Laserfiche WebLink
<br />ß ~ /~o <br /> <br />SECTION D <br /> <br />Glossary of Terms <br />GENERAL DEFINITIONS USED WITH THE CONSOLIDATED PLAN <br /> <br />Acquisition: Acquisition means acquisition of standard housing only, with no <br />expectation of other listed activities being carried out in conjunction with the acquisition. <br /> <br />Affordable Housing: Affordable housing is generally defined as housing where the <br />occupant is paying no more than 30 percent of gross income for gross housing costs, <br />including utility costs. <br /> <br />1. <br /> <br />Rental Housing: A rental housing unit is considered to be an affordable <br />housing unit if it is occupied by a low income family or individual and <br />bears a rent that is the lesser of (1) the Existing Section 8 Fair Market <br />Rent (FMR) for comparable units in the area or, (2) 30 percent of the <br />adjusted income of a family whose income equals 65 percent of the <br />median income for the area. An exception is for those cases where, <br />depending on the prevailing market conditions, HUD specifically <br />establishes higher or lower FMR's for a jurisdiction. <br /> <br />2. <br /> <br />Home ownership: Principal residence; and (2) has a sale price which <br />does not exceed the mortgage limit for the type of single family housing <br />for the area under HUD's single family insuring authority under the <br />National Housing Act. - <br /> <br />(b) Housing that is to be rehabilitated, but is already owned by a family when <br />assistance is provided qualifies as affordable if the housing (1) is occupied by a <br />low-income family which uses the housing as its principal residence and (2) has <br />a value, after rehabilitation, that does not exceed the mortgage limit for the type <br />of single family housing for the area, as described in 2(a) above. <br /> <br />Note: these definitions apply for Consolidated Plan purposes, regardless of the <br />Federal, State or local funding sources, i.e., even if the unit is not assisted with <br />HOME funds. Rental and home ownership projects assisted with Title II, HOME <br />program funds are subject to "affordable housing" requirements, as contained in <br />Section 92.252 (rental housing) and 92.254 (home ownership housing) of 24 <br />CFR Part 92, which define "affordable housing" for purposes of the HOME <br />program, unless otherwise noted. <br /> <br />AIDS and Related Diseases: The disease of acquired immune deficiency syndrome or <br />any conditions arising from the etiologic agent for acquired immune deficiency <br />syndrome. <br /> <br />Alcohol/Other Drug Addiction: A serious and persistent alcohol or other drug addiction <br />that significantly limits a person's ability to live independently. <br /> <br />Area of Low Income Concentrations: Area of low-income concentration is defined as <br />any area in the City where the percentage of non-white/hispanic households, with <br />income at or below 80% of area median, exceed the Citywide average of 15%. <br /> <br />D-1 <br />