HOME Units definition

HOME Units as described in the Recitals hereto, the 22 Affordable Units in the project that shall be rented in accordance with 24 CFR 92.252, which shall include the 5 Affordable Units to be reserved for “very low-income families” pursuant to the requirements of 24 CFR 92.252(b), all as further set forth in the Deed of Trust, a HOME restrictive covenant or regulatory agreement recorded against the Land. All HOME Units shall be floating units within the meaning of 24 CFR 92.252(j), meaning the designated HOME Units may be changed to maintain conformity with the requirements of 24 CFR 92.252 during the period of affordability so that the total number of housing units meeting the requirements of 24 CFR 92.252 remains the same, and each substituted unit is comparable in terms of size, features, and number of bedrooms to the originally designated HOME Units.

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HOME Units mean the Project rental units which have received allocations of HOME Funds which have been designated in the Agreement as either fixed or floating units.

HOME Units. The specific units affected by this Restriction shall be "floating" units, that is, there shall be no specified HOME-assisted units provided a minimum number of units is occupied in compliance with the HOME requirements specified above, and the floating units reflect the unit-size mix of the entire Project.

Examples of HOME Units in a sentence

• During the Period of Affordability, the Borrower (1) shall operate the HOME Units as residential rental units for occupancy by Eligible Tenants, and (2) shall not discontinue the operation of the HOME Units as residential rental units for Eligible Tenants.

• These HOME Units will be floating units for the purposes of accounting for the HOME per unit subsidies and affordability requirements.

• The HOME Units shall remain affordable (1) for no less than twenty (20) years as defined by 24 CFR 92.252(e), or (2) for the Period of Affordability, whichever is longer.

• The HOME Units shall remain affordable, as defined in this contract and in the HOME Program regulations found at 24 CFR 92.252 (e), for not less than twenty (20) years from the date of the Certificate of Compliance issued by the City of Durham.

• Based on the number of HOME Units assisted, compliance with the ▇▇▇▇▇-▇▇▇▇▇ Act is triggered.

• These require the Borrower to adopt an affirmative marketing plan and procedures, and market the HOME Units in accordance with the approved plan.

• All units designated as HOME Units must be occupied by families with incomes below 60% of the Area Median Income (AMI).

• Additionally, on-site monitoring to inspect individual HOME Units (a minimum of 20%), review of rent and occupancy requirements, review of the lease in effect and tenant selection policies, and other items noted in this Agreement will be conducted in the first year of this Agreement, and every subsequent year for the duration of the period of affordability.

• Developer will cooperate with the City in monitoring the HOME Units through the 30-year affordability period, which begins upon initial leasing of units in the Project.

• Initial Rents and Subsequent Rents for all HOME Units are subject to County approval and are subject to the HOME Regulations.

More Definitions of HOME Units

HOME Units means [to come: designate those Units, if any, that are financed with, constructed with, or receive the benefit of HOME Moneys. It is contemplated that if any HOME Moneys are made available to the Project, all of the Units will be HOME Units].

HOME Units mean the following County-Assisted Units: three (3) Extremely Low Income Units and eight (8) Forty Percent Income Units.

HOME Units means the Eleven (11) of the Sixty-Seven (67) housing units required to meet the affordability requirements of 24 CFR 92.252.

HOME Units means thirteen (13) of the Housing units as follows: (a) at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇: (i) two (2) of the two (2) bedroom, two (2) bath Housing Units shall be Low HOME Units, and (ii) two (2) of the two (2) bath Housing Units shall be High HOME Units; (b) at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇: (i) one (1) of the two (2) bedroom, two (2) bath Housing Units shall be Low HOME Units, and (ii) three (3) of the two (2) bath Housing Units shall be High HOME Units; and (c) at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇: (i) one (1) of the one (1) bedroom, two (2) bath Housing Units shall be a Low HOME Unit,

HOME Units means those units in the Improvements rented pursuant to 5.18 of this Agreement.