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 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 per N.J.A.C. 5:80-26.3.
Examples of Affordability average in a sentence
Affordability average and bedroom distribution (N.J.A.C. 5:80-26.3).
More Definitions of Affordability average
Affordability average means the average percentage of median income at which new restricted units in an affordable housing development are affordable to very low-, low- and moderate-income households. “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.
Affordability average means an average of the percentage of median income at which restricted units in an affordable development are affordable to low- and moderate-income households. For example, if the rents for the five restricted rental units in an affordable housing development were affordable at 46, 48, 50, 52 and 54 percent of median income, respectively, the average affordability for the those units would be 50 percent of median income.
Affordability average means the average percentage of median income at which new restricted
Affordability average means an average of the percentage of median income, by household size for an applicable county, at which price-restricted units in a development are affordable to low and moderate income households, calculated in accordance with the rules and regulations of the agency.
Affordability average means the average percentage of median income at which new restricted units in an affordable housing