Period of Affordability definition

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.

Period of Affordability means the time during which HOME Loan financed units must remain affordable to eligible households, as defined by HOME program regulations or the term of the HOME Loan, whichever is greater.

Period of Affordability means the time during which the Project must comply with the Declaration of Covenants, Conditions, and Restrictions applicable to gap financing.

Examples of Period of Affordability in a sentence

• Period of Affordability 0 or 1 point The minimum period of affordability for projects assisted by the HTF is 30 years.

• Period of Affordability: Also, “affordability period.” Units in projects receiving HTF assistance will be required to maintain affordability to extremely low-income households for a period of at least 30 years.

• Period of Affordability The recapture provisions are in effect for a period of affordability.

• The recapture provisions will be contained within their written agreement with the DCS.Required Recapture Provisions Recapture provisions must ensure that the participating jurisdiction recoups all or a portion of the HOME assistance to the homebuyers if the housing does not continue to be the principal residence of the family for the duration of the period of affordability (see Period of Affordability Table).

• In the event of a prepayment of the loan, the deed restriction will ensure the income and rent restrictions remain in place for the remainder of the HTF Period of Affordability.

More Definitions of Period of Affordability

Period of Affordability 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.

Period of Affordability means the period beginning on the date specified in the Loan Agreement and ending on the date that is fifteen (15) years from the date of commencement..

Period of Affordability means the term in which the assisted units must maintain the required tenant income verification and rent limits, five years from the receipt of the Certificate of Occupancy (CO) or the date of the first signed lease, if CO is not issued. Upon initial lease up after rehab/conversion all tenants will be income verified by the Recipient or their Grant Administrator, using the provided certification form. For the subsequent years of the period of affordability, the developer/owner will re-certify tenants annually and provide completed certification forms to IEDA.

Period of Affordability means the time period, mandated by the HOME Program Final Rule during which any housing assisted by HOME Program funds is subject to the rent and income restrictions and occupancy requirements as set forth in the HOME Program Final Rule.

Period of Affordability means the period beginning on the date specified in the Loan Agreement and ending on the date that is fifteen (15) years from the date of commencement.

Period of Affordability means the period beginning on the date specified in the Loan Agreement and ending on the date that is twenty (20) years from the date of commencement of the Permanent Term, but in no event ending later than November 30, 2037.

Period of Affordability means the period beginning on the date of this Declaration and ending on the date that is twenty (20) years from the date of this Declaration.