Affordable Housing Requirements. The following requirements with respect to Workforce/Affordable Housing Units shall at all times be continuously complied with and satisfied from the date on which the Project or the initial Phase thereof is first placed in service through the end of the Credit Period:
Affordable Housing Requirements. (a) The Onsite Affordable Housing must meet the affordable housing principles set out in the City’s ‘Affordable Housing Program’ adopted 24 August 2020 or any such updated or amended version of this document in effect at the time of lodgement of the Development Application.
Affordable Housing Requirements. A deed restriction shall be recorded for the town home portion of the development specifying the land is required to be developed as affordable units in accordance with AMC 18.06.030.G(5) and in conformance with the approval of PA 2006-01663. The deed restriction shall require the affordable units to remain affordable per Resolution 2006-13 for a 60 year period from initial occupancy. The town home area shall be serviced with all needed public facilities. The deed restricted land shall be dedicated to a non-profit (IRC 501(3)(c)) affordable housing developer or comparable Development Corporation with proof of the dedication and deed restriction being presented to the City of Ashland Housing Program Specialist prior to issuance of a building permit for the development of the first market rate residential unit. The deed for the land conveyed for affordable housing purposes shall include a reverter to the Owner or deed restriction requiring conveyance of the property to the City of Ashland if the affordable housing development is not fully developed in accordance with the approval of PA 2006-01663 within five years of this approval, unless administratively extended pursuant to Exhibit F. In the event the property reverts to the Owner the Owner shall thereafter convey the property, without encumbrances, to the City of Ashland, for affordable housing purposes. City may accept or reject the offer, but the owner shall not be relieved of the obligation to convey the property to another approved provider of affordable housing. All the affordable housing units shall be Net Zero Energy Ready as provided in Condition 12 below.
Affordable Housing Requirements. 8.1 Subject to clause 8.2, the Affordable Housing Units must have an aggregate floor space greater than or equal to the sum of the Affordable Housing Floor Space.
Affordable Housing Requirements. For and in consideration of the City’s agreement to provide the CDBG Loan for the Project, to be developed on the Development Site, Developer agrees and understands:
Affordable Housing Requirements. For and in consideration of the City’s Agreement to provide an NDR Loan for the Project, to be developed on the Developer agrees and understands:
Affordable Housing Requirements. For a period of fifty-five (55) years, commencing from the Conversion (“the Covenant Period”):
Affordable Housing Requirements. At least twenty percent (20%) of the residential units, not including live-work units, developed on Subarea A and Subarea B shall be available to Very Low Income, Low Income, and Moderate Income households, at Affordable Rent, including a reasonable utility allowance (“Restricted Units”). Of those Restricted Units, seventeen percent (17%) shall be available to Very Low Income households, fifty percent (50%) shall be available to Low Income households, and thirty three percent (33%) shall be available to Moderate Income households. The Restricted Units shall be distributed across the apartments and residential lofts as follows. No less than five percent (5%) and no more than ten percent (10%) of the residential lofts shall be required to be Restricted Units, which shall be available to Very Low Income, Low Income, and Moderate Income households, in the same proportion as required for the total Restricted Units in the Project. The balance of the Restricted Units shall be evenly distributed across one-bedroom and two-bedroom apartments, with each unit type (i.e., one-bedroom or two-bedroom) available to Very Low Income, Low Income and Moderate Income households in the same proportion as required for the total Restricted Units in the Project. Within the time period established in the Schedule of Performance, the Developer shall submit to the Agency for its approval a proposed management plan for the rental units that meets the requirements set forth in the “Housing Management Plan Requirements” attached hereto as Attachment No. 3 and incorporated by this reference. As a condition precedent to the Agency’s obligation to convey any portion of Subarea A or Subarea B to the Developer, the Developer shall execute and deliver to the Escrow Agent for recording in the Official Records of Los Angeles County the “Affordability Covenants” appended to this Agreement as Attachment No. 4 and incorporated by this reference. The Affordability Covenants shall be recorded with reference to the residential units developed on Subarea A and Subarea B. The Affordability Covenants shall provide that the income-restricted units must remain available at Affordable Rent for the longest feasible period, but not less than forty (40) years from Completion. The Restricted Units shall be made available on a first preference basis to any Very Low Income, Low Income, or Moderate Income persons who are displaced from the Site, on a second preference basis to any Very Low Income, Low Income, or...
Affordable Housing Requirements. A new sentence is added to the first paragraph of Section 103(e)(l) as follows: “In no event shall the Restricted Units include the live/work units constructed in Subarea B.”
Affordable Housing Requirements. Holdings shall comply or shall cause Developers and/or Sub-developers to comply with any and all City guidelines to satisfy any affordable housing requirements. Affordable housing shall not be counted against the Maximum Development Residential Units within the Project. Holdings and the Developers and/or Sub- developers shall take into consideration any Affordable Housing units when planning for infrastructure. Holdings may elect to locate such affordable housing wherever it deems most beneficial and shall be entitled to allocate any such affordable housing requirements to Developers and/or Sub- developers as Holdings may elect. If affordable housing is required pursuant to this MDA, the units of such affordable housing shall not be less than 750 square feet. Any affordable housing building shall not exceed four stories in height.
