Market Rate Units Clause Samples
The Market Rate Units clause defines the portion of units within a property that are rented or sold at prevailing market rates, as opposed to being subject to affordability restrictions or subsidies. Typically, this clause outlines which units are designated as market rate, how their rents or prices are determined based on current market conditions, and may specify any limitations or requirements for these units within a mixed-income development. Its core practical function is to clearly distinguish between market rate and affordable units, ensuring transparency in unit allocation and compliance with regulatory or financing requirements.
Market Rate Units. The Grantee may not use funds provided under this Grant Agreement to develop market rate units or affordable housing units which do not qualify as public housing or homeownership replacement units described in paragraphs (B) or (C) of this Article.
Market Rate Units. The Project shall have no more than two hundred fifty eight (258) Market Rate Units, with Unit sizes as may be determined by Owner.
Market Rate Units. In the event that Owner decides to sell any of the Units and designates no less than thirty nine (39) Units as Affordable Units pursuant to Section 5.3 of this Agreement, then Owner shall have the right at the time it offers the Market Rate Units for sale to request that City execute a Unit Release for any and all Market Rate Units that have been offered for sale. Owner's request for a Unit Release shall be in writing and shall specify the Units that have been designated Market Rate Units and For Sale Affordable Units. Upon City's receipt of a request by Owner to execute a Unit Release for any Market Unit that has been offered for sale, City shall have the right to verify that the sale of Market Rate Units will not result in less than thirty nine (39) of the Units being designated as Affordable Units. If City determines the proposed sale of the Market Rate Units will not result in less than thirty nine (39) of the Units being designated as Affordable Units, then City shall deliver to Owner an executed and notarized Unit Release for the Market Rate Units that have been offered for sale and Owner shall be required to use commercially reasonable diligence to sell the Market Rate Units.
Market Rate Units. Units that are not Credit Units; this Project has up to
Market Rate Units. Mortgages: The mortgages or deeds of trust and security agreements which secure the applicable Loans.