Affordability Criteria definition

Affordability Criteria means: All units must serve and be affordable (household is paying less than 30% of gross income on housing costs) to targeted People and Populations Who Are Vulnerable and who are also, or otherwise would be, in severe housing need or people experiencing or at high risk of homelessness as described below. Affordability must be maintained for a minimum of 20 years. The Recipient will be required to confirm, through an attestation, that all units serve the intended targeted population. CMHC may require incremental validation throughout the 20-year affordability period as needed. A household in severe housing need is a subset of core housing need households that pays 50% or more for their current dwelling. A household is said to be in core housing need if its housing falls below at least one of the adequacy, affordability or suitability standards and it would have to spend 30% or more of its total before tax income to pay the median rent of alternative local housing that is acceptable (meets all three housing standards). Homelessness is described as the situation of an individual, family or community without stable, safe, permanent, appropriate housing, or the immediate prospect, means and ability of acquiring it. Populations at imminent risk of homelessness are defined as individuals or families whose current housing situation will end in the near future (for example, within 2 months) and for whom no subsequent residence has been established. A Recipient who has already adopted its own definitions for ‘severe core housing need’, ‘homelessness’ or at ‘risk of homelessness’ may, with approval of CMHC, apply such definitions to the Affordability Criteria. Otherwise, the definitions for these terms indicated herein apply.
Sample 1Sample 2Sample 3
Affordability Criteria means: All units must serve and be affordable (household is paying less than 30% of gross income on housing costs or the shelter component of any provincial income assistance program as an equivalent) to targeted People and Populations Who Are Vulnerable and who are also, or otherwise would be, in severe housing need or people experiencing or at high risk of homelessness as described below. Affordability must be maintained for a minimum of 20 years. The Recipient will be required to confirm, through an attestation, that all units serve the intended targeted population. CMHC may require incremental validation throughout the 20- year affordability period as needed. A household in severe housing need is a subset of core housing need households that pays 50% or more for their current dwelling. A household is said to be in core housing need if its housing falls below at least one of the adequacy, affordability or suitability standards and it would have to spend 30% or more of its total before tax income to pay the median rent of alternative local housing that is acceptable (meets all three housing standards). Homelessness is described as the situation of an individual, family or community without stable, safe, permanent, appropriate housing, or the immediate prospect, means and ability of acquiring it. Populations at imminent risk of homelessness are defined as individuals or families whose current housing situation will end in the near future (for example, within 2 months) and for whom no subsequent residence has been established. A Recipient who has already adopted its own definitions for ‘severe core housing need’, ‘homelessness’ or at ‘risk of homelessness’ may, with approval of CMHC, apply such definitions to the Affordability Criteria. Otherwise, the definitions for these terms indicated herein apply.
Sample 1Sample 2
Affordability Criteria means the empirical number that is generated based on a combination of community poverty rate, community unemployment rate and statewide population trend.
Sample 1Sample 2

Examples of Affordability Criteria in a sentence

  • However, disadvantaged communities, as identified in the Project Priority System- Category D, Affordability Criteria, will receive more ranking points.

  • Affordability Criteria and Rents Projects approved under the Rental Housing component must remain affordable for a minimum period of 20 years.

  • SRF's Affordability Criteria is defined as a loan participant "below 80% of the State MHI and opens consideration to projects that positively impact smaller areas of disadvantage within a wider community." See SRF's Clean Water Intended Use Plan for additional information.

  • Affordability Criteria Statutory Basis - Based upon changes made in 2014 to the Clean Water Act [see Section 603 (i)(2)(A)], Ohio EPA is required to develop affordability criteria, and use that criteria to determine what communities or districts qualify for additional financial subsidy (i.e. principal forgiveness).

  • The federally-mandated Affordability Criteria is the primary determiner of the WPCLF applicants that are potentially eligible for principal forgiveness.

  • The SA Tool and the metrics are discussed in Appendix A - Affordability Criteria, and they define the affordability criteria that will be used to evaluate the DAC status of a borrower for the purpose of SRF loan forgiveness (LF) eligibility.

  • The Club’s survival (financially) over the years has always been on a knife’s edge and unless the income streams are increased it could lead to the Club having to curtail its activities.

  • The Bank has revised the Affordability Criteria in this IUP for the distribution of additional subsidy in order to fulfill the intents and goals of the BIL to reach Disadvantaged Communities.

  • Affordability Criteria is discussed in Appendix C and BIL Annex A to the CWSRF IUP.Additional Subsidization:Iowa applies additional subsidization in the form of loan forgiveness.

  • The revised affordability criteria is as follows: Affordability Criteria for Disadvantaged CommunitiesTo assess affordability needs in the CWSRF, Rhode Island has established an Affordability Criteria for Rhode Island’s municipalities and wastewater and drinking water utilities.


More Definitions of Affordability Criteria

Affordability Criteria means an inflow and infiltration project service area that is located, in whole or in part, in a census tract where at least three of the following apply as determined using the most recently published data from the United States Census Bureau
Sample 1
Affordability Criteria means the empirical number that is generated based on a combination of communitypoverty rate, communityunemployment rate and statewide population trend.
Sample 1Sample 2
Affordability Criteria means: All Units must serve and be (i) affordable such that the household is paying less than 30% of gross income on housing costs or the shelter component of any provincial or territorial income assistance program as an equivalent, (ii) to targeted People and Populations Who Are Vulnerable and (iii) who are also, or otherwise would be, in severe housing need or people experiencing or at high risk of homelessness as described below. Affordability must be maintained for a minimum of 20 years. The Recipient will be required to confirm, through an attestation, that all units serve the intended targeted population. The City may require incremental validation throughout the 20-year affordability period as needed. A household in severe housing need is a subset of core housing need households that pays 50% or more of its total before tax income for their current dwelling. A household is said to be in core housing need if its housing falls below at least one of the adequacy, affordability or suitability standards and it would have to spend 30% or more of its total before tax income to pay the median rent of alternative local housing that is acceptable (meets all three housing standards). Homelessness is described as the situation of an individual, family or community without stable, safe, permanent, appropriate housing, or the immediate prospect, means and ability of acquiring it. Populations at imminent risk of homelessness are defined as individuals or families whose current housing situation will end in the near future (for example, within 2 months) and for whom no subsequent residence has been established.
Sample 1
Affordability Criteria has the meaning given to it in Section 8.6; “Affordability Period” means the term of the Lease;
Sample 1
Affordability Criteria means, unless otherwise required by DECD, with respect to (i) twelve (12) of the Units, that the income level for any household seeking to own such Unit shall be an amount less than or equal to eighty (80%) percent of area median income as determined by HUD (“AMI”) at the time the owner initially purchases the Unit and (ii) two (2) of the Units, that the income level for any household seeking to purchase such Unit shall be an amount less than or equal to fifty (50%) percent of AMI at the time such owner initially purchaser the Unit. Such Unit counts to be reduced for each income category on a pro rata basis to the extent the total number of Units constructed is less than fourteen (14).
Sample 1
Affordability Criteria means the empirical number that is generated based on a combination of communitycounty poverty rate, communitycounty unemployment rate and statewide population trend.
Sample 1Sample 2

Related to Affordability Criteria

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

  • Eligibility Criteria means the legal criteria as specified in the Clause 5 of this E- Auction Process Information Document;

  • 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.

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

  • Review Criteria has the meaning assigned to that term in Section 12.02(b)(i).

  • Criteria means one of the eight (8) state defined categories to be scored.

  • Selection Criteria means and includes all of the requirements, considerations,

  • Energy efficiency portfolio standard means a requirement to

  • 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;

  • Evaluation Criteria means the criteria set out under the clause 27 (Evaluation Process) of this Part C, which includes the Qualifying Criteria, Functional Criteria and Price and Preferential Points Assessment.

  • Board-Established Criteria means criteria that the Board of a Regulated Fund may establish from time to time to describe the characteristics of Potential Co-Investment Transactions regarding which the Adviser to the Regulated Fund should be notified under Condition 1. The Board-Established Criteria will be consistent with the Regulated Fund’s Objectives and Strategies (defined below). If no Board-Established Criteria are in effect, then the Regulated Fund’s Adviser will be notified of all Potential Co-Investment Transactions that fall within the Regulated Fund’s then-current Objectives and Strategies. Board-Established Criteria will be objective and testable, meaning that they will be based on observable information, such as industry/sector of the issuer, minimum EBITDA of the issuer, asset class of the investment opportunity or required commitment size, and not on characteristics that involve a discretionary assessment. The Adviser to the Regulated Fund may from time to time recommend criteria for the Board’s consideration, but Board-Established Criteria will only become effective if approved by a majority of the Independent Directors (defined below). The Independent Directors of a Regulated Fund may at any time rescind, suspend or qualify their approval of any Board-Established Criteria, though Applicants anticipate that, under normal circumstances, the Board would not modify these criteria more often than quarterly.

  • Housing Specialist means a specialized position dedicated to developing the full array of housing options for their program and monitoring their sustainability for the population served in accordance with the minimal housing standards policy set by County for their program. The Housing Specialist is also responsible for assisting Participants with applications to low- income housing, housing subsidies, senior housing, etc.

  • Performance Standards or “PS” shall mean the cleanup levels and other measures of achievement of the remedial action objectives, as set forth in the ROD.