute and shall as a condition of the sale cause the purchaser of the Affordable Unit to execute and record in the Registry an Affordable Housing Restriction in the form of Exhibit B attached hereto and incorporated herein by reference. Such Affordable Housing Restriction shall be attached to and made a part of the deed from the Developer to the initial purchaser of the Affordable Unit and each subsequent deed of such unit so that the affordability of the Affordable Unit will be preserved each time a resale of the Affordable Unit occurs. The initial purchaser, and any and each subsequent purchaser acquiring an Affordable Unit during the period that the Affordable Housing Restriction remains in effect shall also execute and record in the Registry with the deed and Affordable Housing Restriction a mortgage securing such purchaser’s obligations thereunder in the form of Exhibit C attached hereto and incorporated herein by reference (the “Affordable Housing Restriction Mortgage”). (b) Prior to marketing or otherwise making available for sale any of the Affordable Units, the Developer shall request the Subsidizing Agency to calculate the Maximum Initial Sale Price for each Affordable Unit and shall advertise the price so calculated in the Marketing Documentation for the Affordable Units. Prior to the delivery of the first deed for each Affordable Unit, the Developer shall notify the Subsidizing Agency of the actual purchase price for each Affordable Unit (which shall in no event be greater than the Maximum Initial Sale Price calculated by the Subsidizing Agency), and the Subsidizing Agency shall issue a Resale Price Certificate to the Developer calculating the Resale Price Multiplier. The Developer shall, as a condition of the initial sale of each Affordable Unit, cause the Eligible Purchaser purchasing such unit to record at the Registry, immediately after the recording of the deed conveying such Afforda...

Affordability Requirement. Developer shall construct, reserve, maintain and lease two (2) Affordable Dwelling Units to Qualified Tenants on the Property in accordance with this Agreement at a rental rate at the Monthly Rent as defined in Section 8 of this Agreement.

Affordability Requirement. The Owner hereby agrees that, at any time during the Term less than 20% of the Units in the Project, receive rental assistance under a Section 8 project-based Housing Assistance Payments contract, the Owner shall comply with the affordability requirement marked below, at the time of closing, with an "X" (the "Affordability Requirement"): a. at least 20% of the Project's units shall be occupied by Very Low Income tenants whose annual gross incomes are equal to or less than 50% of the area median gross income, and the rental rates for such units shall not exceed 30% of the "imputed income limitation" (as defined in Section 42 of the Internal Revenue Code) for such units; or b. at least 40% of the Project's units shall be occupied by Low Income tenants whose annual gross incomes are equal to or less than 60% of the area median gross income, and the rental rates for such units shall not exceed 30% of the "imputed income limitation" (as defined in Section 42 of the Internal Revenue Code) for such units. Notwithstanding the foregoing, in the event the Owner is able to demonstrate to HUD's satisfaction that despite the Owner's good faith and diligent efforts to do so, the Owner is unable either (1) to rent a sufficient percentage of Units to Low Income Tenants or Very Low Income Tenants in order to satisfy the Affordability Requirement, or (2) to otherwise provide for the financial viability of the Project, HUD may, in its sole discretion, agree to reduce the percentage of Units subject to the Affordability Requirement or otherwise modify the Affordability Requirement in a manner acceptable to the Owner and HUD. Any such modification of the Affordability Requirement shall be evidenced by a written amendment to this Agreement executed by each of the parties hereto.

Affordability Requirement. Throughout the term of this Agreement, the Affordable Housing Units constructed as part of the Project will be rented for no more than the rental rates set forth herein to an Eligible Household. An Eligible Household 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”) (the “Maximum Income”). A “Family” shall mean two or more persons who live regularly in the Affordable Housing 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 Boston-Cambridge-Quincy, MA-NH Metropolitan Statistical Area as determined by HUD.

Affordability Requirement. Developer shall construct, reserve, maintain, and lease twelve percent (12%), but not fewer than thirty-five (35), of the residential units on the Property at 150% of Fair Market Rent to Qualified Tenants.

Affordability Requirement. Should the Project provide affordable and workforce housing for less than eighty-six (86) units for less than thirty five (35) continuous years from the date the Project is placed in service, it shall be a default pursuant to Section 11.3 of this Agreement. The requirement for the Project to offer at least eighty-six (86) affordable units for at least thirty-five (35) continuous years is a material term of this Agreement. In order for units to be considered “Affordable” for purposes of this provision, such units must meet or exceed requirements set forth in the TDHCA Rent Restrictions. This provision shall survive the expiration of this Agreement, subject to Section 6.1 of this Agreement.

Affordability Requirement. Recipient and Contractor acknowledge and agree that the Funds are only to be used in connection with housing that meets the affordability requirements of section 92.252 or 92.254 of the HOME Regulations and further acknowledge and agree that, if the Funds are used in connection with a housing activity or project that does not meet those requirements, Recipient will be required to repay DCA all Funds so used.

Affordability Requirement. (1) Throughout the term of this Agreement, the Monitoring Agent shall ensure that the Restricted Units constructed as part of the Project are approved by the Municipality and rented for no more than the rental rates set forth in the 40R Restriction to Eligible Households. The Monitoring Agent shall also ensure that the rental rates charged by the Owner are approved or otherwise deemed approved by the Monitoring Agent pursuant to the 40R Restriction. (2) Upon execution, the Owner shall immediately cause this Agreement and any amendments hereto to be recorded with the appropriate registry of deeds, and the Owner shall pay all fees and charges incurred in connection therewith. The Monitoring Agent shall ensure that the 40R Restriction is recorded by the Owner with the appropriate registry of deeds.

Affordability Requirement. The Owner hereby agrees that, at any time during the Term less than 20% of the Units in the Project, receive rental assistance under a Section 8 project-based Housing Assistance Payments contract, the Owner shall comply with the affordability requirement marked below, at the time of closing, with an "X" (the "Affordability Requirement"): a. at least 20% of the Project's units shall be occupied by Very Low b. at least 40% of the Project's units shall be occupied by Low Income