Affordable Units Sample Clauses

Affordable Units. The Developer agrees to make available, restrict occupancy to, and lease three (3) of the housing units with the Property to households with incomes that do not exceed the limits defined under California Health and Safety Code Section 50106 for extremely-low income households, adjusted for family size (“Extremely Low Income Households”), twelve (12) of the housing units within the Property to households with incomes that do not exceed the limits defined under California Health and Safety Code Section 50105 for very-low income households, adjusted for family size (“Very Low Income Households"), twelve (12) units to households with incomes that do not exceed the limits defined under California Health and Safety Code Section 50079.5 for low income households, as adjusted for household size, (“Low Income Households”), and seven (7) units to households with incomes that do not exceed the limits defined under California Health and Safety Code Section 50093 for moderate income households, as adjusted for household size (“Moderate Income Household”), all at an Affordable Rent (the “Affordable Units”). If after the tenant’s initial occupancy of an Affordable Unit designated for Extremely-Low, Very-Low, Low Income, and Moderate Income Households, as defined under the California Health and Safety Code, the tenant’s income increases to greater than what is defined, adjusted for family size, the Monthly Rent charged by Developer may be increased to the maximum rent set forth in Section 302 of the Affordable Housing Agreement. The Developer shall annually submit to the City and the Agency a completed income computation and certification form, in a form to be provided by the Agency, and such forms may change from time to time. The Developer shall certify that each tenant of the Property meets the income restrictions of Section 301 of the Affordable Housing Agreement. The Developer shall obtain an income certification from the tenant of the Property which shall certify that the income of the tenant is truthfully set forth in the income certification form. Unless otherwise specified by the Agency, the Developer shall verify the income certification of the tenant in one or more of the following methods: a. obtain two (2) paycheck stubs from the tenant’s two (2) most recent pay periods, if b. obtain a true copy of an income tax return from the tenant for the most recent tax year in which a return was filed. c. obtain an income verification certification from the employer of ...

Affordable Units. Owner hereby covenants and agrees that at least thirty percent (30%) of the units in the Residential Development (at least 30 units) shall be rented exclusively to Low Income Households, at an Affordable Rent.

Affordable Units. The Developer agrees to make available, restrict occupancy to, and lease at an Affordable Rent (the “Affordable Units”): a. obtain two (2) paycheck stubs from the tenant’s two (2) most recent pay periods, if any. b. obtain a true copy of an income tax return from the tenant for the most recent tax year in which a return was filed. c. obtain an income verification certification from the employer of the tenant. d. obtain an income verification certification from the Social Security Administration and/or the California Department of Social Services if the tenant receives assistance from such agencies. e. obtain an alternate form of income verification reasonably requested by the Developer, if none of the above forms of verification is available to the Developer.

Affordable Units. The development, sale and use of the Project are subject to the terms and provisions of the Development Agreement between Seller and HHFDC, which requires that Seller reserve at least sixty percent (60%) of the residential units in the Project for purchase by persons who meet certain eligibility and income requirements as determined by HHFDC. Seller has designated a total of six hundred three (603) residential units in the Project as Affordable Housing Units and four hundred one (401) residential units as Market Units. The eligibility requirements for the purchase of an Affordable Housing Unit include, without limitation, residency requirements and income limits. In addition, the Affordable Units are subject to certain restrictions on occupancy, use, sale, and transfer, and HHFDC buy-back rights and shared equity requirements. THIS PURCHASE AGREEMENT IS FOR THE PURCHASE AND SALE OF A MARKET UNIT. A PURCHASER WHO WISHES TO PURCHASE AN AFFORDABLE HOUSING UNIT SHOULD CONSULT WITH SELLER TO DETERMINE IF AFFORDABLE HOUSING UNITS HAVE BEEN DESIGNATED BY SELLER AND ARE CURRENTLY BEING OFFERED FOR SALE, AND TO FURTHER DETERMINE APPLICABLE ELIGIBILITY REQUIREMENTS AND OWNERSHIP RESTRICTIONS.

Affordable Units. Developer agrees to make available, restrict occupancy to, and rent the fifty-four (54) Housing Units in the Manchester Project at an Affordable Rent in compliance with Section 2 of the Regulatory Agreement, to qualified Low and Very Low Income Households as follows: (i) Two-Bedroom Housing Units: (A) four (4) of the two-bedroom Housing Units to 30% AMI Very Low Income Households at an Affordable Rent; (B) six (6) of the two-bedroom Housing Units to 40% AMI Very Low Income Households at an Affordable Rent; (C) twenty-four (24) of the two-bedroom Housing Units to 50% AMI Very Low Income Households at an Affordable Rent; (ii) Three-Bedroom Housing Units: (A) two (2) of the three-bedroom Housing Units to 30% AMI Very Low Income Households at an Affordable Rent; (B) three (3) of the three-bedroom Housing Units to 50% AMI Very Low Income Households at an Affordable Rent; (C) fourteen (14) of the three-bedroom Housing Units to 60% AMI Low Income Households at an Affordable Rent; and (D) one (1) of the three (3) bedroom Housing Units in the Project may be occupied by an on-site property manager. The on-site manager is not required to income qualify as a Very Low Income Household or Low Income Household; provided, however, the rent charged, if any, for the on-site manager’s Housing Unit shall not exceed the Affordable Rent that may be charged to a 60% AMI Low Income Household. (iii) The final form of the Regulatory Agreement shall conform to the unit mix, rent, and income requirements set forth in Section 5.1(a)(i) and (ii) above.

Affordable Units. Assuming Owner constructs the maximum number of Units allowed on the Property pursuant to Section 2.2 above, the Project shall have twenty-five (25) Affordable Units (i.e., at least 5% of the Base Units) designated for Very- Low Income Households pursuant to the terms and conditions of this Agreement. The average square footage of the Affordable Units shall be approximately the same (i.e., less than 7% deviation) as the average square footage of the other Units of the same number of bedrooms. Nothing herein shall preclude Owner from increasing the number of Affordable Units, and Owner may include a larger proportion of Affordable Units with a higher bedroom count as compared to the other Units. Notwithstanding anything in this Agreement to the contrary, in the event that Owner constructs more or less than five hundred eighty-five (585) Units on the Property, then the corresponding proportionate number of Affordable Units to be provided on the Property (and the corresponding number of the Base Units used to calculate the number of Affordable Units) shall be adjusted automatically based on the applicable percentage of the number of Base Units actually constructed, and Owner and City shall enter into and record an amendment to this Agreement and the Regulatory Agreement (which amendment to both can be in one document) to identify the total number of Units actually constructed on the Property and resulting number of Base Units and Affordable Units (based on the actual number of Base Units constructed by Owner on the Property). For example, if four hundred eighty (480) Units are constructed, then the number of Units that are the Base Units will be four hundred (400) Units and the number of Very Low Income Units will be at least twenty (20) Units. City shall execute and deliver such amendment to Owner for recordation within ten (10) business days after Owner’s request. No additional amendment to this Agreement shall be required.‌

Affordable Units. The Developer agrees to make available, restrict occupancy to, and lease at an Affordable Rent (the “Affordable Units”):

Affordable Units. As to each For Sale Affordable Unit, upon the transfer of the Affordable Unit to a Qualified Purchaser in accordance with all requirements of this Agreement, including the recording of the Affordable Housing Covenant against the For Sale Affordable Unit, Owner and City shall cooperate to execute and record or cause to be recorded against the For Sale Affordable Unit for the benefit of the Property and the Project an executed original of the Unit Release. Owner shall provide upon City's request evidence that Affordable Housing Covenants have been recorded against all of the For Sale Affordable Units. City shall cooperate with Owner to timely execute and deliver to Owner each Unit Release for prompt recording when due.

Affordable Units. The City Affordable Units and the Qualifying Units (as defined below) are together known as the Affordable Units.