Affordability Restrictions Clause Samples
The Affordability Restrictions clause sets limitations on the pricing or costs associated with a product, service, or property to ensure it remains accessible to individuals or groups with limited financial means. Typically, this clause may require that rent, sale price, or fees do not exceed a certain percentage of the occupant's income or are capped at a predetermined level. Its core function is to promote long-term affordability and prevent price escalation, thereby addressing issues of housing or service inaccessibility for lower-income populations.
Affordability Restrictions. The Sponsor and the Owner agree, during the Retention Period, to manage and operate the Project as rental housing for very-low-, low-, and/or moderate- income households. [For purposes of this Agreement, very-low-income households shall mean households whose annual income is 50% or less of area median income, low-income households shall mean households whose annual income is 60% or less of area median income, and moderate- income households shall mean households whose annual income is 80% or less of area median income, as determined from time to time by the U.S. Department of Housing and Urban Development (“HUD”), the AHP Regulations, or as further provided in federal regulations.] [This Project serves households that are eligible for assistance from a Tribally Designated Housing Entity, and therefore, for purposes of this Agreement, very-low-income households shall mean households whose annual income is 50% or less of area median income, low-income households shall mean households whose annual income is 60% or less of area median income, and moderate-income households shall mean households whose annual income is 80% or less of area median income, where area median income is either as determined from time to time by the U.S. Department of Housing and Urban Development (“HUD”) or as provided for in the Native American Housing Assistance and Self-Determination Act (“NAHASDA”) income guidelines, whichever is greater.] The Sponsor and the Owner agree to make of the units affordable for and occupied by very- low-income households, of the units affordable for and occupied by low-income households, and units affordable for and occupied by moderate-income households during the term of the Retention Period.
Affordability Restrictions. If Borrower purchases the Property in order to construct the Development, the County and Borrower shall cause a regulatory agreement to be recorded against the Property concurrently with the close of escrow. The regulatory agreement will obligate Borrower to, among other matters, cause the operator of the Development to rent a certain number of units in the Development to low income households. The regulatory agreement will be in effect for a time period of no less than fifty-five (55) years.
Affordability Restrictions. Limits imposed by regulation or regu- latory agreement on tenant rents, rent contributions, or income eligibility with respect to eligible low income housing. Low-Income Families. Families or per- sons whose incomes do not exceed the levels established for low-income fami- lies under part 5 of this title. Moderate Income Families. Families or persons whose incomes are between 80 percent and 95 percent of median area income, as determined by the Commis- sioner with adjustments for smaller and larger families.
Affordability Restrictions. A. Real property acquired and/or improved for a homebuyer project by use of loan funds approved by the Subrecipient or its subrecipient are subject to recapture provisions per 24 CFR 92.254(4) and limit any Sub-grantee or homebuyers rights to dispose of said property or to utilize it for a purpose other than that specified in this Agreement, for a minimum period of time as indicated below. This provision will be implemented through a Deed of Trust from the homebuyer in favor of the Subrecipient per the stated schedule below, placed on the property at the time any assistance to a sub-grantee or homebuyer is provided. Any circumstances affecting that property other than those stated in Sub- grantee’s application for funding shall require the specific approval of the City of Tacoma. In the event of a proposed change of use or ownership, Subrecipient shall contact the City for appropriate disposition of this provision. Homeowner Rehabilitation Any Amount No minimum HOME term Homebuyer Assistance $-0- to $14,999 5 Years $15,000 to 39,999 10 Years $40,000 and higher 15 Years
B. The City of Tacoma uses the recapture provision to recapture the direct HOME assistance to homebuyers receiving funding through a down payment assistance program or its homeownership development programs. Developers, subrecipients, owners and/or sponsors of HOME homebuyer projects cannot choose their own recapture options. HOME funds will not be provided as a development subsidy only; a direct subsidy loan will be required with each HOME eligible homebuyer. If the HOME- assisted homebuyer sells the HOME-assisted unit during the relevant period of affordability, the Subrecipient will recapture the entire amount of the HOME subsidy to the homebuyer as defined in 24 CFR 92.254(a)(4). If there are no net proceeds from a sale, or the net proceeds from a sale are insufficient to repay the HOME investment due, the Subrecipient or its subrecipient will only recapture the amount of net proceeds available, if any. Net proceeds shall be defined as the sales price minus superior loan repayment (other than HOME funds) and standard closing costs. Under no circumstances will the Subrecipient recapture more than is available from the net proceeds of the sale.
C. Real property acquired and/or improved for a rental housing project by use of loan funds provided by the Subrecipient to an owner/developer/sponsor is subject to the affordability restrictions under 24 CFR 92.252 indicated below. The affordabilit...
Affordability Restrictions. Any Rental Assistance Demonstration (RAD) use agreement, ground lease, other land use restriction Agreements (▇▇▇▇), and mortgages (as described below) will include use restrictions that ensure that the property is reserved for low and very low-income households.
Affordability Restrictions. The Property is subject to the following Affordability Covenants: This Notice is recorded for the purpose of providing notice only and it in no way modifies the provisions of the Affordability Covenants. CITY OF SAN DIEGO Dated: By: _ ▇▇▇▇▇ ▇▇▇▇▇▇ Deputy Chief Operating Officer Neighborhood Services APPROVED AS TO FORM ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ City Attorney By:_ ▇▇▇▇ ▇▇▇▇▇▇ Deputy City Attorney Attachment No. 3 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of San Diego On , before me, , Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature (SEAL) All that certain real property situated in the County of San Diego, State of California, described as follows: OFFICIAL BUSINESS Document entitled to free recording per Government Code Section 6103 Recording Requested By and When Recorded Mail to: Attention: Affordable Housing Project Manager
Affordability Restrictions. Developer covenants and agrees it shall rent all of the units comprising the Project as Affordable Housing. The rental restrictions and conditions described in this Agreement shall run with the land and shall be binding on all successor owners of the Property. City is given the express authority by Developer to enforce the restrictions and conditions described in this Agreement.
Affordability Restrictions. COUNTY and BORROWER, on 20 behalf of its successors and assigns, hereby declare their express intent that the restrictions set 21 forth in this Agreement shall continue in full force and effect for the duration of the Affordability 23 hereafter executed covering and conveying the Property or any portion thereof shall be held 24 conclusively to have been executed, delivered and accepted subject to such restrictions, 25 regardless of whether such restrictions are set forth in such contract, deed or other instrument.
Affordability Restrictions. Eleven (11) units in the Project shall be designated as Assisted Units. The Assisted Units must be occupied, or reserved for occupancy by, Qualifying Households.