Affordable Housing Component Clause Samples
The Affordable Housing Component clause requires a portion of a development project to be designated for affordable housing units. Typically, this means that a specified percentage of the total residential units must be made available to individuals or families who meet certain income criteria, often at below-market rental or purchase rates. This clause ensures that new developments contribute to the availability of affordable housing in a community, addressing housing shortages and promoting socioeconomic diversity.
Affordable Housing Component. The Affordable Housing Developer shall have (a) obtained City approval of the Specific Development Plan/Use Permit Approval for the Affordable Housing Component, (b) obtained City and Developer approval of the Affordable Housing Financing Plan, which approval shall not be unreasonably withheld, conditioned or delayed, and (c) delivered to City and Developer written evidence of financing commitments from all lending sources and governmental financing sources identified in the Affordable Housing Financing Plan, including evidence that the Affordable Housing Developer has obtained approval of 9% tax credit financing for the Affordable Housing Component offered through CTCAC if the Affordable Housing Developer is relying on such tax credit financing as provided in the Affordable Housing Financing Plan (the parties acknowledge that the Affordable Housing Developer shall not be required to have obtained financing commitments from tax equity investors as part of this Developer Condition Precedent);
Affordable Housing Component. Other than as described in this Agreement with respect to the Affordable Housing Parcel, Developer shall have no affordable housing obligations with respect to any of the remaining portions of the Project.
Affordable Housing Component. Notwithstanding Section 5.4.1, the parties acknowledge and understand that the Affordable Housing Component may qualify for a welfare exemption under section 214(g) of the California Revenue and Tax Code.
Affordable Housing Component. The Affordable Housing Developer shall have (a) obtained City approval of the Specific Development Plan/Use Permit Approval for the Affordable Housing Component, (b) obtained City and Developer approval of Affordable Housing Developer’s financing plan, including a detailed pro forma showing sources and uses of all funds for funding the costs of construction and development of the Affordable Housing Component (the “Affordable Housing Financing Plan”), which approval shall not be unreasonably withheld, conditioned or delayed, and (c) delivered to City and Developer written evidence of financing commitments from all lending sources and governmental financing sources identified in the Affordable Housing Financing Plan, including evidence that the Affordable Housing Developer has obtained approval of 9% tax credit financing for the Affordable Housing Component offered through the California Tax Credit Allocation Committee (“CTCAC”) if the Affordable Housing Developer is relying on such tax credit financing as provided in the Affordable Housing Financing Plan (the parties acknowledge that the Affordable Housing Developer shall not be required to have obtained financing commitments from tax equity investors as part of this City Condition Precedent);
Affordable Housing Component. Within three (3) months after the Effective Date of this Development Agreement, Developer shall have submitted complete applications to CDLAC and to San Mateo County for grants and/or debt financing and shall at that time have identified in writing to the City its sources of grants, equity and/or financing for the Affordable Housing Component Project, and shall have provided to the City all documentation reasonably required by the City to confirm to the City that such applications for grants, equity and/or for financing have been made and been deemed complete by recipient by that date. If this Agreement or any agreement with CDLAC or the County of San Mateo or other source of funds provides for a cash contribution of Developer to the City and/or to an affordable housing developer or other parties, proof of funds irrevocably set aside for such cash contribution shall be provided at the same time that Developer provides documentation of sources of equity and/or debt financing. Developer and/or an affordable housing developer shall report to the City Manager quarterly in writing on progress of obtaining grants, equity and/or financing for the Affordable Housing Component and shall report annually in writing to the City Council in conjunction with the quarterly review required under Section 5. Affordable Housing Component Timeline. The Affordable Housing Component shall be developed pursuant the following deadlines: Developer shall construct the Affordable Housing Component’s Infrastructure Improvements (including building pad) concurrently with construction of the Infrastructure Improvements (including building pad) of the Market Rate Component. Developer shall submit a complete application for a building permit for construction of the Affordable Housing Component (the “Affordable Housing Building Permit”) within four (4) months after the Effective Date of this Agreement. Developer shall start vertical construction of the Affordable Housing Component within three (3) years of commencement of construction of the Market Rate Component. This three (3) year period will include a period of two (2) years with a one-time one year extension if requested in writing by Developer within three (3) months of the end of the period of two (2) years. The City Manager shall (subject to the terms of this Agreement, including but not limited to its default provisions) approve this one year extension if requested during the time period above. Unless Developer starts vertical con...
Affordable Housing Component. All Affordable Units shall be rented to and occupied by tenants who are at least 62 years of age.