Definitions.
As used in this section, the following terms shall have the meanings indicated:
AFFORDABLE HOUSING DEVELOPMENT OWNERSHIP UNITSA development in which a household whose income does not exceed 120% of the median income for the area as defined by the United States Department of Housing and Urban Development (HUD) can afford a majority (more than 1/2 of proposed and existing units on the same lot) of the units that the developer designates as affordable without spending more than 30% of the household's monthly income on housing costs.
AFFORDABLE HOUSING DEVELOPMENT RENTAL UNITSA development in which a household whose income does not exceed 80% of the median income for the area as defined by the United States Department of Housing and Urban Development (HUD) can afford a majority (more than 1/2 of proposed and existing units on the same lot) of the units that the developer designates as affordable without spending more than 30% of the household's monthly income on housing costs.
BASE DENSITYThe maximum number of dwelling units allowed on a lot not used for affordable housing based on dimensional requirements in the local land use or zoning ordinance. This does not include local density bonuses, transferable development rights, or other similar means that could increase the density of lots not used for affordable housing.
DESIGNATED GROWTH AREAAn area that is designated in the Town's Comprehensive Plan as suitable for orderly residential, commercial, or industrial development, or any combination of those types of development, and into which most development projected over 10 years is directed.
DWELLING UNITA room or group of rooms designed and equipped exclusively for use as permanent, seasonal, or temporary living quarters for only one person or family at a time, and containing living, sleeping, toilet, and cooking facilities. The term shall include mobile homes and rental units that contain cooking, sleeping and toilet facilities, regardless of the time period rented. Recreational vehicles are not residential dwelling units. A dwelling unit may not be rented for periods of less than seven consecutive days.
HOUSING COSTSInclude, but are not limited to:
(1) RENTAL UNITThe cost of rent and any utilities (electric, heat, water, sewer, and/or trash) that the household pays separately from the rent; and
(2) OWNERSHIP UNITThe cost of mortgage principal and interest, real estate taxes (including assessments), private mortgage insurance, homeowner's insurance, condominium fees, and homeowners' association fees.
LONG-TERM AFFORDABILITYRequired for a majority (more than 50%) of the units of all affordable housing developments and is enforced by the Town. The property owner of the affordable housing development, either as a rental or as an owned property, must maintain "affordability" of a majority of the units for at least 30 years after completion of construction. An "affordable housing development," as defined in this section, must be maintained by a restrictive covenant enforceable by a party acceptable to the Town. The covenant must be recorded with the Knox County Registry of Deeds prior to the granting of a certificate of occupancy or other final approval of an affordable housing development.
MULTIFAMILY DWELLINGOne or more buildings used for residential occupancy by more than two families, each living independently of the other.
RESTRICTIVE COVENANTA provision in a deed, or other covenant conveying real property, restricting the use of the land.