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.
Appears in 2 contracts
Sources: Subgrant Agreement, Subgrant Agreement