For the purpose of this chapter, the following terms shall have the meaning ascribed to them below.
AFFORDABLE HOUSING. Housing that has a value or cost or rental amount that is within the means of a household that may occupy moderate-income or low-income housing. As a guide, such housing, whether rental or owner-occupied, is generally that which costs no more than 30% of the gross annual household income for a household of the size that may occupy the unit.
AFFORDABLE HOUSING ORGANIZATION. A not-for-profit and ta x-exempt entity, limited equity cooperative, or public agency seeking to create affordable housing.
CLAIM. A monetary interest in a particular property by reason of the advancement of public funds for property maintenance, nuisance abatement, demolition or rehabilitation, und er either statutory or home rule authority.
ELIGIBLE MUNICIPALITY. A municipality which has a claim against a particular property.
MUNICIPALITIES. Cities, villages and incorporated towns, either singularly or jointly. A MUNICIPALITY may assign its rights under this chapter to an entity organized by an intergovernmental agreement for the purpose of assembling, managing and facilitating the redevelopment of abandoned, derelict or foreclosed properties.
QUALIFIED ENTITY. Either (i) an eligible municipality, or (ii) another taxing body, or (iii) an affordable housing organization.
(Ord. 21-0420, passed 3-9-2021)