AFFORDABLE HOUSING COVENANT Sample Clauses

AFFORDABLE HOUSING COVENANT. Except as otherwise provided in this chapter, an affordable housing covenant may be created, conveyed, recorded, assigned, released, modified, terminated or otherwise altered or affected in the same manner as other covenants created by written instrument. [PL 1991, c. 373 (NEW).]
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AFFORDABLE HOUSING COVENANT. On or following the strata Subdivision of the Land, and prior to the issue of the first Occupation Certificate for the Development, the Developer:
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AFFORDABLE HOUSING COVENANT. If ten (10) or more residential units are developed on the Real Property, not less than fifteen percent (15%) of the total number of residential units developed on the Real Property shall be sold or rented at affordable housing cost, as defined in Section 50052.5 of the California Health and Safety Code, or affordable rent, as defined in Section 50053 of the California Health and Safety Code, to lower income households, as defined in Section 50079.5 of the California Health and Safety Code. Rental units shall remain affordable to and occupied by lower income households for a period of fifty-five (55) years for rental housing and forty-five (45) years for ownership housing. The initial occupants of all ownership units shall be lower income households, and the units shall be subject to an equity sharing agreement consistent with the provisions of paragraph (2) of subdivision (c) of 65915 of the California Government Code. These requirements shall be covenants or restrictions running with the land and shall be enforceable against any owner who violates a covenant or restriction and each successor-in-interest who continues the violation by any of the entities described in subdivisions (a) to (f), inclusive, of Section 54222.5 of the California Government Code. The provisions of this Section 15 shall be expressly included in the Deed.
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AFFORDABLE HOUSING COVENANT. During the term of the Loan, Borrower shall comply with all applicable laws and regulations relating to the construction and operation of a housing project which qualifies as a low income housing tax credit project pursuant to the rules and regulations of the California Tax Credit Allocation Committee.
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AFFORDABLE HOUSING COVENANT. The term “Affordable Housing Covenant” means the Declaration of Resale Restrictions and Option to Purchase Agreement which the Eligible Purchaser must enter into with the City prior to the Delivery Date for each Inclusionary Unit, in the form attached hereto as Exhibit C.
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AFFORDABLE HOUSING COVENANT. 2.1 Developer Compliance with the Inclusionary Housing Ordinance. Developer acknowledges that the City has provided the Developer with copies of the Ordinance and Inclusionary Housing Plan. Developer is familiar with the requirements of all of the foregoing documents and shall ensure that the Project complies with this Agreement and the requirements set forth in all of the foregoing documents.
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AFFORDABLE HOUSING COVENANT. Developer covenants and agrees that one moderate-income restricted Unit to be developed on the Property shall be Inclusionary Units that are reserved for sale at the Affordable Purchase Price and occupied by Eligible Purchasers whose Adjusted Household Income at the time of initial occupancy of each Unit does not exceed the household income qualification limits of a Moderate-Income Household. This covenant and agreement shall be binding on the successors and assigns of Developer, as set forth herein and in the Affordable Housing Covenant and City Deed of Trust attached hereto as Exhibit C and Exhibit D, respectively.
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AFFORDABLE HOUSING COVENANT. The Redeveloper represents, warrants, and covenants that for a period of 20 years from the date of the Certificate of Completion, 100% of the residential units of the Minimum Improvements shall be occupied or held vacant and available for occupancy by individuals whose income does not exceed an imputed income limitation of 20 percent, 30 percent, 40 percent, 50 percent, 60 percent, 70 percent or 80 percent of area median gross income (including adjustments for family size) as determined in accordance with Section 42 of the Internal Revenue Code of 1986, as amended (the “Code”), as designated by the Owner. The average of the imputed income limitations designated by the Owner with respect to the low-income units shall not exceed 60 percent of area median gross income. The Owner shall designate the number of low-income units with an imputed income limitation at or below 80 percent of area median gross income. The imputed income limitation of any unit designated shall be 20 percent, 30 percent, 40 percent, 50 percent, 60 percent, 70 percent or 80 percent of area median gross income (including adjustments for family size) as determined in accordance with Section 42 of the Code. The Owner may change from time to time the Owner’s designations unless prohibited by the Code or regulations or rules promulgated thereunder. The determination of whether an individual or family is of low or moderate income will be made at the time the tenancy commences and on an ongoing basis thereafter to the extent required by and determined in accordance with Section 42 of the Code.
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Related to AFFORDABLE HOUSING COVENANT

  • Post-Closing Covenants The Parties agree as follows with respect to the period following the Closing.

  • Post-Closing Covenant The Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on Schedule 9.14 as soon as commercially reasonable and by no later than the date set forth in Schedule 9.14 with respect to such action or such later date as the Administrative Agent may reasonably agree.

  • Closing Covenants (y) The Purchaser agrees with the Vendor that after closing he:

  • Operating Covenants The Issuer covenants with the Indenture Trustee as follows, provided that any of the following covenants with respect to the Portfolio Railcars shall not be deemed to have been breached by virtue of any act or omission of a Lessee or sub-lessee, or of any Person which has possession of a Portfolio Railcar for the purpose of repairs, maintenance, modification or storage, or by virtue of any requisition, seizure, or confiscation of a Portfolio Railcar (other than seizure or confiscation arising from a breach by the Issuer of such covenant) (each, a “Third Party Event”), so long as (i) none of the Issuer, the Servicer or the Administrator has consented to such Third Party Event; and (ii) the Issuer (or the Servicer on its behalf) as the Lessor of such Portfolio Railcar promptly and diligently takes such commercially reasonable actions as a leading railcar operating lessor would reasonably take in respect of such Third Party Event, including, as deemed appropriate (taking into account, among other things, the laws of the jurisdiction in which such Portfolio Railcar is located or operated), seeking to compel such Lessee or other relevant Person to remedy such Third Party Event or seeking to repossess the relevant Portfolio Railcar:

  • PRE-CLOSING COVENANTS The Parties agree as follows with respect to the period between the execution of this Agreement and the Closing.

  • Agreements and Covenants The Company shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Effective Time.

  • Additional Agreements and Covenants The parties further agree and covenant as follows:

  • Agreements and Covenants of the Company The Company hereby agrees and covenants to:

  • Land Covenants This contract is subject to the requirements of Title VI of the Civil Rights Act of 1964 (P. L. 88-352) and 24 CFR 570.601 and 570.602. In regard to the sale, lease, or other transfer of land acquired, cleared or improved with assistance provided under this contract, the Subrecipient shall cause or require a covenant running with the land to be inserted in the deed or lease for such transfer, prohibiting discrimination as herein defined, in the sale, lease or rental, or in the use or occupancy of such land, or in any improvements erected or to be erected thereon, providing that the Grantee and the United States are beneficiaries of and entitled to enforce such covenants. The Subrecipient, in undertaking its obligation to carry out the program assisted hereunder, agrees to take such measures as are necessary to enforce such covenant, and will not itself so discriminate.

  • Conditions and Covenants All of the provisions of this Lease shall be deemed as running with the land, and construed to be “conditions” as well as “covenants” as though the words specifically expressing or imparting covenants and conditions were used in each separate provision.

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