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
For example, if an ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project has eighty (80) Units, including twenty (20) Agency Affordable Units and sixty (60) ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units, then the Agency shall be responsible for twenty five percent (25%) (20/80 = 25%) of the Cost Overruns and Developer shall be responsible for seventy-five percent (75%) (60/80 = 75%) of the Cost Overruns for such ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project.
Cost Overruns shall be apportioned between the Agency and Developer according to the ratio of the number of Agency Affordable Units to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units in the applicable ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project.
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 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 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 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 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 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.
Affordable Units is defined in the Below-Market Rate Housing Plan. “Agency” is defined in the DDA.