Below Market Rate Housing Program definition

Below Market Rate Housing Program means Chapter 18.14 of the Palo Alto Municipal Code and the Administrative Guidelines for the Below Market Rate Program.
Sample 1Sample 2Sample 3
Below Market Rate Housing Program or “BMR Housing Program” means the program requiring provision of affordable housing under certain circumstances, described in the Housing Element of the Palo Alto Comprehensive Plan, as amended from time to time, and including any ordinance implementing that Comprehensive Plan program, if such an ordinance is adopted by the City Council in the future.
Sample 1

Examples of Below Market Rate Housing Program in a sentence

  • In determining the maximum Affordable Rent or Affordable Sales Price of Restricted Affordable Units, the presumed household size as set forth in the City’s Below Market Rate Housing Program shall be used, unless the Development is subject to different assumptions imposed by other governmental regulations.

  • The Below Market Rate Housing Program requires residential developments which use scarce residentially zoned land in Menlo Park to provide BMR units or to contribute to the BMR Housing Fund.

  • The Below Market Rate Housing Program is governed by Chapter 16.96 of the Municipal Code.

  • Before acceptance of plans for review by the City of Menlo Park staff, a developer should provide a proposal for meeting the requirements of the Below Market Rate Housing Program.

  • Lower Income: 60 percent of the area median income for Santa Clara County, adjusted for presumed household size, multiplied by 30 percent and divided by 12.(b) "Affordable Sales Price" means the maximum sales price at which Very Low, Lower and Moderate Income Households can qualify for the purchase of Restricted Affordable Units as set forth in the City of Palo Alto’s Below Market Rate Housing Program.

  • The BMR Program is administered under these Below Market Rate Housing Program Guidelines (“Guidelines”).

  • SECTION 2: Chapter 18.14 (Below Market Rate Housing Program) of the Palo Alto Municipal Code is hereby repealed.

  • The Below Market Rate Housing Program requires commercial developments which bring employees to Menlo Park to provide BMR units or to contribute to the BMR Housing Fund that is set up to increase the stock of housing for very low-, low- and moderate-income households, with preference for workers whose employment is located in the City of Menlo Park, and for City residents.

  • See deposition of Plaintiff, George Kassis and exhibits thereto, attached hereto as Exhibit “2” and specifically Pages 25 - 31 and photographs attached thereto.

  • When calculating the required number of Restricted Affordable Units, any resulting decimal fraction shall be rounded to the next larger integer.(g) Any Restricted Affordable Unit provided pursuant to the City’s Below Market Rate Housing Program shall not be included when determining the number of Restricted Affordable Units required to qualify for a Density Bonus or other entitlement under this Chapter.

Related to Below Market Rate Housing Program

  • Collaborative drug therapy management means participation by an authorized pharmacist and a physician in the management of drug therapy pursuant to a written community practice protocol or a written hospital practice protocol.

  • California Renewables Portfolio Standard means the renewable energy program and policies codified in California Public Utilities Code Sections 399.11 through 399.31 and California Public Resources Code Sections 25740 through 25751, as such provisions may be amended or supplemented from time to time.