Affordability Commitments Sample Clauses
The Affordability Commitments clause sets out obligations for one or both parties to ensure that certain products, services, or offerings remain financially accessible to specified groups or the general public. Typically, this clause may require a provider to maintain prices below a certain threshold, offer discounts, or implement pricing structures that support affordability, such as tiered pricing or subsidies. Its core practical function is to guarantee that cost does not become a barrier for intended users, thereby promoting equitable access and fulfilling regulatory or policy objectives related to affordability.
Affordability Commitments. The requirement and other provisions of Sections 1 through 9 above are referred to as the “Affordability Commitments.”
Affordability Commitments. The obligation to rent all the Units to Qualifying Residents in accordance with the terms of this Lease.
Affordability Commitments. From and after the Final Completion Date until the expiration or earlier termination of the Term of this Lease, Tenant covenants to operate multifamily housing on the Premises in accordance with the affordability commitments (“Affordability Commitments”) set forth in this Section 9.02. Not fewer than <> (<>) units in the facility will be leased to low- and moderate-income households in accordance with the following schedule:
(i) Twelve (12) units will be leased to households with annual income at or below Thirty percent (30%) of area median gross income; and
(ii) Thirty-Six (36) units will be leased to households with annual income at or below Sixty percent (60%) of area median gross income;. For purposes of this Section 9.2, “area median gross income” shall mean the standard defined from time to time by the Department of Housing and Urban Development (or any successor thereto) as adjusted for household size, or, if defined differently in Section 42 of the Internal Revenue Code and regulations thereto (or any successor statute and/or regulations) (collectively, “Section 42”), then in accordance with the requirements, from time to time, of Section 42. For purposes of this Section 9.02, “household” shall mean one or more individuals occupying a unit and satisfying the standards adopted by HUD for the so-called Section 8 program under the United States Housing Act of 1937, as amended, and the regulations promulgated thereunder (the “Section 8 Program”). Notwithstanding the foregoing, a household comprised of a full-time student or students shall not qualify as a “household” except as permitted under the Low-Income Housing Tax Credit Program, Internal Revenue Code Section 42(I)3)(D). A household’s annual income will be the anticipated total income from all sources received by the head of the household and such person’s spouse and by each additional member of the household (other than children under the age of 18). Annual income shall be determined in a manner consistent with the Section 8 Program. If, after initial occupancy, the income of a tenant of an affordable housing unit increases and, as a result of such increase, exceeds the maximum income permitted hereunder for such a tenant, the Tenant shall not be in default hereunder so long as either (i) the tenant income does not exceed one hundred forty percent (140%) of the maximum income permitted or (ii) if the tenant income does exceed one hundred forty percent (140%) of the maximum income permitted, the T...