7.3 HRSR 01-04-2016 - Laserfiche WebLink

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APPENDIX -DEFINITIONS Definitions Absorption Period The period of time necessary for newly constructed or renovated properties to achieve the stabilized level of occupancy. The absorption period begins whe first certificate of occupancy is issued and ends when the last of occupancy has signed a lease. Absorption RateThe average number of units rented each month during the absorption period. Active adult (or independent living without services available) Active Adult properties are similar to a general-occupancy apartment building, in that they offer virtually no se have age-restrictions(typically 55 or 62 or older). Organized activities and occasio transportation program are usually all that are available at the lack of services, active adult properties typically do not commamore service-enriched senior housing. Adjusted Gross Income AGI Income from taxable sources (including wages, interest, capital gains, income from retirement accounts, etc.) adjusted to accoun contributions to retirementaccounts, unreimbursed business and medical expenses, alimony, etc.). Affordable housing Housing that is income-restricted to households earning at or below 80% AMI, though individual properties can have income-restrictions set at 40%, 50%, 60% or 80% AMI. Rent is not based on income but instead is a contract amou households within the specific income restriction segment. It i to low or very low-income tenants. Amenity Tangible or intangible benefits offered to a tenant in the form of common area amenities or in-unit amenities. Typical in-unit amenities include dishwashers, washer/dryers, walk-in showers and closets and upgraded kitchen finishes. Typical c include detachedor attached garage parking, community room, fitness center and a patio or grill/picnic area. Area Median Income AMI AMI is the midpoint in the income distribution within a specific geographic area. By definition, 50% of households earn lessthan the median income and 50% earn more. The U.S. Department of Housing and Urban Development annually and adjustments are made for family size. Assisted Living Assisted Living properties come in a variety of forms, but the tt market for most is generally the same: very frail seniors, typically age 80 younger, depending on their particular health situation), who ar services and personal care assistance. Absent an assisted living option, these seniors would otherwise need to move to a nursing facility. At a minimum, ass 115 MAXFIELD RESEARCH & CONSULTING, LLC