75B - PH AMEDNING CH 41 HOO - Laserfiche WebLink

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purpose of this article is to encourage the development and availability of affordable housing by requiring the inclusion of affordable housing units within new developments or the conversion of rental units to condominium ownership when the number of units exceed the densities permitted under the 1g eneral p.Plan. Sec. 41-1901. - Definitions. As used in this article, the following terms shall have the following meanings: Adjusted for household size appropriate for the unit means a household of one person in the case of a studio unit, two (2) persons in the case of a one -bedroom unit, three (3) persons in the case of a two -bedroom unit, four (4) persons in the case of a three -bedroom unit, and five (5) persons in the case of a four -bedroom unit. Administrative procedures means those regulations promulgated by the executive director pursuant to section 41-1910 of this article. Affordable housing cost means the total housing costs paid by a qualifying household, which shall not exceed the fraction of gross income specified, as follows Extremely low-income households. Thirty (30) percent of the income of a household earning thirty (30) percent of the Orange County median income adjusted for family size appropriate for the unit. Very low-income households. Thirty (30) percent of the income of a household earning fifty (50) percent of the Orange County median income adjusted for family size appropriate for the unit. Low-income households. Thirty (30) percent of the income of a household earning seventy eighty (7&80) percent of the Orange County median income Bale i irdtc Rd thirty (39) n Rt of the in of R. hei icehe LJ earRiRg ivty (@Q) n Rt adjusted i^ eitn, crtier oaoe for family size appropriate for the unit. Moderate —income households. Thirty (30) percent of the income of a household earning one hundred twenty (120) percent of the Orange County median income adjusted for family size appropriate for the unit. The qualifying limits for very low-income, low-income and moderate -income households are established and amended annually pursuant to Section 8 of the United States Housing Act of 1937. The limits are published by the Secretary of Housing and Urban Development. Developer means any association, corporation, firm, joint venture, partnership, person, or any entity or combination of entities, which seeks city approval for all or part of a residential project. 75B-29