Affordable Unit definition

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 Unit means a housing unit proposed or created pursuant to the Act, credited pursuant to N.J.A.C. 5:97-4, and/or funded through an affordable housing trust fund.

Affordable Unit means a housing unit proposed or created pursuant to the Act, credited pursuant to applicable COAH regulations, the FSHC Settlement Agreement, or an order of the Superior Court.

Examples of Affordable Unit in a sentence

• The Executive Director, or its designee, may, in his or her sole discretion, approve such requests upon making a finding that, for a period of not less than ninety (90) days, Developer has made all reasonable efforts to market the Affordable Unit to prospective tenants at the designated income level, that there are no apparent qualified applicants at the designated income level, and that there are no significant financial impacts to the project.

• Each Affordable Unit shall be leased to tenants selected by the DEVELOPER who meet all of the requirements provided herein.

• DEVELOPER shall obtain, or shall cause to be obtained by the Property Manager, a certification from each household leasing an Affordable Unit demonstrating that such household is a Very Low Income Household, as applicable, and meets the eligibility requirements established for the Housing Unit.

• On the Xxxxx Xxxxxxxx Authorization Date for an Xxxxx Xxxxxxxx Lot, Developer shall provide Adequate Security for (i) the Xxxxx Xxxxxxxx Subsidy for each Xxxxx Xxxxxxxx Replacement Unit applicable to such Xxxxx Xxxxxxxx Lot and (ii) the Agency Subsidy for each Subsidized Agency Affordable Unit applicable to such Xxxxx Xxxxxxxx Lot.

• In the event Developer is unable to lease an Affordable Unit at its designated income level, Developer may submit a request to the Authority’s Executive Director, or its designee, to lease a particular Affordable Unit at a level that is below the agreed unit designation set forth in Section 4 of this Agreement.

More Definitions of Affordable Unit

Affordable Unit means a housing unit that satisfies all the following criteria:

Affordable Unit means any Unit subject to deed restrictions, resale restrictions, and/or regulatory agreements recorded in favor of the City or County providing for affordable housing.

Affordable Unit means an Attached Unit that is subject to affordable housing restrictions under any applicable law.

Affordable Unit means a housing unit proposed or created pursuant to the Act, credited pursuant to

Affordable Unit means each Residential Unit to be developed, sold, and used for residential purposes in accordance with the requirements of the Affordability Covenant.

Affordable Unit means a housing unit that is made available at an affordable rent, as defined in Health and Safety Code Section 50053, to a household earning no more than 60 percent of the Area Median Income (AMI). For homeownership projects, it means a housing unit that is made available at an affordable housing cost, as defined in Health and Safety Code Section 50052.5, to a household earning no more than 120 percent of the AMI. Rental Units shall be subject to a recorded covenant ensuring affordability for a duration of at least 55 years. Homeownership units shall initially be sold to and occupied by a qualified household and shall be subject to a recorded covenant that includes either a resale restriction for at least 30 years or equity sharing upon resale.

Affordable Unit means a residential unit classified as Land Use Class 1 that is either deed-restricted to maintain the affordability of the residential unit or, at the City’s sole discretion, otherwise qualifies as affordable housing. A maximum of 43 Affordable Units will be classified as Exempt Property in accordance with Section 8 below. Any additional units (beyond 43) will be subject to the Special Tax and to mandatory prepayment of the Special Tax Obligation applicable to such Affordable Unit by the Property Owner prior to the issuance of a Certificate of Occupancy.