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.

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.

Affordability Criteria means the empirical number that is generated based on a combination of community poverty rate, community unemployment rate and statewide population trend.

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.

• 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.

• 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.

• U.S. Conference of Mayors, Public Water Cost Per Household: Assessing Financial Impacts of EPA Affordability Criteria in California Cities, November 2014, http://www.usmayors.org/pressreleases/uploads/2014/1202-report-watercostsCA.pdf.

• 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.

• 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 CWSRF Program developed Affordability Criteria to be used on grants after FY2014.

• In addition, at the discretion of the CWSRF Loan Program, projects that have Green Project Reserve components or projects that meet the Authority’s Affordability Criteria as defined in Section G of this Intended Use Plan.

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

Affordability Criteria means the empirical number that is generated based on a combination of communitycounty poverty rate, communitycounty unemployment rate and statewide population trend.

Affordability Criteria means the empirical number that is generated based on a combination of communitypoverty rate, communityunemployment rate and statewide population trend.

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).

Affordability Criteria has the meaning given to it in Section 8.6; “Affordability Period” means the term of the Lease;

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.