For the purpose of this article, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AFFORDABLE HOUSING PLAN. The Affordable Housing Plan is that component of the city's Five Year Consolidated Plan approved by the MFA prior to adoption by the City Council which defines and documents affordable housing needs in Albuquerque and establishes housing priorities for all city housing funds, including but not limited to, Workforce Housing Trust Funds, Community Development Block Grant funds and HOME Investment Partnerships funds.
PERMANENT AFFORDABILITY. Permanent Affordability is defined as two consecutive 99-year periods in during which a rental property funded through Workforce Housing Trust Funds will be restricted to renting a certain number of apartment units to low and moderate income households. Restrictive covenants or land use restrictions are filed on the assisted property to ensure compliance.
WORKFORCE HOUSING. Dwelling units serving residents and their families whose annual income is at or below 80% of the Area Median Income for Albuquerque (AMI) as adjusted for household size and determined by the U.S. Department of Housing and Urban Development. For rental housing monthly housing payment should not exceed 30% of the imputed income
limit applicable to such unit or 35% under special conditions to be defined in the Workforce Housing Plan. For homeownership the home should be purchased under a Qualified Residential Mortgage as defined by the Consumer Financial Protection Bureau. A Qualified Residential Mortgage is a mortgage with terms that take into account the borrower's ability to repay the loan and includes loans that meet the standards of Fannie Mae, Freddie Mac, Federal Housing Administration or Veterans Administration. Subprime loans and similar loans contain terms, including but not limited to interest rates higher than prime loans, adjustable interest rates or mortgage terms over 30 years, which may cause the borrower to have difficulty repaying a mortgage. “Dwelling unit” is used in this article as defined in the Integrated Development Ordinance (see § 14-16-7-1).
WORKFORCE HOUSING MEETING THE REQUIREMENTS OF THE WORKFORCE HOUSING OPPORTUNITY ACT. Workforce housing projects, subdivisions, and programs that receive funds and/or land from the Workforce Housing Trust Fund as the result of meeting eligibility criteria pursuant to the Affordable Housing Plan.
WORKFORCE HOUSING PROJECT or WORKFORCE HOUSING SUBDIVISION. The entire development in which at least 30% of the dwelling units meet the definition of workforce housing.
(Ord. 30-2006; Am. Ord. 2017-025; Am. Ord. 2019-016)