Period of Affordability. The affordability period for the HOME-assisted property shall be determined and provided by LHA to the Grantee, upon project completion. The affordability period can begin only after all title transfer requirements and construction work have been performed, the project complies with the HOME requirements (including property standards), the final drawdown for the project has been disbursed, and project completion information has been entered into HUD’s Integrated Disbursement and Information System (IDIS). The Grantee is responsible for providing beneficiary information to LHA. The affordability period shall continue for five (5), ten (10) or fifteen (15) years, subject to the amount and type of assistance received, from that date unless modified as allowed under the HOME program. The Grantee shall ensure affordability through placing a promissory note and a recorded lien, in formats approved by the Community Development Department, upon the property. A copy of the promissory note and lien will be submitted to the Community Development Department as documentation of the project’s continued affordability.
Period of Affordability. To ensure a minimum twenty (20) year period of affordability, Habitat shall encumber the Project Property with restrictive covenants, CC&R’s, or other appropriate documents reasonably acceptable to and approved in advance by City, which restrict ownership of the Improvements (whether resulting from the initial sale or any subsequent resale) to Low Income Households for a period not less than twenty (20) years from the date of the initial sale of the property to an income eligible household.
Period of Affordability the period beginning on the date established by HUD’s Integrated Disbursement and Information System (IDIS). The affordability period shall commence when the final pay request has been disbursed and project completion information has been entered into IDIS and ending on the date that is twenty (20) years from the established date.
Period of Affordability. 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.
Period of Affordability. The length of time that HUD tenant guidelines, rent affordability, Housing Quality Standards and other compliance regulations apply to a particular project. The period of affordability will vary based on the HOME activity and the amount of subsidy provided to the project per 24 CFR Parts 92.252 and 92.254.
Period of Affordability. The HTF- assisted housing must meet the afford-
Period of Affordability. (i) During the period of affordability, the grantee must perform onsite inspections of HTF-assisted rental housing buildings to determine compliance with the on- going property standards of § 93.301 and to verify the information submitted by the owners in accordance with the re- quirements of § 93.302. The inspections must be in accordance with the inspec- tion procedures that the grantee estab- lishes to meet the inspection require- ments of § 93.301.
Period of Affordability. The affordability period for the new construction HOME-assisted property shall be twenty (20) years unless modified as allowed under the HOME program. The affordability period can begin only after the project complies with the HOME requirements, the final drawdown for the project has been disbursed, and project completion information has been entered into HUD’s Integrated Disbursement and Information System (IDIS). The Grantee shall ensure affordability through placing a promissory note and a recorded lien, in formats approved by the Community Development Department, upon the property. A copy of the promissory note and lien will be submitted to the LHA as documentation of the project’s continued affordability. The Grantee is responsible for providing beneficiary information to LHA.
Period of Affordability. Units shall remain affordable, as defined in this contract and in the HOME Program regulations found at 24 CFR 92, for not less than twenty (20) years from the date of the Certificate of Compliance issued by the City of Durham Inspections Department.
Period of Affordability. The “Period of Affordability” is the amount of time that the Developer is required to maintain the rental restrictions set forth in this Agreement. The Period of Affordability will begin upon the issuance of the last Certificate of Occupancy for the Project or from the recordation of the Deed of Trust or Deed Restrictions, whichever event occurs last and will run for a period of thirty (30) years. The Period of Affordability will be evidenced by recording of deed restrictions, use restrictions or other covenants running with the land and will provide for rights of specific performance to the Town. In the event the Period of Affordability is not met, it will be deemed an Event of Default. In the event of foreclosure before the expiration of the Period of Affordability, the Loan must be repaid at foreclosure.
