9.1 HRSR 05-01-2017 - 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 when the first certificate of occupancy is issued and ends when the last unit to reach the stabilized level of occupancy has signed a lease. Absorption Rate —The 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 services but have age- restrictions (typically 55 or 62 or older). Organized activities and occasionally a transportation program are usually all that are available at these properties. Because of the lack of services, active adult properties typically do not command the rent premiums of more service - enriched senior housing. Adjusted Gross Income "AGI" — Income from taxable sources (including wages, interest, capital gains, income from retirement accounts, etc.) adjusted to account for specific deductions (i.e. contributions to retirement accounts, 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 amount that is affordable to households within the specific income restriction segment. It is essentially housing affordable 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 common area amenities include detached or attached garage parking, community room, fitness center and an outdoor 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 less than the median income and 50% earn more. The U.S. Department of Housing and Urban Development (HUD) calculates AMI annually and adjustments are made for family size. Assisted Living— Assisted Living properties come in a variety of forms, but the target market for most is generally the same: very frail seniors, typically age 80 or older (but can be much younger, depending on their particular health situation), who are in need of extensive support services and personal care assistance. Absent an assisted living option, these seniors would otherwise need to move to a nursing facility. At a minimum, assisted living properties include MAXFIELD RESEARCH & CONSULTING, LLC 113