Block 49 Dedication and Block 49 Subsidy; Distribution of Inclusionary Units Sample Clauses

Block 49 Dedication and Block 49 Subsidy; Distribution of Inclusionary Units. Developer shall convey Block 49 to the Agency (or to the Mayor’s Office of Housing or other designee), in form approved by the Agency and ready for vertical development consistent with the DDA, concurrently with the execution and approval of the Block 49 Vertical DDA. The Block 49 Vertical DDA shall be in form and substance approved by the Agency and Developer, and shall provide for the construction of approximately sixty (60) 50% AMI Units. Developer shall also (1) pay to the Agency (or to the Mayor’s Office of Housing or other designee) at the time of conveyance of Block 49, one million dollars ($1,000,000) for use on Xxxxx Xxxxxxxx or other affordable housing costs within the Project Site, and (2) a subsidy to the Block 49 project in an amount and at times required to fill any gap financing necessary in order to build the proposed 50% AMI Units (collectively, the “Block 49 Subsidy”), provided that the Block 49 project shall be eligible to apply for four percent (4%) low-income housing tax credits and no other competitively-sought funding sources. Following Developer’s conveyance and the Agency’s acceptance of Block 49 and execution and delivery of the Block 49 Vertical DDA: (i) Developer shall have the right to determine the number of Inclusionary Units to be located in each Residential Project (as such number will be set forth in the applicable Vertical DDA for each Residential Project), so long as the following minimum requirements are met: (a) at least ten and one-half percent (10.5%) of the aggregate number of all Vertical Developer Residential Units in Phase 1 constructed or restricted under a Vertical DDA (with the applicable recorded Declaration of Restrictions for For-Rent or For-Sale Affordable Housing) are 80% AMI Units on each of the following dates (each, a “Milestone Date”): the date on which the Lot permitting construction of the (1) 300th, (2) 600th, (3) 900th and (4) 1200th Residential Unit is transferred by Developer to a Vertical Developer, and (5) the date on which the last Residential Lot is transferred by Developer to a Vertical Developer, all in accordance with Article 15 of the DDA;
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Related to Block 49 Dedication and Block 49 Subsidy; Distribution of Inclusionary Units

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