Proximity Housing Loan definition

Proximity Housing Loan means the monetary assistance from the County to the Owner to make the Proximity Housing Unit affordable to the Owner. The purpose of the Proximity Housing Loan is to increase housing affordability to members of the Proximity Workforce.
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Proximity Housing Loan has the meaning set forth in Recital D above, and represents the monetary assistance from the County to the Owner to make the Home affordable to the Owner. The purpose of the Proximity Housing Loan is to increase housing affordability to members of the Proximity Workforce.
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Examples of Proximity Housing Loan in a sentence

  • By way of example, if an Eligible Proximity Workforce Household receives a Proximity Housing Loan from the County in the amount of $10,000 and purchases a home with an Original Base Price of $100,000, the County's Shared Appreciation Percentage would be 10% based on the Proximity Housing Loan being 10% of the total purchase price.

  • Defaults will include any failure to comply with the terms of the Proximity Housing Promissory Note, any default on a first mortgage on the home, a declaration of bankruptcy by the Owner and such other defaults as are included in the Proximity Housing Promissory Note, deed of trust or other documents evidencing the Proximity Housing Loan.

  • If that same household sells the home at a later date for $150,000, the County would be repaid the original $10,000 Proximity Housing Loan amount plus $5,000 representing 10% of the Net Proceeds ($50,000) from the sale of the home.

  • The Second Mortgage Agreement will allow the Owner to refinance the first mortgage loan under conditions which will ensure that the County's Proximity Housing Loan and Proximity Housing Share of Appreciation is protected and no such refinancing amount exceeds seventy five percent (75%) of the fair market value of the home.

  • The County Response Notice shall include an estimate of the payoff on the Proximity Housing Note (including payment of the outstanding principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation due under the Proximity Housing Note) that will become due on Transfer of the Home.

  • If the Home is damaged or destroyed and the Owner elects not to rebuild or repair the Home, the Owner shall pay the County the portion of any insurance proceeds received by the Owner for such destruction or damage which is equal to the principal due under the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan plus any Proximity Housing Share of Appreciation) in which event this Agreement shall terminate.

  • If the Owner makes a Transfer of the Home (other than a Permitted Transfer or a Transfer to an Inheriting Owner), the Owner shall be required, upon Transfer, to pay all sums due and owing under Proximity Housing Note (including the principal of the Proximity Housing Loan and the Proximity Housing Share of Appreciation, subject to Section 8.2(c) below).

  • If that same household sells the home at a later date for $150,000, the County would be repaid the original $16,5000 Proximity Housing Loan amount plus $8,2500 representing 16.5% of the Net Proceeds ($50,000) from the sale of the home.

  • The Owner acknowledges that the amount of the payoff on the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation) depends upon the actual sales price of the home and that the County's estimate, which will be based on the asking price for the Home, may understate the payoff on the Proximity Housing Note.

  • The Second Mortgage Agreement will allow the Owner to refinance the first mortgage loan under conditions which will ensure the County's Proximity Housing Loan and Proximity Housing Share of Appreciation is protected and no such refinancing amount exceeds seventy five percent (75%) of the fair market value of the home.

Related to Proximity Housing Loan

  • Affordable Housing Cost means an amount satisfied by:

  • 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.

  • Residential facility means a home or facility that is licensed by the department of developmental disabilities under section 5123.19 of the Revised Code and in which a child with a developmental disability resides.

  • 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.

  • Existing Loan means the loan identified on Exhibit H.

  • Tube housing assembly means the tube housing with tube installed. It includes high-voltage and/or filament transformers and other appropriate elements when such are contained within the tube housing.

  • Multifamily housing means housing accommodations designed as a residence for more than 1 family.

  • Housing project means a project, or distinct portion of a

  • Real Estate Loan means any debt obligation that is (a) directly or indirectly secured by a mortgage, deed of trust or similar Lien on commercial real estate, residential real estate, office, retail or industrial property or undeveloped land, is underwritten as a mortgage loan and is not otherwise associated with an operating business or (b) a loan to a company engaged primarily in acquiring and developing undeveloped land (whether or not such loan is secured by real estate).

  • Multi-family housing means a building or structure that is designed to house two (2) or more different households in separate housing Units which have full kitchen facilities including oven/range, refrigerator, kitchen sink with hot and cold water supply and food storage facilities and at least one (1) full bathroom facility(s), one (1) full bedroom and one (1) living area (including a combination thereof such as studio arrangements).

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

  • 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.

  • Supportive housing means housing with no limit on length of stay, that is occupied by the target population, and that is linked to an onsite or offsite service that assists the supportive housing resident in retaining the housing, improving his or her health status, and maximizing his or her ability to live and, when possible, work in the community.

  • Multifamily dwelling means a structure that contains more than one separate residential dwelling unit, which is used or occupied, or is intended to be used or occupied, in whole or in part, as the home or residence of one or more persons.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • 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

  • Special Flood Hazard Area (SFHA means the land in the floodplain subject to a one percent (1%) or greater chance of being flooded in any given year, as determined in Article 3, Section B of this ordinance.

  • 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.

  • Coastal high hazard area means a Special Flood Hazard Area extending from offshore to the inland limit of a primary frontal dune along an open coast and any other area subject to high velocity wave action from storms or seismic sources. The area is designated on a FIRM, or other adopted flood map as determined in Article 3, Section B of this ordinance, as Zone VE.

  • Residential real property means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed or (b) condominium units or cooperative apartments or (c) property on a homeowners’ association that is not owned in fee simple by the seller.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Floodplain or flood-prone area means any land area susceptible to being inundated by water from any source (see definition of “flood”).

  • Special Flood Hazard Area means an area that FEMA’s current flood maps indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year.

  • Extended Revolving Loan shall have the meaning assigned to such term in Section 2.21(e).

  • Apartment Dwelling means any dwelling unit within a building containing more than four dwelling units where the units are connected by an interior corridor;

  • Tidal Flood Hazard Area means a flood hazard area in which the flood elevation resulting from the two-, 10-, or 100-year storm, as applicable, is governed by tidal flooding from the Atlantic Ocean. Flooding in a tidal flood hazard area may be contributed to, or influenced by, stormwater runoff from inland areas, but the depth of flooding generated by the tidal rise and fall of the Atlantic Ocean is greater than flooding from any fluvial sources. In some situations, depending upon the extent of the storm surge from a particular storm event, a flood hazard area may be tidal in the 100-year storm, but fluvial in more frequent storm events.