Affordable Ownership Price definition

Affordable Ownership Price means a sales price that includes a reasonable down payment and results in a Monthly Housing Payment during the first calendar year of a household's occupancy that (i) for Low Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of seventy percent (70%) of Area Median Income, as adjusted for Assumed Household Size; and (ii) for Very Low Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of Area Median Income, as adjusted for Assumed Household Size, as calculated consistent with Health & Safety Code Section 50052.5.
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Affordable Ownership Price means a sales price that includes a reasonable down payment and results in a Monthly Housing Payment during the first calendar year of a household's occupancy that (i) for Low Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of seventy percent (70%) of Area Median Income, as adjusted for Assumed Household Size; and (ii) for Very Low Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%)
Sample 1
Affordable Ownership Price means the maximum sales price as shown on the San Xxxx Obispo County’s Affordable Housing Standards, published monthly or if calculated by the City of Atascadero, a sales price that includes a reasonable down payment and results in a Monthly Housing Payment during the first calendar year of a household's occupancy that, (i) for Very Low Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of Area Median Income, as adjusted for Appropriately-Sized households; (ii) for Lower Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of seventy percent (70%) of Area Median Income, as adjusted for Appropriately-Sized households; and (iii) for Moderate Income Households, is equal to or less than one- twelfth (1/12) of thirty percent (30%) of one hundred twenty percent (120%) of Area Median Income, as adjusted for Appropriately-Sized households. If the City of Atascadero discontinues the use of the San Xxxx Obispo County’s Affordable Housing Standards, then Affordable Ownership Price shall be calculated by the City as shown in Exhibit B.
Sample 1

Examples of Affordable Ownership Price in a sentence

  • The affordable housing requirements contained in this Agreement shall be satisfied with respect to the Property when: (a) the Developer constructs, or causes to be constructed, and completes the construction of the Affordable Units meeting the requirements of this Agreement; and (b) for the Term of this Agreement, Developer sells or rents all Affordable Units to Eligible Households at an Affordable Ownership Price or Affordable Rent, as applicable, in compliance Section 2.1(a) above.

  • A housing development with at least fifteen percent (15%) of the total number of dwelling units shall be constructed on the Property and shall be Affordable Units that shall be sold at an Affordable Ownership Price to Eligible Households or rented at Affordable Rent to Eligible Households.

  • Upon completion of all of the Affordable Units and the sale or rental of all of the Affordable Units at Affordable Ownership Price or Affordable Rent, as applicable, to Eligible Households, the County shall release all portions of the Property except the parcels occupied by the Affordable Units from the burdens of this Agreement within thirty (30) days following written notice from the Developer, if at the time the Developer is in compliance with all terms of this Agreement.

  • If 10 or more dwelling units are developed on the property, at least fifteen percent (15%) of the total dwelling units to be developed on the Property shall be constructed on the Property and shall be Affordable Units that shall be sold at an Affordable Ownership Price to Eligible Households or rented at Affordable Rent to Eligible Households.

  • Finestein (eds): Essays Presented to Chief Rabbi Israel Brodie on the Occasion of His 70th Birthday.

  • Following completion of construction, the Developer shall sell ( ) Affordable Units to Moderate Income Households, ( ) Affordable Units to Lower Income Households, and ( ) Affordable Units to Very Low Income Households, at the Affordable Ownership Price established by the City of Atascadero as described in Section 8 below.

  • At least dwelling units, or at least fifteen percent (15%) of the total dwelling units to be developed on the Property, whichever is greater, shall be constructed on the Property and shall be Affordable Units that shall be sold at an Affordable Ownership Price to Eligible Households or rented at Affordable Rent to Eligible Households.

  • Developer shall notify the City at least thirty (30) days prior to offering an Ownership Affordable Unit for sale to allow the City adequate time to calculate and notify the Developer of the Affordable Ownership Price applicable to the Ownership Affordable Units offered for sale.

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  • Developer shall notify the City at least thirty (30) days prior to offering an Affordable Unit for sale to allow the City adequate time to calculate and notify the Developer of the Affordable Ownership Price applicable to the Affordable Units offered for sale.


More Definitions of Affordable Ownership Price

Affordable Ownership Price means a sales price that includes a reasonable down payment and results in a Monthly Housing Payment during the first calendar year of a household's occupancy that, (i) for Very Low Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of Area Median Income, as adjusted for Appropriately-Sized households; (ii) for Lower Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of seventy percent (70%) of Area Median Income, as adjusted for Appropriately-Sized households; and (iii) for Moderate Income Households, is equal to or less than one-twelfth (1/12) of thirty percent (30%) of one hundred twenty percent (120%) of Area Median Income, as adjusted for Appropriately-Sized households. Affordable Ownership Price shall be calculated by the City as shown in Exhibit B.
Sample 1

Related to Affordable Ownership Price

  • 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.

  • Affordable Units means units that have rents that do not

  • 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.

  • 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.

  • Economic abuse means any behaviour that has a substantial adverse effect on B’s ability to—

  • Affordable Housing Cost means an amount satisfied by:

  • 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.

  • New Jersey Stormwater Best Management Practices (BMP) Manual or “BMP Manual” means the manual maintained by the Department providing, in part, design specifications, removal rates, calculation methods, and soil testing procedures approved by the Department as being capable of contributing to the achievement of the stormwater management standards specified in this chapter. The BMP Manual is periodically amended by the Department as necessary to provide design specifications on additional best management practices and new information on already included practices reflecting the best available current information regarding the particular practice and the Department’s determination as to the ability of that best management practice to contribute to compliance with the standards contained in this chapter. Alternative stormwater management measures, removal rates, or calculation methods may be utilized, subject to any limitations specified in this chapter, provided the design engineer demonstrates to the municipality, in accordance with Section IV.F. of this ordinance and N.J.A.C. 7:8-5.2(g), that the proposed measure and its design will contribute to achievement of the design and performance standards established by this chapter.

  • Affordable development means a housing development all or a portion of which consists of restricted units.

  • 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 Care Act means, collectively, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010.

  • 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.

  • Indigenous Peoples Planning Framework or “IPPF” means the indigenous peoples planning framework for the Investment Program, including any update thereto, agreed between the Borrower and ADB and incorporated by reference in the FFA;

  • 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.

  • long-term insurance business means the business of providing or undertaking to provide policy benefits under long-term policies, but does not include -

  • Indigenous Peoples Safeguards means the principles and requirements set forth in Chapter V, Appendix 3, and Appendix 4 (as applicable) of the SPS;

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

  • economic resources means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds, but may be used to obtain funds, goods or services;

  • Model 4 seller means a seller that is registered under the agreement and is not a model 1 seller, model 2 seller, or model 3 seller.

  • Private Business Use means use (directly or indirectly) in a trade or business or activity carried on by any Private Person (other than a Tax-Exempt Organization) other than use as a member of, and on the same basis as, the general public.

  • Master plumber means an individual who possesses the necessary skills and qualifications to plan and supervise the installation of plumbing and who is licensed as a master plumber.

  • economic operator means any natural or legal person or public entity or group of such persons and/or entities which offers the execution of works and/or a work, the supply of products or the provision of services on the market;

  • CCR means the California Code of Regulations.

  • Model 2 seller means a seller registered under the agreement that:

  • Model 1 seller means a seller registered under the agreement that has selected a certified service provider as the seller's agent to perform all of the seller's sales and use tax functions for agreement sales and use taxes other than the seller's obligation under Section 59-12-124 to remit a tax on the seller's own purchases.