Affordability Period definition
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;
Affordability Period means the minimum twenty (20) year period following the date of the first (1st) occupancy of a Unit in the Project;
Affordability Period means, as to each Phase, a period beginning on the date that a permanent certificate of occupancy is issued for the last multifamily building of each such Phase and expiring on the twentieth (20th) anniversary thereof.
Examples of Affordability Period in a sentence
On the last day of the month at the end of the term of the Affordability Period of twenty- five (25) years, the remainder of the Loan amount will be forgiven provided the Proponent has fulfilled all the requirements of the Contribution Agreement.
The Proponent shall manage the Project so that the rent for the [Insert number] Affordable Rental Housing Units does not exceed eighty per cent (80%) of Average Market Rent during the Affordability Period of twenty-five (25) years from first occupancy.
OR FOR PROFIT On the last day of the month at the end of the term of the Affordability Period of twenty- five (25) years, the Loan will be forgiven provided the Proponent has fulfilled all the requirements of the Contribution Agreement.
More Definitions of Affordability Period
Affordability Period means:
Affordability Period means the minimum twenty-five (25) year period following the date of the first (1st) occupancy of a Unit in the Project;
Affordability Period means for Supportive Housing Projects either:
Affordability Period means the period during which the Project is required to be affordable, as determined in accordance with the Program Guidelines or as otherwise established by the Minister;
Affordability Period means the “twenty (20) year period”, or “details in words (and numbers) of such longer period” as may be established in the Procurement Process, following the date of the first occupancy of a Unit in the Project;
Affordability Period means the length of time a recipient or subrecipient must impose the rent or occupancy income restrictions on the units assisted by HOME funds as established by federal program requirements.
Affordability Period means the period beginning on the Occupancy Date and ending on the date which is the Required Number of Years after the Occupancy Date as set forth on the Summary Page.