Affordability Covenant definition

Affordability Covenant is that certain Affordable Housing Covenant in the form attached hereto as Exhibit C, to be recorded in the Land Records against the Property in connection with Closing.
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Affordability Covenant is the covenant agreement that contains certain affordability requirements for the Project, and is recorded in the Land Records against the Property.
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Affordability Covenant means a restrictive covenant that imposes income eligibilityrequirements and rental amount restrictions on a residential dwelling unit and remains in effect for the City’s benefit for the longest feasible time, which shall not be less than 55 years.
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Examples of Affordability Covenant in a sentence

  • Upon the award of Homekey funds to a Project, the Department shall enter into one or more agreements with the Grantee(s), including a Standard Agreement, Affordability Covenant, and a lease rider in the event of a leasehold interest, which shall encumber funds from the Homekey Program, subject to specified conditions.

  • Permanent Housing Projects located on Tribal trust land, which are subject to the terms of a long-term ground lease requiring the Bureau of Indian Affairs approval, shall have an initial term of 25 years, commencing with the date of recordation of the Department’s Homekey Tribal Program Affordability Covenant.


More Definitions of Affordability Covenant

Affordability Covenant means a covenant to be recorded against each Unit restricting each Unit as an affordable unit for the Affordability Covenant Term, and subject to the affordability requirements applicable to the specific Unit.
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Affordability Covenant means the legally binding instrument which (i) is recorded in first position against Project real property in consideration for the Homekey Program award to the Grantee; (ii) imposes use, operation, occupancy, and affordability restrictions on the real property and improvements; and (iii) incorporates the Homekey Program Requirements by reference. Upon its execution, the Affordability Covenant shall be binding, effective, and enforceable against all successors, transferees, and assignees, in accordance with Section 208 of the NOFA, after a certificate of occupancy or its equivalent has been issued for the Project, or if no such certificate is issued, from the date of initial occupancy of the Project. Interim Housing Projects, Permanent Housing Projects, and Permanent Housing Projects on tribal trust land shall be encumbered with 30-year, 55-year, and 50-year Affordability Covenants, respectively.
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Affordability Covenant has the meaning set forth in paragraph 17(a) hereof.
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Affordability Covenant has the meaning set forth in Section 9.6(a) and in the form attached hereto as Exhibit I.
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Affordability Covenant means the legally binding instrument which (a) is recorded in first position against Project real property in consideration for the Homekey Program Award to the Grantee; (b) imposes use, operation, occupancy, and affordability restrictions on the real property and improvements; and (c) incorporates the Homekey Program Requirements by reference. Upon its execution, the Affordability Covenant shall be binding, effective, and enforceable against all successors, transferees, and assignees, in accordance with Section 208 of this NOFA, after a certificate of occupancy or its equivalent has been issued for the Project, or if no such certificate is issued, from the date of initial occupancy of the Project.
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Affordability Covenant means the legally binding instrument which (a) is recorded in first position against Project real property and/or the leasehold, as may be applicable, in
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Related to Affordability Covenant

  • Affordability Period means the period during which the average rent in a Project is required to be maintained at an affordable level, as determined in accordance with the Program Guidelines or as otherwise established by the County;

  • Energy efficiency portfolio standard means a requirement to

  • Liquidity means, as of any date of determination, an amount equal to the sum, of (a) the sum as of such date of (i) cash and (ii) Cash Equivalents held in an account of the Loan Parties in which the Administrative Agent has a perfected Lien and that represent Cash Equivalents that have not been pledged as a deposit or otherwise to a third party, plus (b) the amount, if any, by which the Revolving Credit Facility exceeds the Total Revolving Credit Outstandings as of such date.

  • Trigger Period means the 60-day period commencing on the earlier of (i) the occurrence of a Change of Control or (ii) the first public announcement of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control (which Trigger Period will be extended so long as the ratings of the Notes are under publicly announced consideration for possible downgrade by any two of the three Rating Agencies); provided that the Trigger Period will terminate with respect to each Rating Agency when such Rating Agency takes action (including affirming its existing ratings) with respect to such Change of Control.

  • Covenant Trigger Period means the period (a) commencing on the date that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $50,000,000 and (b) continuing until there has been a period of 30 consecutive days thereafter during which at all times (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $50,000,000.