Affordability Period definition

Affordability Period means the period during which the average rent in a Project is required to be maintained at an affordable level, as determined in accordance with the Program Guidelines or as otherwise established by the County;

Affordability Period means the minimum twenty (20) year period following the date of the first (1st) occupancy of a Unit in the Project;

Affordability Period means the period during which a Project is required to be affordable, as determined in accordance with the Program Guidelines or as otherwise established by the Minister;

Examples of Affordability Period in a sentence

• During the Affordability Period, the Owner shall not evict or terminate the tenancy of an existing tenant of any Dwelling Unit other than for good cause and shall not increase the gross rent above the maximum allowed under Section 42 of the Code with respect to any Qualified Unit.

• The Owner hereby agrees that the Project is to be developed, owned, managed and operated for the Affordability Period as “residential rental property,” as such phrase is used in Section 42(d) of the Code, on a continuous basis during the Affordability Period.

• Notwithstanding any other provisions hereof, this Agreement and the restrictions and other provisions hereunder shall terminate on the termination of the Affordability Period without any further action being taken by any party hereto.

More Definitions of Affordability Period

Affordability Period means the period during which the average rent in a Project is required to be maintained at an affordable Ievel, as determined in accordance with the Program Guidelines or as otherwise established by the City;

Affordability Period means the “twenty (20) year period”, or “details in words (and numbers) of such longer period” as may be established in the Procurement Process, following the date of the first occupancy of a Unit in the Project;

Affordability Period means for Supportive Housing Projects either:

Affordability Period means, as to each Phase, a period beginning on the date that a permanent certificate of occupancy is issued for the last multifamily building of each such Phase and expiring on the twentieth (20th) anniversary thereof.

Affordability Period means the length of time a recipient or subrecipient must impose the rent or occupancy income restrictions on the units assisted by HOME funds as established by federal program requirements.

Affordability Period means the twenty (20) year period as established in the RFP following the first (1st) occupancy of a Unit in the Project,

Affordability Period is defined in Article X.