The following words, terms and phrases, when used in this chapter, shall have the meanings ascribed to them as set forth below, except where the context clearly indicates a different meaning.
AFFORDABLE HOUSING TRUST FUND. Trust Fund established by the city for the purpose of collecting the required fees and disbursing funds for affordable housing programs in accordance with the criteria set forth herein.
AFFORDABLE HOUSING UNIT. Housing built with funding from federal, state, local or private resources and designated for affordable housing for moderate, low and very low income households.
CITY. The City of Pembroke Pines, Florida.
ELIGIBLE HOUSEHOLD. A household that qualifies for participation in an affordable housing program as designated in this chapter.
HOUSEHOLD. One person living alone or two or more persons sharing residency whose income is considered for the affordable housing program.
OWNER. The person or persons who hold title to the property as indicated in the Broward County Public Records and is the mortgagor.
SHARED APPRECIATION. Percentage of the amount of the appreciation in the value of the affordable housing unit to be shared by the city and owner at the time of resale of the affordable housing unit.
(Ord. 1575, passed 3-21-07)