Affordability Covenants. The Developer and the City shall, in order to assure the continued affordability of the rental units as required by the Development Program, Maine State Housing Authority and applicable laws, regulations and ordinances, execute a declaration which is substantially in the same form as the “Declaration of Covenants, Conditions and Restrictions” which is attached to the Development Program as Exhibit I.
Affordability Covenants. As shall be more particularly provided in the Phase Affordable Housing Agreement, Phase Implementation Agreement, and Ground Lease for each Phase, for a period of not less than fifty-five (55) years (“Affordability Period”), all of the dwelling units in the Properties for such Phase shall be rented to persons and families whose incomes do not exceed sixty percent (60%) of area median income, adjusted for family size appropriate to the unit, at rents affordable to said persons and families as defined by and pursuant to Tax Credit Rules (“Affordable Rent”), and for each Phase Authority and Developer shall negotiate and include in the applicable Phase Affordable Housing Agreement a matrix of the distribution of housing units among Extremely Low Income, Very Low Income, and Low Income as those terms are defined by the CRL and/or Tax Credit Rules, as finally elected and determined by Authority.
Affordability Covenants. Prior to the issuance of the first building permit for any affordable unit, the City and OWNER shall enter into an Affordable Housing Agreement Affordability shall be assured for a period of forty-five (45) years for for-sale units and fifty-five (55) years for rentals. For rental units, base rents shall be established by the City and rental adjustments required by the City shall be performed on an annual basis. In addition, the Affordable Housing Agreement shall impose maximum occupancy limits of 2 occupants per bedroom plus 1 additional occupant per dwelling unit, and a requirement for the owner or tenant to properly maintain each dwelling unit.
Affordability Covenants. Throughout the term of the Loan, the requisite number of residential apartment units in the Improvements shall rent at such rents, and to households having such incomes, as required by the most restrictive between the (i) Regulatory Agreement and (ii) any other regulatory agreements or other restrictive agreements recorded against the Property, including but not limited to the Agency DDA, the Agency Regulatory Agreement, the County Regulatory Agreement, the TCAC Regulatory Agreement and restrictions imposed by the Federal Home Loan Bank in connection with its AHP loan program, (iii) any agreements, restrictions or other Requirements to which Borrower or the Property may be subject, including (but not limited to) those of the State of California, acting through TCAC in connection with an allocation of the LIHTC. The foregoing rent and income restrictions shall apply to the Property for so long as the Loan or any portion thereof remains outstanding or such later time as may be provided under the foregoing documents. Each year during the Term of the Loan, Borrower shall provide Bondowner Representative with a copy of Borrower’s annual tenant and rent certification and qualification report made (i) to any subordinate lender, (ii) pursuant to the Regulatory Agreement, (iii) to TCAC in connection with the tax credit allocation, and (iv) those governmental agencies charged with determining Borrower’s compliance with regulations applicable to the LIHTC claimed by Borrower for the Property.
Affordability Covenants. For a term of not less than thirty (30) years, the residential apartment units at the Property shall be rented at such rates and to such persons as shall be required by the Regulatory Agreement, as well as the appropriate governmental agency in any other regulatory agreement to be executed by Borrower. During the term of the Regulatory Agreement and any such other regulatory agreement, Borrower shall provide Baypoint, upon Baypoint’s written request, with a copy of Borrower’s annual tenant and rent certification and qualification report made to any governmental agencies charged with determining Borrower’s compliance with regulations applicable to the Property.
Affordability Covenants. Throughout the term of the Loan, the requisite number of residential apartment units in the Improvements shall rent at such rents, and to households having such incomes, as required by the most restrictive between the (i) Regulatory Agreements and
Affordability Covenants. With respect to each Private Development Parcel that will contain Affordable Housing Units, the Affordable Housing Covenants shall be recorded against title to the Deed for such Private Development Parcel following recordation of the Deed for such Private Development Parcel.
Affordability Covenants. The Developer covenants that ninety (90) of the total residential units (the “Affordable Units”) distributed by type (e.g., studios, 1-bedroom units, 2- bedroom units and 3-bedroom units) will be offered for sale at prices affordable at the greater of
Affordability Covenants. Throughout the term of the Loan, the requisite number of residential apartment units in the Improvements shall rent at such rents, and to households having such incomes, as required by the most restrictive between the (i) Regulatory Agreement (ii) any other regulatory agreements or other restrictive agreements recorded against the Property, and (iii) any agreements, restrictions or other Requirements to which Borrower or the Property may be subject, including (but not limited to) those of the State of California, acting through TCAC in connection with an allocation of the LIHTC. The foregoing rent and income restrictions shall apply to the Property for so long as the Loan or any portion thereof remains outstanding or such later time as may be provided under the foregoing documents. Each year during the Term of the Loan, Borrower shall provide Bondowner Representative with a copy of Borrower’s annual tenant and rent certification and qualification report made (i) pursuant to the Regulatory Agreement, (ii) to TCAC in connection with the tax credit allocation, and (iii) those governmental agencies charged with determining Borrower’s compliance with regulations applicable to the LIHTC claimed by Borrower for the Property.
Affordability Covenants. As more particularly provided in the Agency Regulatory Agreement, for a period of fifty- five (55) years, (i) thirty-six (36) of the dwelling units in the Project shall be rented to households whose incomes do not exceed the qualifying limits under California law for “very low income households” as established by HUD, and as published periodically by HCD; (ii) one hundred thirty-eight (138) of the dwelling units in the Project shall be rented to households whose incomes do not exceed the qualifying limits under California law for “lower income households” as established by HUD, and published periodically by HCD; and (ii) two (2) of the dwelling units in the Project (which units shall be the two (2) on-site manager’s units) shall be rented to households whose incomes do not exceed the qualifying limits under California law for “persons and families of moderate income” as established by HUD, and as published periodically by HCD.
