Payment in Lieu of Taxes Agreement Sample Contracts

PAYMENT IN LIEU OF TAXES AGREEMENT
Payment in Lieu of Taxes Agreement • February 28th, 2018

WHEREAS, the Authority has entered into agreements with Atlantic Housing Foundation, Inc., a South Carolina 501 (c)(3) not for profit corporation, for the development and construction of two hundred seventy six (276) units of which all will be much needed workplace affordable housing for persons of low incomes. Two hundred seventy (270) units will be restricted to persons whose income is 60% or less of Area Median Income (“AMI”), while all 276 will be occupied by or held available for occupancy by Low and Moderate Income Families (as that term is defined in O.C.G.A. §8-3-3.1(3), as amended from time to time). The development to be known as Waters at Gateway (“the Development”);

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