NSP FAQ
Q

To meet the 25% low-income set-aside requirement, can a grantee insert a clause into a developer agreement to sell a certain amount of units to households at or below 50% AMI?

Date Published: October 2012

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A

Grantees may insert a clause in developer agreements stating that the developer will market and sell a certain number of units to homebuyers with household incomes at or below 50% AMI. Grantees should remember the 25% set-aside requirement is met only when the properties are occupied, and the units must be occupied by grant closeout.


Tags: NSP Program Requirements - 25% Set Aside

FAQ ID:

417