Long-term Affordability a. If the fair market value of any Housing Assistance Grant or the total amount of Affordable Housing Funds which have been awarded, loaned, donated, or otherwise conveyed to the Qualifying Grantee is from $1 to $14,999, then the Affordability Period shall be not less than five (5) years. If the fair market value of any Housing Assistance Grant or the total amount of Affordable Housing Funds is from $15,000 up to and including $40,000, then the Affordability Period shall be not less than ten (10) years. If the fair market value of any Housing Assistance Grant or the total amount of Affordable Housing Funds is from $40,000 up to and including $100,000, then the Affordability Period shall be not less than fifteen (15) years. If the fair market value of any Housing Assistance Grant or the total amount of Affordable Housing Funds is greater than $100,000, then the Affordability Period shall be not less than twenty (20) years.
Long-term Affordability. The Developer shall set aside 45 units for which educational facilities impact fees are herein deferred for persons or households who have annual gross incomes at or below 80% of the Area Median Income as calculated by the U.S. Department of Housing and Urban Development. The Developer shall limit the monthly rent for these units to no more than 30% of family income. The Developer shall require and ensure that families renting a unit in the Project must have children currently enrolled in Brevard Public Schools, such that the occupancy of the unit does not generate the need for additional educational capacity in Brevard Public Schools.
Long-term Affordability. The Project must meet the affordability 3 requirements for fifteen (15) years after transfer of title to Qualified
Long-term Affordability. Owner agrees to extend the term of the XXXX as set out below, with the period indicated beginning with the first day of the Compliance Period. Any extension beyond 30 years constitutes an extension of the Extended Use Period and the term of the XXXX. Unless already waived in the Agreement, Owner can also agree that the provisions of Section 42(h)(6)(E)(i)(II) and 42(h)(6)(F) (the “Qualified Contract provisions”, which would permit Owner to terminate the restrictions under this Agreement at the end of the Compliance Period in the event that a qualified contract for the acquisition of the Project is not presented) do not apply to the Project. ◘ Owner agrees to extend the term of the XXXX to 40 years and agrees that Qualified Contract provisions do not apply to the Project. □ Owner agrees to extend the term of the XXXX to 35 years and agrees that Qualified Contract provisions do not apply to the Project. □ Owner agrees that the term of the XXXX is 30 years and agrees that Qualified Contract provisions do not apply to the Project. (4% projects only) □ Owner agrees that the term of the XXXX is 30 years and agrees that Qualified Contract provisions do not apply to the Project for 25 years. (4% projects only) Areas of Opportunity 25. Economic Integration: □ The Project must provide at least 25% but not greater than 80% of the total units as HTC units, and, for the term of the XXXX, Owner must certify on an annual basis that the development complies. Number of units
Long-term Affordability. The Owner agrees to extend the term of the Declaration as set forth below, with the period indicated beginning with the first day of the Compliance Period. Unless already waived in the Declaration, the Owner also agrees to waive its right to a qualified contract as set forth in Code Sections 42(h)(6)(E)(i)(II) and 42(h)(6)(F) (“Qualified Contract Provisions”). The Owner agrees to extend the term of the Declaration to 45 years and agrees that the Qualified Contract Provisions do not apply to the Project. If requested by the Board, the Owner further agrees to record within six months after the date that is the 29th anniversary of the date of this Declaration a document provided by the Board if deemed necessary by the Board to ensure the 45-year term (9% projects only). The Owner agrees to extend the term of the Agreement to [ ] years and agrees that the Qualified Contract Provisions do not apply to the Project. (4% projects only) The Owner agrees that the term of the Agreement is 30 years and agrees that the Qualified Contract Provisions do not apply to the Project. (9% projects only) The Owner agrees that the term of the Declaration is 30 years and agrees that Qualified Contract Provisions do not apply to the Project for 20 years. (4% projects only)
Long-term Affordability. Pursuant to 24 CFR 92.254, the HOME-assisted unit must meet the affordability requirements for not less than the term of the period of affordability or any longer period stipulated in the City Documents.
Long-term Affordability. Developer, and any successor owner or lessee of any building in the Project will maintain income and rent restrictions on each Affordable Housing Unit in the Project so that such unit remains affordable for the income tier for which such unit was created in accordance with this Article 7 for a period of ninety-nine (99) years after such unit is first placed in service. The goal of the Developer shall be to maintain the affordability of the units for the term and income tiers specified above and, accordingly, rent increases applicable to both continuing tenants and vacancies will be consistent with this goal and maintaining the economic viability of the Project. HCBA-IG and Developer will develop together the term and mechanism for long-term affordability restrictions on Affordable Homeownership units consistent with any applicable governmental programs. Where any law, regulation, or rule requires or allows for a longer period of affordability for any of the units in the Project than the term described in this Section 7.6, such longer period shall apply.
