Affordable Housing Commuted Sum definition

Affordable Housing Commuted Sum means an Index Linked sum payable in respect of each Dwelling to be calculated in accordance with Table 2 as contained in the Affordable Housing SPD as follows: Scheme SizeRequired contributionCost to applicant for scheme1 unitnominal£5,0002 units0.2£18,4503 units0.3£27,6754 units0.4£36,9005units0.5£46,1256 units0.6£55,3507 units0.7£64,5758 units0.8£73,8009 units0.9£83,025 to be used by the Council towards the provision of Affordable Housing in Selby District in lieu of provision of Affordable Housing on the Site
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Affordable Housing Commuted Sum means the financial contribution due to the Council in lieu of the shortfall of on-site provision of Affordable Housing of which [is equivalent to the provision of 40% on-site Affordable Housing,] in the sum of is [ words ] (£ )(and subject to agreement with National Grid) as increased by the amount (if any) equal to the rise in the index pursuant to clause 6
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Affordable Housing Commuted Sum means a commuted sum payment to be agreed in writing between the Owners and the District Council (each party acting reasonably) and to be paid by the Owners to the District Council which should be sufficient to provide Affordable Housing outside of the Development and which shall be equivalent to 45% of the Market Value of each Affordable Housing Unit which the Owners are unable to transfer to the Registered Provider in accordance with the provisions of paragraph 2.3 of Part 1 of the First Schedule of this Deed and which shall be used by the District Council towards the provision of Affordable Housing within the District of Dover
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Examples of Affordable Housing Commuted Sum in a sentence

  • This is calculated by dividing the 40% of Development Costs for each type of dwelling in the Affordable Housing Commuted Sum Payment Table by the Unit size m2.of the dwelling displayed in the Payment Table.

  • The Council will use the Affordable Housing Commuted Sum Payment Table below to calculate the commuted sum payments.

  • The commuted sums for dwellings of various sizes and located in both of these market areas are summarised in Table 2: Affordable Housing Commuted Sum Payment Table.

  • The Affordable Housing Commuted Sum Payment Table calculations display a potential negative viability level within the Low Value Market Area for flatted schemes, and within the High Value Market Area for studio flats.

  • The Council will review the Affordable Housing Commuted Sum Payment Table, to reflect any changes in economic viability over the lifetime of the Core Strategy.

  • The Council will regularly review the Affordable Housing Commuted Sum Payment Table, to reflect any changes in economic viability over the lifetime of the Core Strategy.

  • Appendix B of this SPD explains the methodology used to construct the Affordable Housing Commuted Sum Payment Table.

  • The basis for calculating the cost to the developer of on-site provision is outlined in the Affordable Housing Commuted Sum Payment Table (Table 3), which is arranged by value market area, housing type and size of dwelling.

  • The Council will use the Affordable Housing Commuted Sum Payment Table to calculate the commuted sum payments.

  • The value of serviced plots for each dwelling type will be based on those displayed in Table 2: Affordable Housing Commuted Sum Payment Table of this document.


More Definitions of Affordable Housing Commuted Sum

Affordable Housing Commuted Sum means A – B = CA is the open market value of the Affordable Housing Unit not being delivered on the Site (i.e. as if it were a Market Housing Unit free from the restrictions to provide it as an Affordable Housing Unit). The value must be demonstrated by the Owner by relevant recent local examples supported by an independent valuation from a RICS accredited professional; B is the value at which a Registered Provider would be prepared to purchase the Affordable Housing Unit(s) on the basis that it is an Affordable Housing Unit subject to the relevant restrictions set out Schedule 2 of this Deed. The Owner should demonstrate this value with written evidence from at least two recognised Registered Providers PROVIDED THAT in the eventthat it is not reasonably practicable or possible to obtain such written evidence then the value shall be assumed to be 50% of the value of A; and C is the Affordable Housing Commuted Sum, being the difference between A and B, and considered to be the cost of developing the Affordable Housing Unit elsewhere;
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Affordable Housing Commuted Sum means a sum Index Linked which may be payable to the Borough Council pursuant to paragraph 2.6.2 of the Second Schedule and calculated as being 20% of the Open Market Value of the Affordable Housing Dwellings to which such payment relates
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Affordable Housing Commuted Sum. Error: Reference source not found means 60% of the Market Value of each Affordable Housing Unit sold on the open market in accordance with paragraph 1 of the Third Schedule;
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Affordable Housing Commuted Sum. 1 means 60% of the Market Value of each Affordable Housing Unit sold on the open market in accordance with paragraph 1 of the Third Schedule;
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Affordable Housing Commuted Sum means the sum of £176,000.00 that the Owner and the Developer have agreed to contribute in lieu of on- site provision towards schemes for the provision of Affordable or Social Housing in the City local election ward.
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Related to Affordable Housing Commuted Sum

  • Affordable Housing Cost means an amount satisfied by:

  • Affordable housing project means, for purposes of this part, title fourteen of article twenty seven of the environmental conservation law and section twenty-one of the tax law only, a project that is developed for residential use or mixed residential use that must include affordable residential rental units and/or affordable home ownership units.

  • Affordable Housing Unit means a rental unit in an affordable housing building that rents for an amount that is affordable to households at or below 60 percent of area median income, as median income was most recently determined by the United States Department of Housing and Urban Development for the Minneapolis- St. Paul- Bloomington, Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for household size and number of bedrooms.

  • Affordable housing development means a development included in the Housing Element and Fair Share Plan, and includes, but is not limited to, an inclusionary development, a municipal construction project or a 100 percent affordable development.

  • Affordable housing means housing that is available at a cost low enough to meet the needs of eligible households having regard to local incomes and local house prices and which will remain at an affordable price for future eligible households or, if not, that the subsidy is recycled for alternative affordable housing provision

  • Affordable housing program(s means any mechanism in a municipal Fair Share Plan prepared or implemented to address a municipality’s fair share obligation.

  • Affordable Housing Units – means the Affordable Housing to be provided as part of the Development in accordance with the application and/or any subsequent reserved matters approval.

  • 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.

  • Multifamily housing means housing accommodations designed as a residence for more than 1 family.

  • 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.

  • Community Contribution Company means a corporation formed under the laws of British Columbia that includes in its articles the following statement:

  • Non-profit housing development means development of a building or structure intended for use as residential premises by,

  • Title Insurance Company as defined in Section 5.1(l).

  • Property Management Agreement means any Property Management Agreement between the Company and the Property Manager.

  • Housing project means a project, or distinct portion of a

  • Multi-family housing means a building or structure that is designed to house two (2) or more different households in separate housing Units which have full kitchen facilities including oven/range, refrigerator, kitchen sink with hot and cold water supply and food storage facilities and at least one (1) full bathroom facility(s), one (1) full bedroom and one (1) living area (including a combination thereof such as studio arrangements).

  • Michigan state housing development authority means the public body corporate and politic created by Section 21 of the State Housing Development Authority Act of 1966, 1966 PA 346, MCL 125.1421.

  • Housing costs means the compensation or fees paid or charged, usually periodically, for the use of any property. land, buildings, or equipment. For purposes of this chapter, housing costs include the basic rent charge and any periodic or monthly fees for other services paid to the landlord by the tenant, but do not include utility charges that are based on usage and that the tenant has agreed in the rental agreement to pay, unless the obligation to pay those charges is itself a change in the terms of the rental agreement.

  • Community rehabilitation program means a program that provides directly or facilitates the provision of one or more of the following vocational rehabilitation services to individuals with disabilities to enable those individuals to maximize their opportunities for employment, including career advancement:

  • Urban renewal project means undertakings and activities of a municipality in an urban renewal area for the elimination and for the prevention of the development or spread of slums and blight, and may involve slum clearance and redevelopment in an urban renewal area, or rehabilitation or conservation in an urban renewal area, or any combination or part of them in accordance with an urban renewal plan. These undertakings and activities may include:

  • Affordable Unit means a housing unit proposed or created pursuant to the Act and approved for crediting by the Court and/or funded through an affordable housing trust fund.

  • Graduate medical education and disproportionate share fund or “GME/DSH fund” means a reimbursement fund developed as an adjunct reimbursement methodology to directly reimburse qualifying hospitals for the direct and indirect costs associated with the operation of graduate medical education programs and the costs associated with the treatment of a disproportionate share of poor, indigent, nonreimbursed or nominally reimbursed patients for inpatient services.

  • Housing development as used in this section, means a development project for five or more residential units, including mixed-use developments. For the purposes of this section, “housing development” also includes a subdivision or common interest development, as defined in Section 4100 of the Civil Code, approved by a city, county, or city and county and consists of residential units or unimproved residential lots and either a project to substantially rehabilitate and convert an existing commercial building to residential use or the substantial rehabilitation of an existing multifamily dwelling, as defined in subdivision (d) of Section 65863.4, where the result of the rehabilitation would be a net increase in available residential units. For the purpose of calculating a density bonus, the residential units shall be on contiguous sites that are the subject of one development application, but do not have to be based upon individual subdivision maps or parcels. The density bonus shall be permitted in geographic areas of the housing development other than the areas where the units for the lower income households are located.

  • Housing assistance means appropriate referrals by the

  • Hotel Management Agreement means any hotel management agreement relating to the management and operation of the Real Property together with all supplements, amendments and modifications thereto.

  • Residential real estate means any real property located in this state, upon which is constructed or intended to be constructed a dwelling;