Affordability Gap definition

Affordability Gap means the difference between the cost of constructing a housing unit based on fair market value versus the cost a low-income person can afford for a housing unit, using accepted housing cost calculations as provided in this ordinance.
Sample 1Sample 2Sample 3
Affordability Gap means the sum of money being the shortfall between: (i) the annual Unitary Charge (net of any deductions and any amounts payable by the Contractor under the Payment Mechanism) in a relevant Financial Year; and (ii) the aggregate of the amounts received by the Authority in a relevant Financial Year pursuant to:
Sample 1
Affordability Gap means the sum of money being the shortfall between: (i) the annual Unitary Charge (net of any deductions and any amounts payable by the Contractor under the Payment Mechanism) in a relevant Financial Year; and (ii) the aggregate of the amounts received by the Authority in a relevant Financial Year pursuant to: the Promissory Note; the School Agreement (insofar as the amounts received are contributions towards the Unitary Charge) but excluding any amounts which the Authority receives under clause 12.1A of the School Agreement (Affordability Gap); the Project Agreement78 (for the avoidance of doubt this does not include deductions or amounts payable by the Contractor under the Payment Mechanism); and [any agreements between the Authority and the [name other schools in the PFI scheme9] relating to the Project (insofar as the amounts received are contributions towards the Unitary Charge);] as may be amended from time to time;]10
Sample 1

Examples of Affordability Gap in a sentence

  • Affordable Sales Price $367,000 (Less) Development Costs ($584,000) Affordability Gap - Moderate Income ($217,000) [1] Construction costs include prevailing wages.[2] Per California Health and Safety Code Section 50052.5, the affordable sale price for a Moderate Income household is to be based on 110% of AMI, whereas qualifying income can be up to 120% of AMI.[3] See Table D-2 for Moderate Income home price estimate.

  • Average Housing Affordability Gap by Income Group Income Level Notes:(a) Low income households are defined at 70 percent of AMI for renters and 80 percent of AMI for owners.(b) Moderate income households are defined at 90 percent of AMI for renters and 110 percent AMI for owners.

  • The resulting gap between unit value and development costs is referred to as the Affordability Gap.

  • Affordability Gap AnalysisThe costs of homeownership and renting can be compared to a household’s ability to pay for housing to determine affordability in a community.

  • The calculation of the heating benefit amount is dependent on the Delaware home energy burden data published in the "The Home Energy Affordability Gap" by Fisher, Sheehan & Colton, Public Finance and General Economics, Belmont, Massachusetts.

  • Unit Values for Affordable UnitsIncome GroupUnit Tenure / TypeHousehold SizeUnit Values / Sales PriceUnder 30% AMI Affordability Gap The affordability gap is the difference between the cost of developing the affordable units and the unit value based on the restricted affordable rent or sales price.

  • Affordability Gap reflected is the remaining gap after financing available through 4% tax credits.

  • A Homebuyer Household is a type of Household that is eligible to purchase a Property or Qualified Dwelling Unit and benefits from the use of an Impact Fund Award in the construction of or acquisition, rehabilitation and resale of a Qualified Dwelling Unit and/or Affordability Gap Financing to purchase a Qualified Dwelling Unit.

  • Funding for Owner-Occupied Rehabilitation and Affordability Gap assistance are generally limited to situations where the articulated community need for such funds cannot be served by other available programs and resources, including Minnesota Housing programs.

  • Minnesota Housing may, at its sole discretion, waive the housing-to-income ratio requirement for Affordability Gap Financing on a case by case basis, when the Administrator provides a written waiver request.

Related to Affordability Gap

  • Affordability means a housing unit that satisfies at least one of the following criteria:

  • Affordability average means the average percentage of median income at which restricted units in an affordable housing development are affordable to low- and moderate-income households.

  • Period of Affordability means the time during which HOME Loan financed units must remain affordable to eligible households, as defined by HOME program regulations and this Plan. The Period of Affordability shall commence upon completion of the project and shall run for the period required under HOME regulations or the term of the HOME Loan, whichever is greater. Completion shall be defined as set forth in the HUD regulations for the HOME program.

  • Affordability Period means the period during which the average rent in a Project is required to be maintained at an affordable level, as determined in accordance with the Program Guidelines or as otherwise established by the County;

  • Insurance Affordability Program means a program that is one of the following:

  • Diversity means variety among individuals. Diversity includes, for example, variations in socio-economic status, race, developmental level, ethnicity, gender, language, learning styles, culture, abilities, age, interests, and/or personality.

  • Productivity as defined in ORS 427.005 means:

  • Behavioral health treatment means counseling and treatment programs, including applied behavior analysis, that are:

  • Sustainability means the use, development, and protection of resources at a rate and in a manner that enables people to meet their current needs while allowing future generations to meet their own needs; “sustainability” requires simultaneously meeting environmental, economic and community needs.

  • Outcomes means the Health and Wellbeing Outcomes prescribed by the Scottish Ministers in Regulations under section 5(1) of the Act;

  • Long-term inpatient care means inpatient services for

  • Outreach Services has the meaning ascribed thereto in Section 2.1(F)(5) hereof and Exhibit B hereto.

  • Resource Adequacy means the procurement obligation of load serving entities, including Buyer, as such obligations are described in CPUC Decisions D.00-00-000 and D.00-00-000 and subsequent CPUC decisions addressing Resource Adequacy issues, as those obligations may be altered from time to time in the CPUC Resource Adequacy Rulemakings (R.) 00-00-000 and (R.) 00-00-000 or by any successor proceeding, and all other Resource Adequacy obligations established by any other entity, including the CAISO.

  • Turbidity means the cloudy condition of water due to the presence of extremely fine particulate materials in suspension that interfere with the passage of light.

  • Hospice patient s family" means a hospice patient's immediate family members, including a spouse, brother, sister, child, or parent, and any other relative or individual who has significant personal ties to the patient and who is designated as a member of the patient's family by mutual agreement of the patient, the relative or individual, and the patient's interdisciplinary team.

  • Sustainability Factors means environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters.

  • Visibility impairment means any humanly perceptible change in visual range, contrast, or coloration from that which would have existed under natural visibility conditions.

  • Integrity means that personal data should be accurate and suitable for the purpose for which it is processed.

  • Reliability means the degree of performance of the bulk electric system that results in electricity being delivered within Reliability Standards and in the amount desired. Electric system Reliability can be addressed by considering two basic and functional aspects of electric systems, which are Adequacy and Security.

  • Efficiency means the gas turbine manufacturer's rated heat rate at peak load in terms of heat input per unit of power output based on the lower heating value of the fuel.

  • Mobile crisis outreach team means a crisis intervention service for minors or families of minors experiencing behavioral health or psychiatric emergencies.

  • Affordable means, a sales price or rent level that is within the means of a low- or moderate- income household as defined within N.J.A.C. 5:93-7.4, and, in the case of an ownership unit, that the sales price for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.6, as may be amended and supplemented, and, in the case of a rental unit, that the rent for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.12, as may be amended and supplemented.

  • Irrigation efficiency (IE) means the measurement of the amount of water beneficially used divided by the amount of water applied. Irrigation efficiency is derived from measurements and estimates of irrigation system characteristics and management practices. The irrigation efficiency for purposes of this ordinance are 0.75 for overhead spray devices and 0.81 for drip systems.

  • biodiversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are part; this includes diversity within species, between species and of ecosystems;

  • Thermal efficiency means the useful electric energy output of a

  • Legal and Sustainable means production and process methods, also referred to as timber production standards, and in the context of social criteria, contract performance conditions (only), as defined by the document titled "UK Government timber procurement policy: Definition of Legal and Sustainable for timber procurement" (available from the Authority on request and from the CPET website). The edition current on the day the Contract is awarded shall apply.