Affordability Covenants definition

Affordability Covenants means the covenants providing restrictions on the use of the Affordable Dwelling Units described in Section 4.04.
Sample 1Sample 2
Affordability Covenants means the covenants of the Developer described in Section 3.13 hereof for the Affordable Units.
Sample 1

Examples of Affordability Covenants in a sentence

  • Purchase of Affordability Covenants: Another option to preserve the affordability of the at-risk project is to provide an incentive package to the owner to maintain the project as affordable housing.

  • Inclusionary Housing Affordability Covenants If developers wish to be allowed to count affordable units towards both the City’s inclusionary housing requirements and the Section 65915 density bonus requirements, the affordable units must meet the more stringent of the two programs’ requirements.

  • Affordability Covenants City-subsidized or incentivized projects must record a covenant to guarantee the affordability of the housing units provided for the duration of the covenant period, which is typically 55 years.

  • Priority will be given to housing affordable to extremely low-income households to the extent feasible.b. Long-Term Affordability Covenants.

  • The table below summarises the cover that applies.Significant features and benefits of Blue+Heating Protect EligibilityTo be eligible for this insurance, your home must be owned and occupied by you and it must be heated by a domestic gas fired boiler (see Eligible Properties)If you do not own your own home, your landlord should be responsible for any repairs to the boiler and central heating system.

  • Purchase of Affordability Covenants: Another option to preserve the affordability of at-risk projects is to provide an incentive package to the owners to maintain the projects as affordable housing.

  • These programs include 1a (Provision of Adequate Sites), 1c (Accessory Dwelling Units), 2b (Affordable Housing Resources), 3a (Section 8 Rental Assistance), Program 3c (Maintenance of Affordability Covenants on Publicly-Assisted Housing); and 5b (Housing Information and Referral).

  • The Borrower and the City shall execute and record Affordability Covenants and Restrictions regulating project rents, tenant selection procedures, use of project income, management and maintenance, transfer of property, and permitted forms of ownership and use, including a prohibition on conversion of the project to condominium or stock cooperative ownership for the term of the recorded Affordability Covenants and Restrictions.

  • No non-compliance issues were identified in this year’s monitoring.7 Early Signs of Compliance TroubleIn a 2011 memo, the Lompoc Community Development Department reported to the City Council that LHCDC already had a property out of compliance as early as 2003 for failing to file the Affordability Covenants Annual Report.8 The summary of correspondence in the attached Appendix shows a clear pattern of repeated delays and missed deadlines as early as 2003.

  • Affordability AssumptionsIn general, there are three alternative ways for determining the affordability level of new housing units.1. Affordability Covenants.

Related to Affordability Covenants

  • Affordability means a housing unit that satisfies at least one of the following criteria:

  • Affordability average means the average percentage of median income at which restricted units in an affordable housing development are affordable to low- and moderate-income households.

  • 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;

  • Affordable means, a sales price or rent level that is within the means of a low- or moderate- income household as defined within N.J.A.C. 5:93-7.4, and, in the case of an ownership unit, that the sales price for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.6, as may be amended and supplemented, and, in the case of a rental unit, that the rent for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.12, as may be amended and supplemented.

  • Insurance Affordability Program means a program that is one of the following:

  • Period of Affordability means the time during which HOME Loan financed units must remain affordable to eligible households, as defined by HOME program regulations and this Plan. The Period of Affordability shall commence upon completion of the project and shall run for the period required under HOME regulations or the term of the HOME Loan, whichever is greater. Completion shall be defined as set forth in the HUD regulations for the HOME program.

  • Efficiency means the gas turbine manufacturer's rated heat rate at peak load in terms of heat input per unit of power output based on the lower heating value of the fuel.

  • Irrigation efficiency (IE) means the measurement of the amount of water beneficially used divided by the amount of water applied. Irrigation efficiency is derived from measurements and estimates of irrigation system characteristics and management practices. The irrigation efficiency for purposes of this ordinance are 0.75 for overhead spray devices and 0.81 for drip systems.

  • Energy efficiency portfolio standard means a requirement to

  • Monitoring and reporting requirements means one or more of

  • Portability means transfer by an individual health insurance policyholder (including family cover) of the credit gained for pre-existing conditions and time-bound exclusions if he/she chooses to switch from one insurer to another.

  • Turbidity means the cloudy condition of water due to the presence of extremely fine particulate materials in suspension that interfere with the passage of light.

  • Resource Adequacy Requirements has the meaning set forth in Section 3.3.

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Regulatory Flood Protection Elevation means the “Base Flood Elevation” plus the “Freeboard”. In “Special Flood Hazard Areas” where Base Flood Elevations (BFEs) have been determined, this elevation shall be the BFE plus two (2) feet of freeboard. In “Special Flood Hazard Areas” where no BFE has been established, this elevation shall be at least two (2) feet above the highest adjacent grade.

  • Capture efficiency means the weight per unit time of VOC entering a capture system and delivered to a control device divided by the weight per unit time of total VOC generated by a source of VOC, expressed as a percentage.

  • Risk Retention Requirements means the credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C. §78o-11), as added by Section 941 of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act.

  • New Jersey Stormwater Best Management Practices (BMP) Manual or “BMP Manual” means the manual maintained by the Department providing, in part, design specifications, removal rates, calculation methods, and soil testing procedures approved by the Department as being capable of contributing to the achievement of the stormwater management standards specified in this chapter. The BMP Manual is periodically amended by the Department as necessary to provide design specifications on additional best management practices and new information on already included practices reflecting the best available current information regarding the particular practice and the Department’s determination as to the ability of that best management practice to contribute to compliance with the standards contained in this chapter. Alternative stormwater management measures, removal rates, or calculation methods may be utilized, subject to any limitations specified in this chapter, provided the design engineer demonstrates to the municipality, in accordance with Section IV.F. of this ordinance and N.J.A.C. 7:8-5.2(g), that the proposed measure and its design will contribute to achievement of the design and performance standards established by this chapter.

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Regulatory Floodway means the channel of a river or other watercourse and the adjacent land areas that must be reserved in order to discharge the base flood without cumulatively increasing the water surface elevation more than a designated height.

  • Title IV-E Foster Care means a federal program authorized under §§ 472 and 473 of the Social

  • Energy efficiency measure means equipment, devices, or materials intended to decrease energy consumption, including, but not limited to, upgrades to a building envelope such as insulation and glazing; improvements in heating, ventilating and cooling systems; automated energy control systems; improved lighting, including daylighting; energy‑recovery systems; combined heat and power systems; or another utility cost‑savings measure approved by the governing body.

  • Reporting Requirements As defined in Section 11.15.

  • Maintenance Requirements shall have the meaning set forth in Clause 14.2;

  • Transmission Reliability Margin or “TRM” shall mean the amount of transmission transfer capability necessary to provide reasonable assurance that the interconnected transmission network will be secure. TRM accounts for the inherent uncertainty in system conditions and the need for operating flexibility to ensure reliable system operation as system conditions change.

  • Fire Marshal means the State Fire Marshal.