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. 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. Activity HOME Subsidy Minimum Federal Term 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
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. The affordability of the Project shall be maintained as follows: Twelve (12) one-bedroom, seventeen /\ two-bedroom, and eleven (11.) one-bedroom units in the Project o»hall at. all tlines be occupied or held vacant and available for rental by 60 Income Household Income determination shall made at time orsz initial occupancy of a unit by a tenant.
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. COUNTY and SUBRECIPIENT 18 hereby declare their express intent that the restrictions set forth in this Agreement, Project shall 19 be affordable for a period of fifteen (15) years from the transfer of title to Qualified 20 Homebuyer, and shall bind all successors in title to the Property until the expiration of this 21 Agreement. Each and every contract, deed or other instrument hereafter executed covering and 22 conveying the Property or any portion thereof shall be held conclusively to have been 23 executed, delivered and accepted subject to such restrictions, regardless whether such 24 restrictions are set forth in such contract, deed or other instrument.
Affordability Restrictions. This is to inform the Buyer that the Property to be purchased will be subject to affordability and use restrictions pursuant to the restrictions and limitations of the Neighborhood Stabilization Program (“NSP”), which is administered by the United States Department of Housing and Urban Development (“HUD”). The Buyer acknowledges and agrees that the Property will be subject to continuing affordability requirements under the NSP program in accordance with the HOME Program standards at 24 CFR 92.254 for homeownership housing (the “Affordability Requirements”). Buyer acknowledges and agrees that: i) it is receiving assistance from HUD in the form of an incrementally forgivable loan at zero percent interest that is funded by NSP funds (the “NSP Loan”) and ii) that the NSP Loan is enabling Buyer to purchase the Property. The NSP Loan will be forgiven at the end of ________ years from purchase (the “Affordability Term”). All buyers of NSP-funded properties must earn at or below 120% of the Area Median Income in order to be considered “income-eligible” (“NSP Income Eligible”). Buyer acknowledges and agrees that before it can purchase the Property, it must provide documentation in form and content required by the {insert name of administering entity or the Seller] to establish that it is NSP Income Eligible. Buyer hereby agrees that the [Seller] [or the administering entity] will determine, in its sole discretion, whether Buyer is NSP Income Eligible. The Buyer certifies that he/she will be the owner occupant of the Property and will occupy the Property as his/her primary residence. During the Affordability Term, the Buyer may not lease the Property, may not transfer, sell, encumber, lien, abandon, or otherwise alienate the Property, and must inhabit the Property as its primary residence (the “Use Restrictions”). If the Buyer violates any of the Use Restrictions during the Affordability Term, then the Buyer will be required to repay all or a portion of the NSP Loan pursuant to the terms of the Loan Agreement to be executed at the purchase of the Property. At Closing, Buyer acknowledges and agrees that it will be required to execute a Note, a Deed of Trust, and a Loan Agreement evidencing the Affordability Requirements and Use Restrictions affecting the Property.
Affordability Restrictions. Any Rental Assistance Demonstration (RAD) use agreement, ground lease, other land use restriction Agreements (XXXX), 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. 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.
