Below Market Rate definition

Below Market Rate. All employees who are in job classifications that are on or being 14 moved to the Market Rate Salary Schedule who are currently below the market rate for that 15 position will receive an increase in base rate of pay (hourly rate) to the market rate, 16 effective July 1, 2019.
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Below Market Rate means the provision of a dwelling unit at rent levels less than market rates.
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Below Market Rate or “BMR” program means the program established in Chapter 16.96 of the Menlo Park Municipal Code with the purpose of increasing the housing supply for households that have very low, low and moderate incomes and with the primary objective of creating actual housing units.
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Examples of Below Market Rate in a sentence

  • During sale transactions, the Preliminary Change of Ownership Report must properly identify each Below Market Rate Unit as a transfer subject to governmentally imposed restrictions.

  • The participating Loan Officer will adhere to the City Below Market Rate Program loan processing time lines and perform business in a professional manner at all times, and comply with any applicable standards of NMLS, California Bureau of Real Estate (BRE), California Department of Business Oversight (DBO) and any other applicable state and/or federal laws.

  • Except as otherwise provided in the Financing Plan, the Agency agrees not to amend the Financing Plan, the Infrastructure Plan or the Below- Market Rate Housing Plan in any manner that would increase or decrease the pledge of Net Available Increment or increase or decrease the pledge of Housing Increment contemplated by this Agreement without in each case obtaining the City’s prior written consent, which the City may give or withhold in its sole discretion.

  • Any increase in the AMI Percentage or restriction removal pursuant to this Section 3.7 shall not affect any Market Rate Credits or Below- Market Rate Credits obtained by Developer for such Residential Project.

  • The participating Lender will adhere to the City Below Market Rate Program loan processing time lines and perform business in a professional manner at all times, and comply with any applicable standards of NMLS, California Bureau of Real Estate (BRE), California Department of Business Oversight (DBO) and any other applicable state and/or federal laws.

  • Without limiting the foregoing, the number and type of Below-Market Rate Units for which Developer has obtained Below- Market Rate Credits must be at least equal to the specified percentages of all Unit Credits as set forth in Section 2.5.

  • The Owner shall pay an Annual Monitoring Fee to the City for the Below Market Rate Units (i.e., Affordable Units), as authorized by Berkeley Municipal Code Section 22.20.065.F. The current fee was set by Resolution No. 68,277-N.S. in the amount of $432 for each Below Market Rate unit, and may be amended from time to time.

  • This project is required to pay the Housing In-Lieu fee/Housing Mitigation fee for any remaining fraction of a Below Market Rate unit commitment which is due at the completion of the entire project.

  • The participating Loan Officer will adhere to the City of ▇▇▇▇▇▇ ▇▇▇▇ Below Market Rate Program loan processing time lines and perform business in a professional manner at all times, and comply with any applicable standards of NMLS, California Bureau of Real Estate (BRE), California Department of Business Oversight (DBO) along with any other applicable state and/or federal laws.

  • The current fee was set by Resolution No. 70,698-N.S. in the amount of $450 for each Below Market Rate unit, and future resolutions may amend this amount from time to time.


More Definitions of Below Market Rate

Below Market Rate. All employees who are in job classifications that are on or being
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Below Market Rate means at a rate that is equal to or less than 75 percent of the measured market rate in the area where the qualified property is located for a unit that is of a similarly-sized square footage space and similar property description to that qualified property.
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Related to Below Market Rate

  • Market Rate means the rate as prevailing in the market and recommended by the Architect and as approved by the Employer on the basis of cost of materials, labour, plant etc inclusive of any tax, duty, octroi etc. at the time of execution of work.

  • T-Bill Rate means, for any Quarterly Floating Rate Period, the average yield expressed as a percentage per annum on three-month Government of Canada Treasury Bills, as reported by the Bank of Canada, for the most recent treasury bills auction preceding the applicable Floating Rate Calculation Date.

  • Base CD Rate means the sum of (a) the Three-Month Secondary CD Rate multiplied by the Statutory Reserve Rate plus (b) the Assessment Rate.

  • LIBOR Market Index Rate means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 10:00 a.m. Central time for such day (rather than 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period as otherwise provided in the definition of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day. The LIBOR Market Index Rate shall be determined on a daily basis.

  • Applicable Revolver Index Margin means the per annum interest rate margin from time to time in effect and payable in addition to the Index Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).