Affordable Unit definition

Affordable Unit means a housing unit proposed or created pursuant to the Act and approved for crediting by the Court and/or funded through an affordable housing trust fund.

Affordable Unit means a housing unit proposed or created pursuant to the Act, credited pursuant to N.J.A.C. 5:97-4, and/or funded through an affordable housing trust fund.

Affordable Unit means a housing unit proposed or created pursuant to the Act, credited pursuant to applicable COAH regulations, the FSHC Settlement Agreement, or an order of the Superior Court.

Examples of Affordable Unit in a sentence

• In the event the Participant remains in noncompliance for thirty (30) days following receipt of written notice from the City of such noncompliance, then the Participant shall, without further notice or opportunity to cure, pay to the City Two Hundred Fifty Dollars ($250.00) per Required Affordable Unit for each year Participant fails to submit a Certificate covering each and every housing unit on the Site.

• Such documentation shall state for each Required Affordable Unit the unit size, the rental amount, the number of occupants, and the income of the occupants and any other information which may be used to determine compliance with the terms of this Agreement.

• Each tenant shall be a Low Income Household which meets the eligibility requirements established for the corresponding Required Affordable Unit, and Participant shall obtain a certification from each tenant renting or leasing each housing unit which substantiates such fact.

• All tenants residing in the Affordable Units during the last two (2) years of the Required Covenant Period shall be given notice by the Participant at least once every six (6) months prior to the expiration date of this requirement, that the rent payable on the Affordable Unit may be raised to a market rate rent at the end of the Required Covenant Period.

• For this purpose, a tenant who qualifies as a Very Low Income Household at the time he or she first occupies an Affordable Unit shall be deemed to continue to be so qualified until such time as a recertification of such individual’s or family’s income in accordance with Section 3 below demonstrates that such individual or family no longer qualifies as a Very Low Income Household.

More Definitions of Affordable Unit

Affordable Unit means a housing unit that satisfies all the following criteria:

Affordable Unit means any Unit subject to deed restrictions, resale restrictions, and/or regulatory agreements recorded in favor of the City or County providing for affordable housing.

Affordable Unit means an Attached Unit that is subject to affordable housing restrictions under any applicable law.

Affordable Unit means a housing unit proposed or created pursuant to the Act, credited pursuant to

Affordable Unit means each Residential Unit to be developed, sold, and used for residential purposes in accordance with the requirements of the Affordability Covenant.

Affordable Unit means a unit that is made available at an affordable rent, as defined in Health and Safety Code section 50053, to a household earning no more than 60 percent of the Area Median Income or at an affordable housing cost, as defined in Health and Safety Code section 50052.5, to a household earning no more than 120 percent of the Area Median Income. Rental units shall be subject to a recorded covenant ensuring affordability for a duration of at least 55 years. Ownership units shall initially be sold to and occupied by a qualified household, and shall be subject to a recorded covenant that includes either a resale restriction for at least 30 years or equity sharing upon resale.

Affordable Unit means a residential unit classified as Land Use Class 1 that is either deed-restricted to maintain the affordability of the residential unit or, at the City’s sole discretion, otherwise qualifies as affordable housing. A maximum of 43 Affordable Units will be classified as Exempt Property in accordance with Section 8 below. Any additional units (beyond 43) will be subject to the Special Tax and to mandatory prepayment of the Special Tax Obligation applicable to such Affordable Unit by the Property Owner prior to the issuance of a Certificate of Occupancy.