Mutual housing definition

Mutual housing means a housing project operated or to be operated upon completion of construction, improvement or rehabilitation exclusively for the benefit of the families who are entitled to occupancy by reason of ownership of stock in the housing sponsor, or by reason of co-ownership of premises in a horizontal property regime pursuant to P.L.1963, c.168; but the agency may adopt rules and regulations permitting a reasonable percentage of space in such project to be rented for residential or for commercial use.
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Mutual housing property is owned by a Mutual Housing Association (MHA) and residents are members of the Association that owns the housing. The MHA is a nonprofit corporation that develops, owns and/or manages, or assists cooperatives and other forms of nonprofit resident-controlled housing. The MHA is governed by a Board of Directors composed of residents, and representatives from the private, public and community sectors. The MHA owns all of the housing developments. Residents cannot buy or sell their units directly, however, they have a significant voice in decision-making, and have a lifetime right to live in the housing. 1 Definitions developed in consultation with HUD’s Office of Single Family Housing and the National Association of Housing Cooperatives (NAHC).
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Mutual housing means a multi-unit homeownership development that allows each resident a vested financial interest that has a determinable market value, is divisible and gives the owner an exclusive right to occupy a designated unit for an indefinite period.
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Examples of Mutual housing in a sentence

  • Mutual housing associations always involve substantial resident participation in the community and are often also owned and controlled by the residents of the housing produced.

  • That means that he is in SSO (Single-Sign-On) and the services used are part of a Federation of Services.

  • In the UK’s only Mutual housing association, employees are also represented in the decision making process and all tenants have the right to become Members of the Mutual and can choose the level of involvement that they have in the running of the company.

  • Mutual housing and real estate companiesMutual housing and real estate companies are combined in the consolidated financial statements as subsidiaries using the purchase method when the ownership totals 100 percent, and relatively row-by-row in other cases because the property items of the companies are in mutual control.

  • Subject: Comments on last nights meeting for Mutual housing project.Date: Friday, June 19, 2020 1:38:22 PM EXTERNAL EMAIL: If unknown sender, do not click links/attachments.

  • Mutual housing associations – these housing associations are membership controlled where membership is open and voluntary for residents (and sometimes employees).

  • Mutual housing provides stability of these areas through quality transitional scale development with responsible management and secure tenure.

  • Paragraph (6) of subdivision (i) of Section 3-14 of Chapter 3 of Title 28 of the Rules of the City of New York is amended to read as follows:(6) Mutual housing companies-special meeting.

  • This process can take a long time.• Tenant cash incentive schemesYou might be able to get a cash payment in return for moving to a smaller property,as you’ll be freeing up your current home for larger households.• Mutual housing exchange schemesThese allow you to exchange your home with another council or housing association resident.

  • The Fold Residential Community CompanyPossible options include:Freehold company owned by residents, who then purchase leasehold homes; Mutual housing ownership society (MHOS);Housing co-operative.


More Definitions of Mutual housing

Mutual housing means a housing project operated or to be operated upon completion of construction or rehabilitation exclusively for the benefit of the families of moderate income who are entitled to occupancy by reason of ownership of stock in the qualified housing sponsor, or as a co-owner in a horizontal property regime pursuant to the "Horizontal Property Act, " P.L. 1963, c.168 (C.46:8A-1 et seq.) or as a condominium unit owner pursuant to the "Condominium Act, " P.L. 1969, c.257 (C.46:8B-1 et seq.); provided, however, the authority may adopt rules and regulations permitting a reasonable percentage of space in such project to be rented for residential or for commercial use.
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Mutual housing means housing provided by an eligible developer, owned and managed by a nonprofit mutual housing association or by an entity controlled by a nonprofit mutual housing association, in which residents (A) participate in ongoing operation and management; (B) have the right to continue residing in such housing [so] as long as they comply with the terms of their respective occupancy agreement; and (C) have an ownership interest in such occupancy agreement, conditional upon compliance with its terms, but do not possess an equity interest in such housing.
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Related to Mutual housing

  • Transitional housing means buildings configured as rental housing developments, but operated under program requirements that require the termination of assistance and recirculating of the assisted unit to another eligible program recipient at a predetermined future point in time that shall be no less than six months from the beginning of the assistance.

  • Supportive housing means housing with no limit on length of stay, that is occupied by the target population, and that is linked to an onsite or offsite service that assists the supportive housing resident in retaining the housing, improving his or her health status, and maximizing his or her ability to live and, when possible, work in the community.

  • Affordable housing means either of the following:

  • Virginia Stormwater Management Program or “VSMP” means a program approved by the State Board after September 13, 2011, that has been established by a locality to manage the quality and quantity of runoff resulting from land-disturbing activities and shall include such items as local ordinances, rules, permit requirements, annual standards and specifications, policies and guidelines, technical materials, and requirements for plan review, inspection, enforcement, where authorized in this article, and evaluation consistent with the requirements of this article and associated regulations.

  • Virginia Stormwater Management Program authority or "VSMP authority" means an authority approved by the State Board after September 13, 2011, to operate a Virginia Stormwater Management Program.