Common use of HOME Affordability Covenant Clause in Contracts

HOME Affordability Covenant. Eleven (11) units in Project are HOME-assisted. In accordance with HOME Program requirements, all Projects receiving HOME funds must record on title a HOME affordability covenant (“Covenant”) or deed restriction (“Deed Restriction”) that runs with the land and restricting household incomes and rents of HOME-assisted units such that these units remain continuously affordable to very low and low income tenants for a specified period of time. The minimum affordability term ranges from five to twenty years depending on the per-unit HOME costs and HOME- funded activity. This restriction will be binding on the Owner and any and all successors in interest. Contractor shall record the restriction such that it will become effective no later than start of project occupancy. This Covenant will incorporate the following provisions: The following definitions and dollar amounts referred to in these definitions may be adjusted from time to time based upon action by the United States Department of Housing and Urban Development (HUD) or any successor agency, and any such adjustments shall be incorporated by reference into this Agreement.

HOME Affordability Covenant. Eleven (11) units in Project are HOME-assisted. In accordance with HOME Program requirements, all Projects receiving HOME funds must record on title a HOME affordability covenant (“Covenant”) or deed restriction (“Deed Restriction”) that runs with the land and restricting household incomes and rents of HOME-assisted units such that these units remain continuously affordable to very low and low income tenants for a specified period of time. The minimum affordability term ranges from five to twenty years depending on the per-per unit HOME costs and HOME- HOME-funded activity. This restriction will be binding on the Owner and any and all successors in interest. Contractor shall record the restriction such that it will become effective no later than start of project occupancy. This Covenant will incorporate the following provisions: The following definitions and dollar amounts referred to in these definitions may be adjusted from time to time based upon action by the United States Department of Housing and Urban Development (HUD) or any successor agency, and any such adjustments shall be incorporated by reference into this Agreement.