“Affordable housing incentives program covenant agreement.”That document to be signed by the applicant and the City and representing a recorded agreement, lien and covenant running with the land, binding all the assigns, heirs and successors of the applicant securing affordability requirements and more fully described pursuant to TMC Section
1.39.040G below.
“Back-end ratio.”Housing costs for homeownership projects calculated as the principal, interest, taxes and insurance plus recurring household expenses paid on a monthly basis divided by the household’s gross monthly income.
“Development bonus.”Additional development capacity – such as additional dwellings, building scale increases, reduced parking requirements, and other allowances that facilitate development – in exchange for the affordable housing provisions proscribed in this Chapter as well as in TMC Chapter
13.06.
“Front-end ratio.”Housing costs for homeownership projects calculated as the principal, interest, taxes and insurance paid on a monthly basis by a household divided by the household’s gross monthly income.
“Household.”Household is defined as all persons living in the same household who are related or unrelated persons who reside in the same dwelling unit as their permanent residence. This does not include live-in aides and/or unrelated persons paying rent for a room.
“Marketing plan.”Document that will state the methods a property owner/manager will use to find eligible buyers or tenants for affordable housing units created through the utilization of an affordability incentive. Additionally, it should include specific measures that will be taken to reach prospective buyers or tenants who are least likely to hear about unit availability through traditional marketing methods.
“Net sales proceeds.”The amount of funds due to the seller after selling an asset, minus all costs and expenses that have been deducted from the gross proceeds.
“Successor-in-interest.”The household that buys the home from the most recent income qualified household selling the home. The Successor-in-Interest may or may not be income qualified.
(Ord. 28336 Ex. A, 2015-12-01; Subst. Ord. 28986 Ex. E, 2024-11-19)