Affordability Requirements Clause Samples

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: a. The Residential Rental Dwelling Units shall be Actively Marketed for lease to Income Eligible Residents. The income limits and rent limits will be adjusted annually according to the HUD published limits. b. The Inclusionary Housing Units shall be similar in construction and appearance (e.g., square footage, type of appliances, materials used for countertops, flooring, etc.) to the market rate units of the Project and shall be interspersed throughout the Project.

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).

Affordability Requirements. Pursuant to the terms of Condition 24 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

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. The following requirements comprise the Affordability Requirements:

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. 2.1 At all times during the Compliance Period, Owner will provide the following IH Units for the Project: Unit type # of Units Minimum Square Feet MFI 2.2 During the Compliance Period, each IH Unit will be rented or available for rental on a continuous basis to members of the general public, subject only to temporary vacancies or unavailability during cleaning or rehabilitation. Owner shall not give, or allow to be given, any preference to any group or class in renting the IH Units, except to Qualified Tenants. Notwithstanding the foregoing, Owner may establish preferences consistent with housing policy governing non-discrimination, as evidenced by rules or regulations of the Department of Housing and Urban Development, 24 CFR subtitle A and chapters I through XX, HUD Handbook 4350.3. Owner shall not discriminate, or allow discrimination, in the provision of housing on the basis of race, creed, gender, national origin, religion, marital status, sexual orientation, family status, age, disability, or the receipt of public assistance, nor against any tenant who is a parent or legal guardian with whom a child resides or is expected to reside except in the event that the Project (i) is designated exclusively for households, the heads of which are over 62 years of age, or (ii) is designated for households, the heads of which are 55 years of age or older, if the Project meets the requirements of applicable federal law. The Project will conform with Section 807(b) of the Fair Housing Act, Title VIII of the Civil Rights Act as amended by the Fair Housing Amendments Act of 1988, the Housing for Older Persons Act of 1995, and HUD regulations implementing the same. 2.3 PHB and its agents and representatives, upon reasonable notice and subject to applicable landlord tenant law, may, for the purpose of inspection, enter upon the Project at least once every three (3) years to audit compliance with the terms of this Agreement. Inspections may include an audit of IH Program related files such as TICs and other information submitted through the Web Compliance Monitoring System (“WCMS”). Projects that are determined to be in Default may be inspected more frequently until the Project either cures the Default or is released from its IH Program obligations after payment of all applicable penalties, fees, costs, and interest. 2.4 At any time upon request, PHB shall have the right to access and inspect, examine, and make copies of all the books and records of the Owner relevant t...

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 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.