BMR Unit definition

BMR Unit means the two-bedroom unit in the Project of approximately 1,115 net square feet in size that is required to be rented to Eligible Households at Affordable Rent in accordance with the Density Bonus Ordinance and this Agreement.
Sample 1
BMR Unit or “BMR Units” shall mean and refer to one or more of the Below Market Rate
Sample 1
BMR Unit means Units in the Vale Subdivisions that are treated as “BMR Units” pursuant to that certain Below Market Rate Housing Developer Agreement and Declaration of Restricted Covenants dated October 13, 2016 between the City of Sunnyvale and LS-Sunnyvale LLC, a California limited liability company.
Sample 1

Examples of BMR Unit in a sentence

  • Households shall pay an application fee of $50 when initially submitting an application for the lottery to purchase a BMR Unit and shall pay an additional fee of $50, payable on January 1 of each calendar year, to remain eligible for any BMR Unit lottery held by the Housing Authority.

  • The strength that shined through in this contract, was our ability to tackle difficult compliance enforcement activities that culminated with the acquisition of a BMR Unit and a resale to an eligible subsequent purchaser.

  • If the Housing Authority declares that the owner of a BMR Unit is in default as defined by the Resale Agreement or Deed of Trust, and the Locality authorizes the Housing Authority in writing to enforce the Resale Agreement and Deed of Trust on behalf of the Locality, the Locality shall reimburse the Housing Authority for all of its costs, including but not limited to all staff time, attorneys fees, court costs, and other consultants.

  • The continued affordability of the BMR Units in the Locality's BMR Program shall be secured by a Resale and Refinancing Restriction Agreement and Option to Purchase (the "Resale Agreement") entered into by the Housing Authority and the homebuyer, and Deed of Trust in favor of the Housing Authority (the "Deed of Trust"), both of which will be recorded against any new or resold BMR Unit at the close of escrow in substantially the form attached as Exhibit B and Exhibit C.

  • The Housing Authority will not utilize any priorities or preferences in the selection of prospective homebuyers for any BMR Unit.

  • Occupants of the BMR Unit shall have access to all Project amenities and recreational facilities available to occupants of the Project’s market-rate units.

  • The fee for calculation of the resale price of a BMR Unit shall be $100, payable by the seller in advance.

  • Owner acknowledges and agrees that the City has granted incentives and concessions for the Project, including a reduction in required parking spaces and a density bonus, and that therefore, the City has the legal authority to impose rent and income eligibility requirements on the BMR Unit pursuant to the Density Bonus Statute and the Density Bonus Ordinance.

  • In consideration of the monitoring activities to be performed by the Housing Authority pursuant to Section 1(d) of the MOU, the Locality shall pay to the Housing Authority an annual participation and monitoring fee of $50 for each BMR Unit in the Locality administered by the Housing Authority, payable upon presentation of invoice, at the start of the calendar year.

  • For each initial sale or resale of an existing BMR Unit in the Locality that is facilitated by the Housing Authority, the Housing Authority shall be paid a BMR Sales Transaction Fee equal to three percent (3.0%) of the sales price of the BMR Unit, to be divided and paid in equal shares—one-half by the buyer and one-half by the seller at close of escrow.


More Definitions of BMR Unit

BMR Unit means a housing unit that, if for-sale, has an initial sales price that is consistent with what a household making 80 to 100 percent of the Santa Clara County median income can afford in housing expenses, such as mortgage payment, taxes, insurance, and association dues. If the unit is for rent, a BMR unit is a housing unit that has an initial rent equivalent to the HUD Section 8 (or its successor program) Fair Market Rent, adjusted annually by not more than one-third of the Consumer Price Index or other comparable formula agreed to by the city.
Sample 1
BMR Unit means any one of the four ‘loft’ dwellings facing Petaluma Boulevard North (as approved April 12, 2022, by the Planning Commission) that is required to be rented to Eligible Households at Affordable Rent in accordance with the Density Bonus Ordinance and this Agreement.
Sample 1

Related to BMR Unit

  • GP Unit means a Partnership Unit which is designated as a GP Unit of the Partnership.

  • sub-unit means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one cent.

  • Designated Unit means information technology devices (e.g. hard disks or central processing units) identified by Licensee pursuant to this Agreement that have been officially made known to the public as appropriate for Use or interoperation with the Software.

  • General Partner Unit means a fractional part of the General Partner Interest having the rights and obligations specified with respect to the General Partner Interest. A General Partner Unit is not a Unit.

  • LLC Unit means a common limited liability interest in the Company.

  • Unit Share means a Common Share comprising part of each Unit;

  • Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as may be amended from time to time.

  • OP Unit means a Partnership Unit which is designated as an OP Unit of the Partnership.

  • NAV per Unit means the NAV of the Company divided by the number of Units then outstanding.

  • Common Unit means a common unit representing a limited partner interest in the Partnership having the rights set forth in the Partnership Agreement.

  • Heat unit means a unit of energy equal to the product of the peak kilovoltage, milliamperes, and seconds, i.e., kVp x mA x second.

  • Class A Unit means any Partnership Unit that is not specifically designated by the General Partner as being of another specified class of Partnership Units.

  • Said Unit means the said Flat, the said Vehicle Parking Space, (if any), and the right of common use of the Common Portions and wherever the context so intends or permits, shall also include the Said Undivided Share.

  • apartment unit means any residential dwelling unit within a building containing three or more dwelling units where access to each residential unit is obtained through a common entrance or entrances from the street level and the residential units are connected by an interior corridor;

  • New unit means a unit that commences commercial operation on or after November 15, 1990, including any such unit that serves a generator with a nameplate capacity of 25 MWe or less or that is a simple combustion turbine.

  • target unit means a facility or group of facilities to which an underlying agreement applies; “tCO2 equivalent” means tonnes of carbon dioxide equivalent;

  • Unit and “Quality” means the unit and quantity specified in the schedule.

  • Membership Unit means a Membership Common Unit, a Company Preferred Unit, a Company Junior Unit or any other fractional share of the Membership Interests that the Managing Member has authorized pursuant to Section 4.1 or Section 4.2 hereof.

  • Management Unit means an area established by the Commission for management purposes.

  • Class B Unit means a Partnership Unit which is designated as a Class B Unit of the Partnership.

  • LTIP Unit means a Limited Partnership Interest which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in Section 4.4 hereof and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners shall be set forth on Exhibit A, as may be amended from time to time.

  • Fund Share means the share, unit, or other evidence of ownership in a Permissible Investment.

  • Units means the units of the Company, each comprised of one share of Common Stock and one-half of one Warrant.

  • General Partner Units has the meaning assigned to such term in the Partnership Agreement.

  • Time-share unit means a condominium unit in which a time-share estate or a time-share license exists.