Affordable Units definition

Affordable Units means units that have rents that do not

Affordable Units means any combination of dwelling units restricted in perpetuity as affordable to persons or families qualifying as low or moderate median income. The affordable restriction shall be approved as to form by legal counsel to the Planning Board, and a right of first refusal upon the transfer of such restricted units shall be granted to the Town or its designee for a period not less than 120 days after notice thereof;

Affordable Units means living units, which are required under this chapter to be rented at affordable rents or available at an affordable ownership cost to eligible households.

Examples of Affordable Units in a sentence

• The NTP includes Project details, including but not limited to: a description of the Approved Project and the permitted uses of program funds; the Approved Project development budget and sources and uses of funds and financing; the number of units and Affordable Units; the approved schedule of the Project, including land acquisition, if any, commencement and completion of construction or rehabilitation work, and occupancy by eligible Households; Performance milestones; and Performance penalties.

• Affordable Units - means a housing unit that is rented at an Affordable Rent to a household that earns less than 80% of Area Median Income adjusted for household size as calculated by HUD for different metropolitan areas within the state and published annually by the Department.

• To the extent legally possible, occupancy of the Affordable Units shall be limited to two persons per bedroom plus one additional person.

• During the Subsidy Period (as defined below), rents for the Affordable Units shall be no greater than those permitted by the Subsidizing Agency Agreements, all in accordance with the applicable rules, regulations, and guidelines of the Subsidizing Agency.

• During the Subsidy Period, the Subsidizing Agency shall have exclusive authority and jurisdiction for all monitoring, oversight, and enforcement functions with respect to the Affordable Units, including without limitation, provision of the Affordable Units, monitoring eligibility for tenancy, calculation of affordable rentals and all matters related to limited dividend restrictions.

More Definitions of Affordable Units

Affordable Units means the twenty-five (25) units in the Project designated by the Owner and approved by the City, as set forth in Exhibit B, and reserved for occupancy by Eligible Households with maximum rents pursuant to Section 3.

Affordable Units means housing which the DRB finds to be designed and established to meet the needs of below-median household incomes. Affordable units may include VHFA-eligible housing units, rental or owner- occupied dwelling units intended for long-term affordability, limited equity housing cooperatives, or perpetually restricted (housing land trust) projects.

Affordable Units means affordable to persons earning less than 80% Area Median Family Income (AMFI) as defined by U.S. Department of Housing and Urban Development (HUD) for single family housing and under 60% AMFI as defined by HUD for rental and multi-family.

Affordable Units means a dwelling unit that will be offered for rent exclusively to an Income Eligible Household at an Affordable Rent pursuant to this Agreement.

Affordable Units means dwelling units associated with the Project that are deed restricted for the greater of 55 years or the Life of the Project and are available to and occupied by Thirty Percent Income Households and/or One Hundred Percent Income Households at Affordable Rent.

Affordable Units means those dwelling units which are required to be rented at an affordable rent or to be purchased at an affordable sales price and subject to occupant affordability requirements. Affordable units include, but are not limited to, inclusionary housing units.

Affordable Units means the 23 units in the Project as selected by the Owner and as approved by the City or its Designee, as set forth in Exhibit B, and reserved for occupancy by Eligible Households pursuant to Section 3.