Affordability Covenant definition

Affordability Covenant is that certain Affordable Housing Covenant in the form attached hereto as Exhibit C, to be recorded in the Land Records against the Property in connection with Closing.
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Affordability Covenant is the covenant agreement that contains certain affordability requirements for the Project, and is recorded in the Land Records against the Property.
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Affordability Covenant means a restrictive covenant that imposes income eligibilityrequirements and rental amount restrictions on a residential dwelling unit and remains in effect for the City’s benefit for the longest feasible time, which shall not be less than 55 years.
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Examples of Affordability Covenant in a sentence

  • Pursuant to the Affordability Covenant, affordable units must be both income and price restricted for homeownership units.

  • Each Guarantor agrees that any rights of such Guarantor, whether now existing or later arising, to receive payment on account of any indebtedness (including interest) or other obligations or liabilities owed to such Guarantor by another Guarantor or Developer shall at all times be subordinate to the time of payment and in all other respects to the full and prior indefeasible performance of all obligations owed to District under the PDA, Construction and Use Covenant, and Affordability Covenant.

  • The exercise by District of any right or remedy hereunder or under the PDA, Construction and Use Covenant, Affordability Covenant, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.

  • DOH and Borrower will close escrow on the AHF Affordability Covenant and the AHF loan in the same escrow, with the AHF Affordability Covenant in superior position to the AHF loan.

  • The Affordability Covenant will memorialize the affordability restrictions and other requirements that accompany the Loan Agreement.

  • The Affordability Covenant will typically remain in force for fifty-five (55) years from project completion.

  • Concurrent with executing the Loan Agreement and recording the Deed of Trust, Borrower will execute an Affordability Covenant to be recorded in the official public records of San Mateo County.

  • Affordability Covenant shall be required, recorded, and shall extend for the same period as the permanent loan, typically 55 years from completion.Non-RecourseAll AHF loans shall be non-recourse loans secured by real estate pursuant to the provisions of Department of Housing loan policies.

  • Developer agrees that a portion or all of the Residential Units to be developed in the Project shall be dedicated as Affordable Units, as required in the Affordability Covenant, in accordance with the schedule attached as Exhibit H (the “Schedule of Affordable Units”).

  • The County cannot reimburse you for qualified costs incurred until after contract execution, including execution of loan documents (i.e., Note; Deed of Trust; and HOME Affordability Covenant if HOME funds are involved).When planning your project schedule, please allow four weeks to four months for preparation and execution of the funding agreement.


More Definitions of Affordability Covenant

Affordability Covenant means the legally binding instrument which (a) is recorded in first position against Project real property in consideration for the Homekey Program Award to the Grantee; (b) imposes use, operation, occupancy, and affordability restrictions on the real property and improvements; and (c) incorporates the Homekey Program Requirements by reference. Upon its execution, the Affordability Covenant shall be binding, effective, and enforceable against all successors, transferees, and assignees, in accordance with Section 208 of this NOFA, after a certificate of occupancy or its equivalent has been issued for the Project, or if no such certificate is issued, from the date of initial occupancy of the Project.
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Affordability Covenant means the legally binding instrument which (i) is recorded in first position against Project real property in consideration for the Homekey Program award to the Grantee; (ii) imposes use, operation, occupancy, and affordability restrictions on the real property and improvements; and (iii) incorporates the Homekey Program Requirements by reference. Upon its execution, the Affordability Covenant shall be binding, effective, and enforceable against all successors, transferees, and assignees, in accordance with Section 208 of the NOFA, after a certificate of occupancy or its equivalent has been issued for the Project, or if no such certificate is issued, from the date of initial occupancy of the Project. Interim Housing Projects, Permanent Housing Projects, and Permanent Housing Projects on tribal trust land shall be encumbered with 30-year, 55-year, and 50-year Affordability Covenants, respectively.
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Affordability Covenant means a covenant to be recorded against each Unit restricting each Unit as an affordable unit for the Affordability Covenant Term, and subject to the affordability requirements applicable to the specific Unit.
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Affordability Covenant has the meaning set forth in Section 9.6(a) and in the form attached hereto as Exhibit I.
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Affordability Covenant has the meaning set forth in paragraph 17(a) hereof.
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Affordability Covenant means the legally binding instrument which (a) is recorded in first position against Project real property and/or the leasehold, as may be applicable, in
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Related to Affordability Covenant

  • Affordability means a housing unit that satisfies at least one of the following criteria:

  • Affordability average means the average percentage of median income at which restricted units in an affordable housing development are affordable to low- and moderate-income households.

  • Affordability Period means the period during which the average rent in a Project is required to be maintained at an affordable level, as determined in accordance with the Program Guidelines or as otherwise established by the County;

  • Affordable means, a sales price or rent level that is within the means of a low- or moderate- income household as defined within N.J.A.C. 5:93-7.4, and, in the case of an ownership unit, that the sales price for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.6, as may be amended and supplemented, and, in the case of a rental unit, that the rent for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.12, as may be amended and supplemented.

  • Insurance Affordability Program means a program that is one of the following:

  • 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.

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Energy efficiency portfolio standard means a requirement to

  • Efficiency means the gas turbine manufacturer's rated heat rate at peak load in terms of heat input per unit of power output based on the lower heating value of the fuel.

  • DSCR means debt service coverage ratio.

  • Capture efficiency means the weight per unit time of VOC entering a capture system and delivered to a control device divided by the weight per unit time of total VOC generated by a source of VOC, expressed as a percentage.

  • Turbidity means the cloudy condition of water due to the presence of extremely fine particulate materials in suspension that interfere with the passage of light.

  • SOX Compliant Entity means an entity that either is required to be compliant with, or voluntarily is compliant with, all of the following provisions of the Sarbanes-Oxley Act of 2002: (i) the preapproval requirements of Section 201 (Section 10A(i) of the Securities Exchange Act of 1934); (ii) the Audit committee independence requirements of Section 301 (Section 10A(m)(3) of the Securities Exchange Act of 1934); and (iii) the Internal control over financial reporting requirements of Section 404 (Item 308 of SEC Regulation S-K).

  • Liquidity means, as of any date of determination, the sum of (i) the aggregate amount of Unrestricted Cash of the Obligors at such time plus (ii) Availability at such time.

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • Regulatory Flood Protection Elevation means the “Base Flood Elevation” plus the “Freeboard”. In “Special Flood Hazard Areas” where Base Flood Elevations (BFEs) have been determined, this elevation shall be the BFE plus two (2) feet of freeboard. In “Special Flood Hazard Areas” where no BFE has been established, this elevation shall be at least two (2) feet above the highest adjacent grade.

  • Irrigation efficiency (IE) means the measurement of the amount of water beneficially used divided by the amount of water applied. Irrigation efficiency is derived from measurements and estimates of irrigation system characteristics and management practices. The irrigation efficiency for purposes of this ordinance are 0.75 for overhead spray devices and 0.81 for drip systems.

  • Title IV-E Foster Care means a federal program authorized under §§ 472 and 473 of the Social

  • Energy efficiency measure means equipment, devices, or materials intended to decrease energy consumption, including, but not limited to, upgrades to a building envelope such as insulation and glazing; improvements in heating, ventilating and cooling systems; automated energy control systems; improved lighting, including daylighting; energy‑recovery systems; combined heat and power systems; or another utility cost‑savings measure approved by the governing body.

  • Trigger Period means the period commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering a possible ratings change).

  • Resource Adequacy Requirements has the meaning set forth in Section 3.3.

  • Portability means transfer by an Individual Health Insurance Policyholder (including family cover) of the credit gained for pre-existing conditions and time-bound exclusions if he/she chooses to switch from one insurer to another.

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

  • Demonstration project means one of the following projects:

  • Regulatory Floodway means the channel of a river or other watercourse and the adjacent land areas that must be reserved in order to discharge the base flood without cumulatively increasing the water surface elevation more than a designated height.