Developer’s Housing Allocation Clause Samples

Developer’s Housing Allocation. As described in Section 1.20, the maximum property tax increment that could be received by the Agency pursuant to the Project Area Budget is $96,331,107. Twenty percent (20%) of the property tax increment received by the Agency, which at a maximum would be $19,266,221, shall be used for housing purposes. The amount of $500,000 shall be retained by the Agency to be used for housing purposes, as described herein. The remainder of the twenty percent (20%) of the property tax increment received by the Agency (under the above calculation once projected to be $18,766,221) shall be referred to herein as “Developer’s Housing Allocation”. Developer’s Housing Allocation is included in the Maximum Aggregate Subsidy and shall be used by the Developer within the Project Area for housing related uses as described in Subsections 17C-1-412(1)(a)(i), (ii) and (iii) of the Act and in Attachment No. 1 to this Agreement. To qualify as moderate income housing, a residential unit is to be affordable to households with 80% of AMI (area median income for Salt Lake County) or below, or Developer or its Affiliate shall subsidize the sales or rental price of residential units in order to make such units affordable to households with the foregoing maximum income (“Moderate Income Housing”). In receiving Developer’s Housing Allocation, Developer shall not utilize the Subsidy for costs incurred by Developer in locating residential buildings in the “Restricted District” defined and depicted in the SDMP, provided, however, that Developer may utilize the Subsidy for costs incurred in locating improvements and enhancements, including to Big Cottonwood Creek, which pass through the Restricted District and continue on to “Limited District” and “Open District” all as defined and depicted in the SDMP.
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Developer’s Housing Allocation. As described in Section 1.20, the maximum property tax increment that could be received by the Agency pursuant to the Project Area Budget is $96,331,107. Twenty percent (20%) of the property tax increment received by the Agency, which at a maximum would be $19,266,221, shall be used for housing purposes. The first $500,000 of this amount shall be retained by the Agency to be used for housing purposes, as described below. The remainder of $18,766,221 shall be referred to herein as “Developer’s Housing Allocation”. Developer’s Housing Allocation is included in the Maximum Aggregate Subsidy and shall be used by the Developer within the Project Area for housing related uses as described in Subsections 17C-1-412(1)(a)(i), (ii) and (iii) of the Act and in Attachment No. 1 to this Agreement. To qualify as moderate income housing, a residential unit is to be affordable to households with 80% of AMI (area median income for Holladay City) or below, or Developer or its Affiliate shall subsidize the sales or rental price of residential units in order to make such units affordable to households with the foregoing maximum income (“Moderate Income Housing”). In receiving Developer’s Housing Allocation, Developer shall not utilize the Subsidy for costs incurred by Developer in locating residential buildings in the “Restricted District” defined and depicted in the SDMP, provided, however, that Developer may utilize the Subsidy for costs incurred in locating improvements and enhancements, including to Big Cottonwood Creek, which pass through the Restricted District and continue on to “Limited District” and “Open District” all as defined and depicted in the SDMP.
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Related to Developer’s Housing Allocation

  • Obligation to Provide State Access to Grant Records The Grantee must make all grant records of expenditures, copies of reports, books, and related documentation available to the Division or a duly authorized representative of the State of Florida for inspection at reasonable times for the purpose of making audits, examinations, excerpts, and transcripts.

  • Affordable Housing Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty percent (60%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “▇▇▇▇”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the ▇▇▇▇ shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the ▇▇▇▇. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the ▇▇▇▇ in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of ▇▇▇▇ is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of ▇▇▇▇ by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the ▇▇▇▇ may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The ▇▇▇▇ shall be recorded in the Athens-▇▇▇▇▇▇ County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable ▇▇▇▇. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no ▇▇▇▇ will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a ▇▇▇▇ if simultaneously therewith Owner does not enter into a new, replacement ▇▇▇▇ that extends for the lesser of 20 years or the period necessary that the 20 year Affordability Housing Requirements are satisfied on a cumulative basis.

  • Statewide HUB Program Statewide Procurement Division Note: In order for State agencies and institutions of higher education (universities) to be credited for utilizing this business as a HUB, they must award payment under the Certificate/VID Number identified above. Agencies, universities and prime contractors are encouraged to verify the company’s HUB certification prior to issuing a notice of award by accessing the Internet (▇▇▇▇▇://▇▇▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇/tpasscmblsearch/index.jsp) or by contacting

  • Procurement Project not financed with EU Funds The procurement is covered by the Government Procurement Agreement (GPA): yes

  • Data shared with Subcontractors If DSHS Data provided under this Contract is to be shared with a subcontractor, the Contract with the subcontractor must include all of the data security provisions within this Contract and within any amendments, attachments, or exhibits within this Contract. If the Contractor cannot protect the Data as articulated within this Contract, then the contract with the sub- Contractor must be submitted to the DSHS Contact specified for this contract for review and approval.