Affordability Requirement. The Owner hereby agrees that, at any time during the Term less than 20% of the Units in the Project, receive rental assistance under a Section 8 project-based Housing Assistance Payments contract, the Owner shall comply with the affordability requirement marked below, at the time of closing, with an "X" (the "Affordability Requirement"):
Affordability Requirement is the requirement that [ ] [all OR insert number or percentage] of the Residential Units to be contained in the Project are to be Affordable Units and
Affordability Requirement. Should the Project provide affordable and workforce housing for less than eighty-six (86) units for less than thirty five (35) continuous years from the date the Project is placed in service, it shall be a default pursuant to Section 11.3 of this Agreement. The requirement for the Project to offer at least eighty-six (86) affordable units for at least thirty-five (35) continuous years is a material term of this Agreement. In order for units to be considered “Affordable” for purposes of this provision, such units must meet or exceed requirements set forth in the TDHCA Rent Restrictions. This provision shall survive the expiration of this Agreement, subject to Section 6.1 of this Agreement.
Affordability Requirement. The Developer shall comply with the following requirements in connection with the sale of the Affordable Units (collectively, the “Affordability Requirement”):
Affordability Requirement. Throughout the term of this Agreement, the Affordable Housing Units constructed as part of the Project will be rented for no more than the rental rates set forth herein to an Eligible Household. An Eligible Household is a Family whose annual income does not exceed eighty percent (80%) of the Area median income, adjusted for Family size as determined by the U.S. Department of Housing and Urban Development (“HUD”) (the “Maximum Income”). A “Family” shall mean two or more persons who live regularly in the Affordable Housing Unit as their primary residence and who are related by blood, marriage or operation of law or who have otherwise evidenced a stable inter- dependent relationship; or an individual. The “Area” is defined as the Boston-Cambridge-Quincy, MA-NH Metropolitan Statistical Area as determined by HUD. [The monthly rents charged to tenants of Affordable Housing Units shall not exceed an amount equal to thirty percent (30%) of the Maximum Income of a Family whose gross income equals seventy percent (70%) of the median income for the Area, with adjustment for the number of bedrooms in the Affordable Housing Unit, as provided by HUD (the “Maximum Monthly Rent”). In determining the Maximum Monthly Rent that may be charged for an Affordable Housing Unit under this clause, the Developer shall include an allowance for any utilities and services (excluding telephone) to be paid by the resident. Adjusted income shall be as defined in 24 C.F.R. 5.611 (or any successor regulation) using assumptions provided by HUD. Family size shall be equal to the number of bedrooms in the unit plus one, unless other affordable program rent limits approved by DHCD shall apply. As of the date of this Agreement, the Maximum Monthly Rents and utility allowances for the Affordable Housing Units shall be no greater than as set forth in Schedule “B” attached hereto. Maximum monthly rents and utility allowance shall be adjusted annually as provided herein.] OR [The monthly rent payment for an Affordable Housing Unit, including utilities and parking, shall not exceed thirty percent (30%) of the Maximum Income permissible for an Eligible Household, assuming a Family size equal to the number of bedrooms in the unit plus one, unless other affordable program rent limits approved by DHCD shall apply (the “Maximum Monthly Rent”). Maximum Monthly Rents and utility allowance shall be adjusted annually as provided herein.]
Affordability Requirement. Recipient and Contractor acknowledge and agree that the Funds are only to be used in connection with housing that meets the affordability requirements of section 92.252 or 92.254 of the HOME Regulations and further acknowledge and agree that, if the Funds are used in connection with a housing activity or project that does not meet those requirements, Recipient will be required to repay DCA all Funds so used.
Affordability Requirement. (a) The Developer shall sell the Affordable Units only to Eligible Purchasers at no greater than the Maximum Initial Sale Price. There shall be Affirmative Fair Marketing and the Developer shall comply with the lottery procedures set forth in the Comprehensive Permit Rules prior to the selection of an Eligible Purchaser. At the time of sale of each Affordable Unit by the Developer, the Developer shall execute and shall as a condition of the sale cause the purchaser of the Affordable Unit to execute an Affordable Housing Restriction in the form of Exhibit B attached hereto and incorporated herein by reference. Such Affordable Housing Restriction shall be attached to and made a part of the deed from the Developer to the initial purchaser of the Affordable Unit and each subsequent deed of such unit so that the affordability of the Affordable Unit will be preserved each time a resale of the Affordable Unit occurs.
Affordability Requirement is the requirement that [ ] [all OR insert number or percentage] of the Residential Units to be contained in the Project are to be Affordable Units and allocated as follows: (i) [ ] of the Affordable Units shall be reserved for Households with an Annual Household Income at or below [ ] AMI and (ii) [ ] of the Affordable Units shall be reserved for Households with an Annual Household Income at or below [ ] AMI. [Add additional categories as appropriate.]
Affordability Requirement. Developer shall construct, reserve, maintain, and lease twelve percent (12%), but not fewer than thirty-five (35), of the residential units on the Property at 150% of Fair Market Rent to Qualified Tenants.
Affordability Requirement
