Loss of Project Based Voucher Subsidy Sample Clauses

Loss of Project Based Voucher Subsidy. 1. It is anticipated that during the Qualified Project Period the Project will maintain Project Based Voucher (PBV) Restricted Units, supported by Project-Based Section 8 rental subsidy payments (the "Rental Subsidy"). If, during the Qualified Project Period, any change in federal law or regulations occurs, or any action (or inaction) by Congress or any federal or State agency occurs, which results in a reduction, termination or nonrenewal of the Rental Subsidy through no fault of Borrower, such that the Rental Subsidy shown on the Financing Plan (as defined in the Loan Agreement) is no longer available (or available in a lesser amount), Borrower may request approval of the County to increase the rent on one or more of the PBV Restricted Units, to an adjusted income that does not exceed sixty percent (60%) of Area Median Income, adjusted for actual household size subject to the following requirements: (a) concurrently therewith, Borrower shall provide the County with evidence of the anticipated reduction, termination, or nonrenewal of the Rental Subsidy, (b) a Management Plan (as defined in Section 1.19 of the Loan Agreement) for the Project for the County's approval pursuant to Sections 4.1 and 7.8 of the Loan Agreement, showing the impact of the loss or reduction of the Rental Subsidy, (c) a proposed operating budget reflecting the rent increases (the “Operating Budget”), and (d) a description of efforts to obtain alternate sources of rent. The number of PBV Restricted Units subject to the rent increase and the amount of the proposed increase may not be greater than the number or amount required to ensure that the Project generates sufficient income to cover its operating costs, required deposits to replacement reserves, and debt service on approved financing as shown on the Operating Budget, and as is necessary to maintain the financial stability of the Project. Any such rent increase must be implemented pursuant to a transition plan approved by the County consistent with remedial measures set forth in California Code of Regulations Title 4, Division 17, Chapter 1, Section 10337(a)(3) or successor regulation applicable to California's Federal and State Low Income Housing Tax Credit Program. In addition, upon a reduction, termination or nonrenewal of the Rental Subsidy as described above, Xxxxxxxx hereby agrees to the following:
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Related to Loss of Project Based Voucher Subsidy

  • Payment of Project Costs The Grantee agrees that it will provide for payment of its full share of Project costs and that all costs connected with the Project will be paid by the Grantee on a timely basis.

  • Selection of Subcontractors, Procurement of Materials and Leasing of Equipment The contractor shall not discriminate on the grounds of race, color, religion, sex, national origin, age or disability in the selection and retention of subcontractors, including procurement of materials and leases of equipment. The contractor shall take all necessary and reasonable steps to ensure nondiscrimination in the administration of this contract.

  • Sub-projects 1. The Participating Bank shall make Sub-loans to Beneficiaries and appraise, review, approve, and supervise Sub-projects in accordance with the criteria, conditions and procedures set forth in the Operations Manual, including, inter alia, the following eligibility criteria:

  • Solicitations for Subcontractors, Including Procurements of Materials and Equipment In all solicitations either by competitive bidding or negotiation made by the contractor for work to be performed under a subcontract, including procurements of materials or leases of equipment, each potential subcontractor or supplier shall be notified by the contractor of the contractor's obligations under this contract and the Regulations relative to nondiscrimination on the grounds of race, color, or national origin, sex, age, and disability/handicap.

  • For Product Development Projects and Project Demonstrations  Published documents, including date, title, and periodical name.  Estimated or actual energy and cost savings, and estimated statewide energy savings once market potential has been realized. Identify all assumptions used in the estimates.  Greenhouse gas and criteria emissions reductions.  Other non-energy benefits such as reliability, public safety, lower operational cost, environmental improvement, indoor environmental quality, and societal benefits.  Data on potential job creation, market potential, economic development, and increased state revenue as a result of the project.  A discussion of project product downloads from websites, and publications in technical journals.  A comparison of project expectations and performance. Discuss whether the goals and objectives of the Agreement have been met and what improvements are needed, if any.

  • Environmental Assessment and Mitigation Development of a transportation project must comply with applicable environmental laws. The party named in article 1, Responsible Parties, under AGREEMENT is responsible for the following:

  • CONTRACTOR’S SUBMISSION OF CONTRACT MODIFICATIONS In connection with any Contract modification, OGS reserves the right to:  request additional information  reject Contract modifications  remove Products from Contract modification requests  request additional discounts for new or existing Products

  • BUILDER’S RISK FOR CONSTRUCTION RENOVATION PROJECTS If the project is CONSTRUCTION RENOVATION of an existing structure, and the State has already determined that Contractor will not be obligated to obtain and maintain Builder’s Risk insurance, then the following provisions apply:

  • Credit for Project Work In order to compensate PURCHASER for project work that PURCHASER agrees to complete under the section titled, “Project Work,” of this contract, STATE agrees to credit PURCHASER’s timber account in the sum of $46,657 upon completion of and STATE’s acceptance of all work, unless otherwise approved in writing by STATE. PURCHASER may request partial credit for project work when PURCHASER has completed and STATE has accepted project work, in accordance with the following credit schedule: Partial credit amount of $24,999 (Project No. 1 completion) Partial credit amount of $ 545 (Project No. 2 completion) Partial credit amount of $ 2,721 (Project No. 3 completion) Partial credit amount of $ 1,753 (Project No. 4 completion) Partial credit amount of $16,639 (Project No. 5 completion)

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