Period of Affordability definition

Period of Affordability means the time during which HOME Loan financed units must remain affordable to eligible households, as defined by HOME program regulations and this Plan. The Period of Affordability shall commence upon completion of the project and shall run for the period required under HOME regulations or the term of the HOME Loan, whichever is greater. Completion shall be defined as set forth in the HUD regulations for the HOME program.
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Period of Affordability means the time during which HOME Loan financed units must remain affordable to eligible households, as defined by HOME program regulations or the term of the HOME Loan, whichever is greater.
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Period of Affordability means the time during which the Project must comply with the Declaration of Covenants, Conditions, and Restrictions applicable to gap financing.
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Examples of Period of Affordability in a sentence

  • The Period of Affordability will be evidenced by recording of deed restrictions, use restrictions or other covenants running with the land and will provide for rights of specific performance to the Town.

  • The Period of Affordability will begin upon the issuance of the last Certificate of Occupancy for the Project or from the recordation of the Deed of Trust or Deed Restrictions, whichever event occurs last and will run for a period of thirty (30) years.

  • In the event the Period of Affordability is not met, it will be deemed an Event of Default.

  • The Period of Affordability shall terminate on the 20th anniversary of the date of project completion, defined as the date final payment is issued by the City.

  • Prepayment of anyLoan subject to this Agreement prior to the expiration of the Period of Affordability shall not relieve Owner of the application of the Period of Affordability requirement.


More Definitions of Period of Affordability

Period of Affordability 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.
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Period of Affordability means the period beginning on the date specified in the Loan Agreement and ending on the date that is fifteen (15) years from the date of commencement..
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Period of Affordability means the term in which the assisted units must maintain the required tenant income verification and rent limits, five years from the receipt of the Certificate of Occupancy (CO) or the date of the first signed lease, if CO is not issued. Upon initial lease up after rehab/conversion all tenants will be income verified by the Recipient or their Grant Administrator, using the provided certification form. For the subsequent years of the period of affordability, the developer/owner will re-certify tenants annually and provide completed certification forms to IEDA.
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Period of Affordability means the period beginning on the date specified in the Loan Agreement and ending on the date that is twenty (20) years from the date of commencement of the Permanent Term, but in no event ending later than November 30, 2037.
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Period of Affordability means the time period, mandated by the HOME Program Final Rule during which any housing assisted by HOME Program funds is subject to the rent and income restrictions and occupancy requirements as set forth in the HOME Program Final Rule.
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Period of Affordability means the period beginning on the date of this Declaration and ending on the date that is twenty (20) years from the date of this Declaration.
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Period of Affordability means the period beginning on the date that is the later of:
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