The following definitions apply in this article:
"Affordable housing" means housing that is rented at an affordable rent or sold at an affordable housing price.
"Affordable housing price" means a sales price at which low-income households can qualify for the purchase of for-sale dwelling units. Qualification is based on no more than 35% of income being applied to housing expenses (mortgage principal and interest, taxes, insurance, and assessments).
"Affordable rent" means a monthly rent consisting of a maximum of one-twelfth of 30% of 80% of the median income in the county, adjusted for household size appropriate to the unit, less a reasonable allowance for utilities. The median income in the county is determined by the United States Department of Housing and Urban Development.
"Fee report" means the city council-approved nexus study that calculates the housing trust fund fee amounts, including any amendments.
"Housing unit" means a dwelling unit of any tenure or price.
"Housing trust fund" means the fund created by section 18.56.430.
"Housing trust fund fee" means the fee established by the city council under section 18.56.420 to provide funding for the direct and indirect costs of constructing affordable housing, with priority given to very low-income households.
"Low-income households" means households with incomes at 80% or below of the median income in the county as determined by the United States Department of Housing and Urban Development.
"Mixed-use project" means any development project that is comprised of both a commercial or industrial use and a residential use.
"Nonresidential development project" means a construction project undertaken for the purpose of developing a commercial or industrial use set forth in the Planning and Development Code, a mixed-use project, or any other use determined by the city manager to impact housing demand.
"Regulatory agreement" means an agreement with the Sacramento Housing and Redevelopment Agency, recorded on title, requiring the dwelling units to remain affordable for a period of no less than 30 years.
"SHRA director" means the director of the Sacramento Housing and Redevelopment Agency or the director's designee.
"Very low-income households" means households with incomes at 50% or below of the median income in the county as determined by the United States Department of Housing and Urban Development. (Ord. 2017-0013 § 1)