Affordable Payment definition

Affordable Payment means the borrower’s post- assistance, total monthly mortgage payments for the primary and second mortgages PITI including any escrowed homeowner’s association dues or assessments, plus any taxes, insurance and homeowner’s association dues or assessments which are not escrowed must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. • Second mortgage must be delinquent or the borrower must have a negative equity position in which the CLTV is 120% or more.
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Affordable Payment means the borrower’s total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed or non- escrowed homeowner’s association dues or assessments, must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short- term disability benefits).
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Affordable Payment means the borrower’s post- assistance, total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed homeowner’s association dues or assessments, plus any taxes, insurance and homeowners association dues and assessments which are not escrowed must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short- term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. Additional Eligibility Criteria Applicable to Each Structure of Principal Reduction: (a) Modification or Reamortization Structure(i.e. principal reduction of a borrower’s primary mortgage accomplished exclusively through either an interest rate reduction and/or term extension to achieve a permanent modification, or a reamortization of the remaining unpaid principal balance to achieve a lower monthly payment): • Eligible financial hardship: reduced income due to underemployment, medical condition, divorce or death, as set forth in the program guidelines. • Borrower’s pre-assistance, total monthly primary mortgage payment PITI including any escrowed or non- escrowed homeowner’s association dues or assessments, is greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower’s post-assistance total monthly primary mortgage payment PITI including any escrowed or non- escrowed homeowner’s association dues or assessments must be greater than 25% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Primary mortgage must be delinquent or the borrower does not have liquid assets greater than three (3) months of PITI and homeowner’s dues and assessments (if applicable). • Funds may be applied to cure: delinquent property taxes; Homeowners Association dues, fees and assessments; and property related insurance as set forth in program guidelines (collectively “Property Related Expenses”). • Pre-assistance principal balance of primary mortgage must be greater than 80% LTV based upon valuation obtained by NAHAC or the servicer. (Assistance provided to Borrowers with post assistance LTVs less than 100% will have a 10 year term and different payment requirements as set forth in this term sheet and the program guidelines.)
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Examples of Affordable Payment in a sentence

  • In addition to general MEAP eligibility criteria, households must meet other eligibility criteria for enrollment in an Affordable Payment Plan.

  • The program integrated the ULIEEP Power Partnerships comprehensive weatherization program with the Affordable Payment Plan.

  • Durable medical equipment (DME) may be purchased or rented from a noncontracted provider when the cost: is less than the available contract rate; and does not exceed the rates listed in VR's Maximum Affordable Payment Schedule (MAPS).

  • DME may be purchased or rented from a noncontracted provider when the cost: is less than the available contract rate; and does not exceed the rates listed in TWC-VR's Maximum Affordable Payment Schedule (MAPS).

  • Customer interviews found that customers had a good understanding of the program, but were focused on the Affordable Payment Plan as the primary benefit of the program, rather than the Energy Efficiency Services.

  • Affordable Payment PlanTuition $200 or more?Pay in installments! Visit www.carrollcc.edu/tuitionassistance.Many occupations require a high school diploma.

  • This is especially important for the Affordable Payment Plan customers, whose bills do not vary with usage.

  • Here’s what that means for your career: Affordable Payment Plans: Choose a payment plan that aligns with your pay cycle - weekly, fortnightly or monthly.Tax Your loan repayments may be tax-deductible depending on yourDeductible:circumstances.

  • Customers were selected to represent the different geographic regions that Niagara Mohawk serves; Affordable Payment Plan customers, Senior Energy Services Program customers, and Safety Net Energy Services Program customers; AEP, Weatherization, Combination, and Modified services; and a variety of service delivery contractors.

  • Under the Affordable Payment and Arrearage Forgiveness Pilot, a small sample of customers were offered an affordable payment (less than the full retail bill).


More Definitions of Affordable Payment

Affordable Payment means the borrower’s post- assistance, total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed homeowner’s association dues or assessments, must be no greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. Additional Eligibility Criteria Applicable to Each Structure of Principal Reduction: (a) Modification or Reamortization Structure (i.e. principal reduction of a borrower’s primary mortgage accomplished exclusively through either an interest rate reduction and/or term extension to achieve a permanent modification, or a reamortization of the remaining unpaid principal balance to achieve a lower monthly payment): • Eligible financial hardship: reduced income due to underemployment, medical condition, divorce or death, as set forth in the program guidelines. • Borrower’s pre-assistance, total monthly primary mortgage payment PITI including any escrowed assessments, is greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower’s post-assistance total monthly primary mortgage payment PITI including any escrowed assessments must be greater than 25% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Pre-assistance principal balance of primary mortgage must be greater than 80% LTV based upon valuation obtained by NAHAC or the servicer. (Assistance provided to Borrowers with post assistance LTVs less than 100% will have a 10 year term and different payment requirements as set forth in this term sheet and the program guidelines).
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Affordable Payment means the borrower’s post- assistance, total monthly primary mortgage payment PITI (principal, interest, taxes and insurance, as applicable) including any escrowed homeowner’s association dues or assessments, plus any taxes, insurance and homeowners association dues and assessments which are not escrowed must be no greater than 33% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Borrower agrees to provide all necessary documentation to satisfy program guidelines within the timeframes established by NAHAC, including a financial hardship affidavit. Additional Eligibility Criteria Applicable to Each Structure of Principal Reduction: (a) Modification or Reamortization Structure(i.e. principal reduction of a borrower’s primary mortgage accomplished exclusively through either an interest rate reduction and/or term extension to achieve a permanent modification, or a reamortization of the remaining unpaid principal balance to achieve a lower monthly payment): • Eligible financial hardship: reduced income due to underemployment, medical condition, divorce or death, as set forth in the program guidelines. • Borrower’s pre-assistance, total monthly primary mortgage payment PITI including any escrowed or non- escrowed homeowner’s association dues or assessments, is greater than 38% of the gross household income excluding temporary income (e.g., unemployment or short-term disability benefits). • Primary mortgage must be delinquent or the borrower does not have liquid assets greater than three (3) months of PITI and homeowner’s dues and assessments (if applicable). • Pre-assistance principal balance of primary mortgage must exceed 110% LTV based upon valuation obtained by NAHAC or the servicer.
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Related to Affordable Payment

  • 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 Housing Cost means an amount satisfied by:

  • Affordable Rent means a rent which does not exceed eighty per centum (80%) of the market rent (inclusive of service charges) for an equivalent property of the relevant size and location such rent to be assessed and set in accordance with the applicable requirements of Legislation and of the Rent Standard;

  • Affordable Units means units that have rents that do not

  • Affordable housing means, unless the context clearly

  • Reasonable payment means, with respect to professional and other technical services, a payment in an amount that is consistent with the amount normally paid for such services in the private sector.

  • 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 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 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 Care Act means the Patient Protection and Affordable Care Act of 2010 (Pub. L. 111–148), as amended by the Health Care and Education Reconciliation Act of 2010 (Pub. L. 111–152).

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

  • U.S. Source Withholdable Payment means any payment of interest (including any original issue discount), dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, and other fixed or determinable annual or periodical gains, profits, and income, if such payment is from sources within the United States. Notwithstanding the foregoing, a U.S. Source Withholdable Payment does not include any payment that is not treated as a withholdable payment in relevant U.S. Treasury Regulations.

  • Agreement Payment means a Payment paid or payable pursuant to this Agreement.

  • 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.

  • Housing assistance means appropriate referrals by the

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Individual PAGA Payment means the Aggrieved Employee’s pro rata share of 25% of the PAGA Penalties calculated according to the number of Workweeks worked during the PAGA Period.

  • Reimbursement Payment shall have the meaning given to that term in Subparagraph 2.02(c).

  • 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.

  • Damage Payment means the dollar amount equal to the amount initially posted as Project Development Security pursuant to Section 8.4(a).

  • avoidable costs means those costs which would not be incurred by the Licensee if he did not supply the consumers in question, including (but with due regard to the timing thereof all relevant future outlays affected by the decision to supply; and"terms"means all the terms on which a supply of gas is provided or offered, whether as respects charges, methods of payment or otherwise.

  • Tuition Fee means the basic tuition fee applicable to specific programmes and shall include auxiliary fees which are for required instruction but shall exclude any other fees such as international student differential fees, co-op fees, and student union fees.

  • Service Payment has the meaning given to it in clause 9.1;

  • Delayed contribution payment means an amount paid by an employee for purchase of current service. The amount shall be determined using the same formula in KRS 61.5525, and the payment shall not be picked up by the employer. A delayed contribution payment shall be deposited to the member's account and considered as accumulated contributions of the individual member. In determining payments under this subsection, the formula found in this subsection shall prevail over the one found in KRS 212.434;

  • LWDA PAGA Payment means the 75% of the PAGA Penalties paid to the LWDA under Labor Code section 2699, subd. (i).

  • Rehabilitation counseling services means services provided by qualified personnel in individual or group sessions that focus specifically on career development, employment preparation, achieving independence, and integration in the workplace and community of a student with a disability. The term also includes vocational rehabilitation services provided to a student with disabilities by vocational rehabilitation programs funded under the Rehabilitation Act of 1973, as amended.