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 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 Minister;

Affordability Period means the minimum twenty (20) year period following the date of the first (1st) occupancy of a Unit in the Project;

Examples of Affordability Period in a sentence

• Exceptions to the above may be made on a case by case basis if the Development is past its Compliance Period/Federal Affordability Period, was not reported to the IRS as part of the Department's Nonprofit Set Aside in any HTC Award year, and follows the procedures outlined in §10.405(b)(1) - (5) of this chapter (relating to LURA Amendments that require Board Approval).

• AFFORDABLE RENT 2.1 During the Affordability Period, the Proponent shall not charge rent for a Unit in the Project in excess of the affordable rent permitted under this Appendix D nor increase any rent charged for a Unit except as permitted in this Appendix D.

• The requirements and agreements set forth in this Agreement shall be deemed to run with, bind, and burden the Property and shall be deemed to bind any New Buyer and any other future owners of the Property and the holder of any legal, equitable, or beneficial interest therein for the Affordability Period.

• Indemnification of the Minister will be required throughout the Affordability Period.

More Definitions of Affordability Period

Affordability Period means the period during which a Project is required to be affordable, as determined in accordance with the Program Guidelines or as otherwise established by the Minister;

Affordability Period means for Supportive Housing Projects either:

Affordability Period means the [insert “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 (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.

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 twenty (20) year period as established in the RFP following the first (1st) occupancy of a Unit in the Project,

Affordability Period is defined in Article X.