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APPENDIX - DEFINITIONS <br />Density — Number of units in a given area. Density is typically measured in dwelling units (DU) <br />per acre — the larger the number of units permitted per acre the higher the density; the fewer <br />units permitted results in lower density. Density is often presented in a gross and net format: <br />• Gross Density — The number of dwelling units per acre based on the gross site acreage. <br />Gross Density = Total residential units /total development area <br />• Net Density - The number of dwelling units per acre located on the site, but excludes <br />public right -of -ways (ROW) such as streets, alleys, easements, open spaces, etc. <br />Net Density = Total residential units /total residential land area (excluding ROWS) <br />Detached housing — a freestanding dwelling unit, most often single - family homes, situated on <br />its own lot. <br />Effective Rents — Contract rent less applicable concessions. <br />Elderly or Senior Housing — Housing where all the units in the property are restricted for <br />occupancy by persons age 62 years or better, or at least 80% of the units in each building are <br />restricted for occupancy by households where at least one household member is 55 years of <br />age or better and the housing is designed with amenities, facilities and services to meet the <br />needs of senior citizens. <br />Extremely low- income — person or household with incomes below 30% of Area Median <br />Income, adjusted for respective household size. <br />Fair Market Rent — Estimates established by HUD of the Gross Rents needed to obtain modest <br />rental units in acceptable conditions in a specific geographic area. The amount of rental income <br />a given property would command if it were open for leasing at any given moment and /or the <br />amount derived based on market conditions that is needed to pay gross monthly rent at <br />modest rental housing in a given area. This figure is used as a basis for determining the <br />payment standard amount used to calculate the maximum monthly subsidy for families on at <br />financially assisted housing. <br />Fair Market Rent — Sherburne County 2015 <br />Fair Market Rent <br />EFF 1BR I 1 21311 J 1 31311 41311 <br />Fair Market Rent $641 $796 $996 $1,403 $1,656 <br />Floor Area Ratio (FAR) Ratio of the floor area of a building to area of the lot on which the <br />building is located. <br />MAXFIELD RESEARCH & CONSULTING, LLC 115 <br />