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. 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. 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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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 Development Costs used in the Affordable Housing Commuted Sum Payment Table are based on information provided by the District Valuation Service (DVS) in Summer 2016 and are set out in the tables below.

  • The financial contribution would be calculated as:0.8 units x 65 sqm x £1,157 = £60,164 (3) If justified as unviable to deliver the affordable units on site, use the Affordable Housing Commuted Sum Payment Table to calculate the sum payment for the full quota of 4.8no 2 bedroom flats at £1,157 per sqm.

  • The owner is only permitted to cascade from Intermediate Housing to Market Housing with the approval of the Council and subject to the payment of the Affordable Housing Commuted Sum.

  • This is calculated by multiplying the Development Costs(MV – SPV) in the Affordable Housing Commuted Sum Payment Table by 0.4 (40 per cent).

  • Delivery: (1) Onsite delivery of 5 affordable units, appropriately arranged on the site; or (2) Onsite delivery of 4 affordable units and a commuted sum for 0.8 (80 per cent) of a 2 bedroom flat, calculated from the Affordable Housing Commuted Sum Payment Table at £1,157 per sqm.

  • The proposal requires a commuted sum for 0.3 of a unit, the commuted sum has been calculated using the Affordable Housing Commuted Sum Table provided in the Affordable Housing SPD.8.13.3The affordable housing would be provided in compliance with the requirements of CP1 and the NPPF and a Section 106 legal agreement has been drafted to secure this.

  • Each agreement or instrument setting forth the terms of an Award shall contain such terms, provisions and conditions not inconsistent herewith as shall be determined by the Committee.

  • Open Market Value – Affordable Purchase Price = Affordable Housing Commuted Sum.

  • Councillor Chris Saint – Leader of the Council Members were presented with a report of the draft final version of the Off-site Affordable Housing Commuted Sum technical work undertaken to inform the preparation of the Development Requirements SPD.


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 commuted sum payment to
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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 means the financial contribution due to the Council in lieu of the shortfall of on-site provision of Affordable Housing of [_number of AH that should be on-site] which is equivalent to the provision of 40% on-site Affordable Housing, in the sum of is [ words ] (£ ), which is subject to the Affordable Housing Contribution Fee. The total payment is increased by the amount (if any) equal to the rise in the index pursuant to clause 19
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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
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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 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, unless the context clearly

  • 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.

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

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

  • 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:

  • 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