202103877 - Laserfiche WebLink

Browse

202103877 purchase the housing before foreclosure or deed in lieu of foreclosure to preserve affordability. The affordability restrictions shall be revived according to the original terms if, during the original affordability period, the owner of record before the foreclosure, or deed in lieu of foreclosure, or any entity that includes the former owner or those with whom the former owner has or had family of business ties, obtains an ownership interest in the project or property. 6. Approval of Rents. Throughout the Affordability Period, the Owner shall notify the Department of any changes it proposes to its rents on HOME -assisted units prior to the effective date of change. The proposed rents shall not take effect until the Department has given its approval. 7. Tenant Income. The income of each tenant of the HOME units must be initially determined in accordance with HUD regulations. Throughout the period of affordability, the Owner must re-examine each tenant's annual income in accordance with the Department's regulations. 8. Property Condition Standards. The Owner must maintain the Project as decent, safe, and sanitary housing in good repair. The Project shall meet all applicable State and local code requirements and ordinances, be free of all health and safety defects identified in HUD's Uniform Physical Condition Standards, and, if applicable, meet HUD's lead-based paint requirements. 9. Change in Use. The HOME units must be used as low-income housing at the above prescribed rents for the applicable affordability period. The Owner, its heirs, assigns, grantees, lessees, and successors may not change the use of the Project unless approval is given in writing by the Department. 10. Covenant Term. This Covenant shall encumber the Project, without regard to the term of any mortgage or transfer of ownership, for a period of twenty (20) years following the date of the completion of the construction. This period may be modified by proper amendment. 11 Binding. All of the conditions, restrictions, and agreements included in this Covenant shall be considered to run with the land. In any event, and without regard to technical classification or designation, legal or otherwise, they shall be binding to the fullest extent permitted by law and equity and shall be enforceable by the Department and its successors and assigns against the Owner and its successors and assigns to any part of the property, or any interest therein and to any part in the possession of occupancy of any part of said property, that is the subject of this Covenant. 12. Enforcement. The Department may require from the Owner, at any time during the period of affordability, documentation verifying the existence of and proper recordation of the necessary and appropriate deed restrictions and land use restriction agreements for enforcement of the affordability and eligibility requirements and restrictions. These deed restrictions and restrictive covenants must "touch and concern" the land, "burden and benefit" the respective Page 3 of 5