Affordable Housing Covenant. Except as otherwise provided in this chapter, an affordable housing covenant may be created, conveyed, recorded, assigned, released, modified, terminated or otherwise altered or affected in the same manner as other covenants created by written instrument. [PL 1991, c. 373 (NEW).]
Affordable Housing Covenant. On or following the strata Subdivision of the Land, and prior to the issue of the first Occupation Certificate for the Development, the Developer:
Affordable Housing Covenant. As more particularly provided in the Ground Lease, for a period beginning on the date on which a Certificate of Completion of Completion (as defined herein) records in the Official Records of Humboldt County for the Project and ending at the end of the Term of the Ground Lease as provided therein, the dwelling units in the Project shall be rented to families whose incomes do not exceed the incomes required by the Tax Credit Financing. Without limiting the generality of the foregoing, the Parties acknowledge that the dwelling units in the Project (except for the manager’s unit) shall be rented to families whose incomes do not exceed sixty percent (60%) of area median income. At the Close of Escrow the City and Developer shall additionally record in the Official Records of Humboldt County a Notice of Affordability Restrictions on Transfer of Property (“Notice of Affordability”) to the City in the forms substantially as set forth in Attachment No. 7, attached hereto and incorporated herein by reference.
Affordable Housing Covenant. Xxxxxxxxx agrees and covenants to the City that, prior to any foreclosure of the Property by a lender providing Lender Financing, the provisions of that certain Regulatory Agreement executed by Developer and DOH as of the date hereof shall govern the terms of Developer's obligation to provide affordable housing. Following foreclosure, if any, and from the date of such foreclosure through the Term of the Agreement, the following provisions shall govern the terms of the obligation to provide affordable housing under this Agreement: The Facility shall be operated and maintained solely as residential rental housing for senior citizens; All of the units in the Facility shall be available for occupancy to and be occupied solely by one or more [senior citizens] qualifying as Low Income Families (as defined below) upon initial occupancy;and All of the units in the Facility has monthly rents not in excess of thirty percent (30%) of the maximum allowable income for a Low Income Family (with the applicable Family size for such units determined in accordance with the rules specified in Section 42(g)(2) of the.Internal Revenue Code of 1986, as amended): provided, however, that for any unit occupied by a Family (as defined below) that no longer qualifies as.a Low Income Family due to an increase in such Family's income since the date of its initial occupancy of such unit, the maximum monthly rent for such unit shall not exceed thirty percent (30%) of such Family's monthly income. As used in this Section 8.24, the following terms has the following meanings:
Affordable Housing Covenant. The Redeveloper represents, warrants, and covenants that for a period of 20 years from the date of the Certificate of Completion, 100% of the residential units of the Minimum Improvements shall be occupied or held vacant and available for occupancy by individuals whose income does not exceed an imputed income limitation of 20 percent, 30 percent, 40 percent, 50 percent, 60 percent, 70 percent or 80 percent of area median gross income (including adjustments for family size) as determined in accordance with Section 42 of the Internal Revenue Code of 1986, as amended (the “Code”), as designated by the Owner. The average of the imputed income limitations designated by the Owner with respect to the low-income units shall not exceed 60 percent of area median gross income. The Owner shall designate the number of low-income units with an imputed income limitation at or below 80 percent of area median gross income. The imputed income limitation of any unit designated shall be 20 percent, 30 percent, 40 percent, 50 percent, 60 percent, 70 percent or 80 percent of area median gross income (including adjustments for family size) as determined in accordance with Section 42 of the Code. The Owner may change from time to time the Owner’s designations unless prohibited by the Code or regulations or rules promulgated thereunder. The determination of whether an individual or family is of low or moderate income will be made at the time the tenancy commences and on an ongoing basis thereafter to the extent required by and determined in accordance with Section 42 of the Code.
Affordable Housing Covenant. During the term of the Loan, Borrower shall comply with all applicable laws and regulations relating to the construction and operation of a housing project which qualifies as a low income housing tax credit project pursuant to the rules and regulations of the California Tax Credit Allocation Committee.
Affordable Housing Covenant. The term “Affordable Housing Covenant” means the Declaration of Resale Restrictions and Option to Purchase Agreement which the Eligible Purchaser must enter into with the City prior to the Delivery Date for each Inclusionary Unit, in the form attached hereto as Exhibit C.
Affordable Housing Covenant. 2.1 Developer Compliance with the Inclusionary Housing Ordinance. Developer acknowledges that the City has provided the Developer with copies of the Ordinance and Inclusionary Housing Plan. Developer is familiar with the requirements of all of the foregoing documents and shall ensure that the Project complies with this Agreement and the requirements set forth in all of the foregoing documents.
Affordable Housing Covenant. Developer covenants and agrees that one moderate-income restricted Unit to be developed on the Property shall be Inclusionary Units that are reserved for sale at the Affordable Purchase Price and occupied by Eligible Purchasers whose Adjusted Household Income at the time of initial occupancy of each Unit does not exceed the household income qualification limits of a Moderate-Income Household. This covenant and agreement shall be binding on the successors and assigns of Developer, as set forth herein and in the Affordable Housing Covenant and City Deed of Trust attached hereto as Exhibit C and Exhibit D, respectively.
Affordable Housing Covenant. If ten (10) or more residential units are developed on the Real Property, not less than fifteen percent (15%) of the total number of residential units developed on the Real Property shall be sold or rented at affordable housing cost, as defined in Section 50052.5 of the California Health and Safety Code, or affordable rent, as defined in Section 50053 of the California Health and Safety Code, to lower income households, as defined in Section 50079.5 of the California Health and Safety Code. Rental units shall remain affordable to and occupied by lower income households for a period of fifty-five (55) years for rental housing and forty-five (45) years for ownership housing. The initial occupants of all ownership units shall be lower income households, and the units shall be subject to an equity sharing agreement consistent with the provisions of paragraph (2) of subdivision (c) of 65915 of the California Government Code. These requirements shall be covenants or restrictions running with the land and shall be enforceable against any owner who violates a covenant or restriction and each successor-in-interest who continues the violation by any of the entities described in subdivisions (a) to (f), inclusive, of Section 54222.5 of the California Government Code. The provisions of this Section 15 shall be expressly included in the Deed.
