AHAP Contract Clause Samples
The AHAP (Agreement to Enter into Housing Assistance Payments Contract) clause establishes the preliminary agreement between a property owner and a public housing agency prior to the execution of a formal Housing Assistance Payments (HAP) contract. This clause outlines the conditions that must be met before the HAP contract can be finalized, such as property inspections, compliance with housing quality standards, and completion of necessary repairs or improvements. By setting these requirements in advance, the AHAP clause ensures that both parties understand their obligations and that the property will be eligible for housing assistance payments, thereby reducing the risk of disputes and ensuring program compliance.
AHAP Contract. (i) Borrower shall have delivered to Bondowner Representative a fully executed Agreement to Enter into a Housing Assistance Payments Contract, in a form approved by Bondowner Representative in its sole discretion (the “AHAP Contract”), pursuant to which Contract Administrator agrees to enter into a Section 8 Housing Assistance Payments Contract with Borrower and provide Section 8 Housing Assistance Payments to Borrower following the completion of the Improvements for a minimum of thirty-nine (39) units and for a term of not less than fifteen (15) years with an automatic extension option for an additional fifteen (15) years, (ii) Borrower shall have granted a collateral assignment of the AHAP to Bondowner Representative pursuant to that certain Assignment of Housing Assistance Payment Contract and Housing Assistance Payments dated as of even date herewith executed by Borrower in favor of Bondowner Representative (“Assignment of AHAP”) and Contract Administrator shall have consented to such Assignment of HAP in a form approved by Bondowner Representative in its sole discretion (“Consent to Assignment of AHAP”).
AHAP Contract. ▇▇▇▇▇▇▇▇ agrees that it shall not modify, amend, terminate or reduce the number of Project units included under the scope of the HAP Contract or AHAP Contract without first obtaining Bondowner Representative’s prior written consent. Borrower will timely perform all obligations of Borrower with respect to the HAP Contract and the AHAP Contract, and shall take all actions necessary to maintain the HAP Contract and the AHAP Contract in full force and effect and to prevent the termination or reduction of the Section 8 Payments to the Project provided thereunder.
AHAP Contract. (i) Borrower shall have delivered to Bondowner Representative a fully executed copies of the AHAP Contracts, and (ii) Borrower shall have granted a collateral assignment of the AHAP Contracts to Bondowner Representative pursuant to that certain Assignment of Housing Assistance Payment Contract and Housing Assistance Payments dated as of even date herewith executed by ▇▇▇▇▇▇▇▇ in favor of Bondowner Representative (“Assignment of AHAP”) and Contract Administrator shall have consented to such Assignment of HAP in a form approved by Bondowner Representative in its sole discretion (“Consent to Assignment of AHAP”).
AHAP Contract. The Agreement to Enter Into Housing Assistance Payments Contract entered into between Borrower and the Housing Authority, and effective as of [ ] [CHECK], for thirty- two (32) Units at the Property, with a term of twenty (20) years and a twenty (20) year renewal option, and on such other terms as are acceptable to the Bank.
AHAP Contract. The Agreement to Enter Into Housing Assistance Payments Contract between Borrower and the Housing Authority effective as of [ , 2016] [CHECK].