Common use of Size of units Clause in Contracts

Size of units. A combination of efficiency/studio, one bedroom, and two bedroom units shall be provided as affordable rental units, with distribution of unit types and sizes relatively proportional to the full array of rental units on the site. The minimum size of affordable rental units shall be: 450 square feet for studio apartments 500 square feet for one-bedroom apartments 750 square feet for two-bedroom apartments Conversion of rental units to homeownership will be considered a minor amendment to this agreement. When any market rate rental units are converted to for-sale units, the converted units must provide a percentage of affordable units equal to the percentage required under the Inclusionary Zoning Ordinance or other affordable housing policy in effect at the time of conversion. Any affordable rental units which are converted to for-sale units must remain affordable. Affordable rental units converted to for-sale units may count toward meeting the overall percentage of affordable units required under the Inclusionary Zoning Ordinance or other affordable housing policy in effect at the time of conversion. All units converted to for-sale units which are required to be affordable units shall be affordable to the income levels as established by the Inclusionary Zoning Ordinance or other affordable housing policy in effect at the time of conversion. All units converted to for-sale units which are required to be affordable units shall be restricted to owner-occupancy. For purposes of the density bonus available under the Inclusionary Zoning Ordinance, the parties agree that sufficient bonus is granted through this Agreement. Any payments in lieu made on behalf of the rental units converting to for-sale units shall be credited to the requirements upon conversion. All units converted to for-sale units which are required to be affordable shall remain subject to the applicable Inclusionary Zoning Ordinance provisions for a period of at least ninety-nine (99) years or as long as permissible by law; provided that said time period shall be reduced by any period during which said unit or units were provided as affordable rental units prior to conversion.

Size of units. A combination of efficiency/studio, one bedroom, and two bedroom units shall be provided as affordable rental units, with distribution of unit types and sizes relatively proportional to the full array of rental units on the site. The minimum size of affordable rental units shall be: 450 square feet for studio apartments 500 square feet for one-bedroom apartments 750 square feet for two-bedroom apartments Conversion of rental units to homeownership will be considered a minor amendment to this agreement. When any market rate rental units are converted to for-sale units, the converted units must provide a percentage of affordable units equal to the percentage required under the Inclusionary Zoning Ordinance inclusionary zoning ordinance or other affordable housing policy in effect at the time of conversion. Any affordable rental units which are converted to for-sale units must remain affordable. Affordable rental units converted to for-sale units may count toward meeting the overall percentage of affordable units required under the Inclusionary Zoning Ordinance inclusionary zoning ordinance or other affordable housing policy in effect at the time of conversion. All units converted to for-sale units which are required to be affordable units shall be affordable to the income levels as established by the Inclusionary Zoning Ordinance inclusionary zoning ordinance or other affordable housing policy in effect at the time of conversion. All units converted to for-sale units which are required to be affordable units shall be restricted to owner-occupancy. For purposes of the density bonus available under the Inclusionary Zoning Ordinanceinclusionary zoning ordinance, the parties agree that sufficient bonus is granted through this Agreement. Any payments in lieu made on behalf of the rental units converting to for-sale units shall be credited to the requirements upon conversion. All units converted to for-sale units which are required to be affordable shall remain subject to the applicable Inclusionary Zoning Ordinance ordinance provisions for a period of at least ninety-nine (99) 99 years or as long as permissible by law; provided that said time period shall be reduced by any period during which said unit or units were provided as affordable rental units prior to conversion.