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.

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Affordable Unit means a housing unit proposed or created pursuant to the Act, credited pursuant to N.J.A.C. 5:93, 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

• Such income certificate shall contain a statement of the total Annual Income for the previous year of each person who proposes to live in the Affordable Unit during that year.

• The Executive Director, or its designee, may, in his or her sole discretion, approve such requests upon making a finding that, for a period of not less than ninety (90) days, Developer has made all reasonable efforts to market the Affordable Unit to prospective tenants at the designated income level, that there are no apparent qualified applicants at the designated income level, and that there are no significant financial impacts to the project.

• The maximum incomes of all tenants eligible to rent an Affordable Unit shall be determined on the basis of the Area Median Income for San Diego County.

• Developer shall re-apply for approval to vary from such designation, in the event Developer is unable to again lease an Affordable Unit at the designated income level.

• In no event will the City require the Affordable Unit gross rents to be set lower than the rents listed on Exhibit B.

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 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 (AMI). For homeownership projects, it means a housing unit that is made available 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 AMI. Rental Units shall be subject to a recorded covenant ensuring affordability for a duration of at least 55 years. Homeownership 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 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 an apartment unit located within the Project reserved for lease or leased to a Low Income Resident in accordance with the Affordable Housing Requirement.