Affordability Period. Affordability Period means the duration of the affordable housing requirements which are set forth in this Agreement and the Regulatory Agreement. The project shall be subject to the requirements herein in perpetuity commencing upon the completion of the rehabilitation. For purposes of this Section, “in perpetuity” means the useful life of the Property with the land use controls imposed, but not less than fifty-five (55) years, which exceeds the HOME minimum affordability period of 15 years. The duration of this requirement shall be known as the “Affordability Period.”
Affordability Period. “Affordability Period” shall mean, for each Project, the period beginning on the date when the Project achieves Initial Occupancy and consisting of the full ten
Affordability Period. For the purpose of this Agreement, the Affordability Period shall commence upon the project completion date as determined by the County and end on the later of: (i) the last day of the Fifteenth (15th) year thereafter, or (ii) at such time as the SHIP Program debt under the Mortgage has been forgiven or repaid.
Affordability Period. All Affordable Units in the Project shall be sold or leased in accordance with the terms of this Covenant for the “Affordability Period.” If the Project contains For Sale Affordable Units, the “Affordability Period” for each For Sale Affordable Unit shall begin on the date of the Sale to the initial Affordable Unit Owner and continue for a period of ( ) years. The Affordability Period for each For Sale Affordable Unit (is or is not) renewed upon each subsequent sale of the For Sale Affordable Unit. If the Project contains Rental Affordable Units, the “Affordability Period” for all of the Rental Affordable Units shall begin on the date of the lease of the first Rental Affordable Unit and continue for a period of _ ( ) years, which date shall be memorialized in an acknowledgment executed by the District and Developer and recorded in the Land Records. Notwithstanding the foregoing, this Covenant may be released and extinguished upon the approval of the Agency, in its sole and absolute discretion.
Affordability Period. The Affordability Period relating to this Project shall be for twenty (20) years from the date of issuance of the certificate of occupancy relating to the Project.
Affordability Period. The period of affordability for the home will be five (5) years. During this five (5) year period, the HOMEOWNER must maintain the home as his/her principal place of residence at all times. The HOMEOWNER should be aware that according to HUD regulations, the period of affordability does not begin until the activity is shown as completed in HUD’s Integrated Disbursement and Information System (IDIS). Therefore, the five (5) year period may not start until some time after the execution of this AGREEMENT. The HOMEOWNER and/or the CITY must contact OHFA in order to determine the exact date on which the period of affordability will expire. The duration of this AGREEMENT and the affordability period will be the same.
Affordability Period. The Affordability Period for the Property will begin on the Completion date as determined by ADFA (“Completion Date”) and shall end five (5)/ten (10)/fifteen (15) years after the Completion Date (the “Affordability Period”). As required by the HOME Program, the “Completion Date” is the date the activity is shown as completed in HUD’s Integrated Disbursement and Information System (IDIS), the entry into which cannot be made until after closing on the Property has occurred. ADFA will provide a formal written notice to the Homebuyer of the Completion Date and the resulting expiration date of this Affordability Period and this Agreement. Upon issuance of such notice, this Agreement shall be deemed amended to reflect the expiration date of the Affordability Period. If the Homebuyer sells or transfers ownership of the Property voluntarily or involuntarily, including via foreclosure or deed in lieu of foreclosure, the Affordability Period will end upon the recapture of the full amount of the direct HOME Assistance by ADFA as described in Section 7 below.
Affordability Period. The Affordability Requirements apply to the Property immediately, and the Recipient shall comply with the restrictive covenants herein upon the issuance of a Certificate of Occupancy. The Affordability Requirements on the Property shall continue to be in effect for a period of twenty (20) years after the Project Completion Date as defined by the Agreement (the “Affordability Period”). In any event, and notwithstanding anything in the Agreement to the contrary, the Project Completion Date shall be the date at which the project completion information has been entered in the disbursement and information system established by HUD or as may otherwise be required by HUD. Pursuant to 24 C.F.R. § 92.252, the Affordability Requirements shall remain in effect for not less than the Affordability Period without regard to the term of any mortgage or other underlying encumbrance upon the Property and without regard to any transfer of ownership. In accordance with 24 C.F.R. §92.252(e)(ii)(3) in the event of a sale by foreclosure or transfer in lieu of foreclosure under a deed of trust encumbering the Property that has a priority over this Declaration (a “Termination Event”) MDHA may terminate the Affordability Restrictions. The Affordability Period and the Affordability Restrictions shall be revived according to their original terms if, during the original Affordability Period, the owner of record at the time of the Termination Event obtains an ownership interest in the Property.
Affordability Period. Five years from the initial lease up of an eligible tenant and the continued leasing to an eligible tenant.
Affordability Period. The Project and all the Housing Units thereon shall be subject to the requirements of this Article 2 in perpetuity.
