Affordable Dwelling Units definition

Affordable Dwelling Units means the Residential Dwelling Units in the Improvements to be operated consistent with the Affordable Housing Program at all times and to be operated, following Construction Completion, so as (i) to qualify for Low-Income Housing Tax Credits, or (ii) to satisfy financing requirements, including but not limited to the County Requirements.

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Affordable Dwelling Units means 10% times the total amount of all dwelling units approved by the City for development within all Residential Medium Density (RM) planning areas of the Project which as of the Amendment Effective Date is 55 dwelling units as set forth in Schedule “2” attached. The final number of Affordable Dwelling Units will be reasonably determined by the City DCD after final tract maps have been approved by the City for all RM planning areas but no later than the issuance by the City of the first building permit for Lot G of Village III of the Development Plan (“Lot G”). Developer shall then provide within Lot G (designated within the Development Plan as Residential High Density (RH) (the “VAF Affordable Housing Development”) that number of dwelling units equal to the required number of Affordable Dwelling Units at a price that is affordable for rent or for sale to moderate-income households as defined by State law (the “VAF Affordable Housing Requirement”). The Affordable Dwelling Units shall be constructed at a ratio of eight (8) one-bedroom, one-bath units, forty-two (42) two bedroom, two bath units, and five (5) three bedroom, two bath units. The specific affordability covenants (including deed restriction or similar enforcement mechanism) along with the calculation of the affordable sales prices or rental amounts prepared in accordance with State law (collectively the “VAF Affordable Housing Program”) shall be reviewed and approved by the City DCD, which approval shall not be unreasonably delayed, prior to the issuance of the first building permit for Lot G. The decision of the City DCD with regards to any of the VAF Affordable Housing Program is subject to appeal as set forth in Section 1(xii). It is the City’s intention that Developer’s compliance with this Section

Affordable Dwelling Units means the units are both rent and income restricted. Rent schedules for the units shall be based on the Florida Housing Finance Corporation (“FHFC”) table utilized for administering the Low-Income Housing Tax Credit program entitled “Multifamily Rental Programs Income Limits and Rent Limits,” also referred as the Multi-Family Rental Program Matrix, as revised from time to time and adjusted based on the number of bedrooms.

Examples of Affordable Dwelling Units in a sentence

The Developer agrees to comply with all federal, state and local laws and regulations applicable to the Affordable Dwelling Units and the services required by this Agreement, including but not limited to any applicable Township Codes, as amended or replaced from time to time.
Developer shall also maintain copies of all initial and renewal leases for Affordable Dwelling Units for three years from the date of execution.
The Township shall have the right to conduct audits of a random sampling of the Affordable Dwelling Units and associated files and documentation to confirm compliance with the requirements of this Agreement.
Copies of all forms, policies, procedures, leases, and other documents reasonably requested by the Township and Washtenaw County related to the Affordable Dwelling Units.
The Township shall have the right to inspect a random sampling of the Affordable Dwelling Units to confirm that the units are in compliance with applicable statutory and regulatory housing requirements and as otherwise permitted under this Agreement.
Beginning with the first occupancy of any Affordable Dwelling Unit, the Developer shall provide an annual report (“Annual Report”) to Washtenaw County regarding the status of the Affordable Dwelling Units during the previous calendar year, which shall be submitted on March 1 of each year, or other date as agreed to by the Township Supervisor or designee and the Developer.
The Developer shall use the Maximum Monthly Rent to determine the rental amount for Affordable Dwelling Units in each lease year.
DRAFT Developer shall construct, reserve, maintain and lease two-hundred ninety-five (295) Affordable Dwelling Units to Qualified Tenants on the Property in accordance with this Agreement at a rental rate at or below the Maximum Monthly Rent as defined in Section 8 of this Agreement.
DRAFT Upon reasonable advance notice to the Developer, and subject to a tenant’s privacy rights, the Township shall have the right to inspect the Affordable Dwelling Units during normal business hours.
If the Property is subdivided for the purpose of the sale of individual dwelling units that are classified as Affordable Dwelling Units, such sales shall be subject to this Agreement.

More Definitions of Affordable Dwelling Units

Affordable Dwelling Units means Units to be rented to households with annual incomes at or below a specified percentage of the Area Median Income of the Area, adjusted for Family size as determined by the U.S. Department of Housing and Urban Development. Such specified percentage shall be no lower than forty percent (40%).

Affordable Dwelling Units means those Dwelling Units on the Lands that have been identified by the Owner as being set aside for persons or families that qualify as a Low to Moderate Income Household.