9.1 HRSR 05-01-2017 - Laserfiche WebLink

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APPENDIX - DEFINITIONS housing alternatives. Maxfield Research Inc. classifies senior housing into four categories based on the level of support services. The four categories are: Active Adult, Congregate, Assisted Living and Memory Care. Short Sale — A sale of real estate in which the net proceeds from selling the property do not cover the sellers' mortgage obligations. The difference is forgiven by the lender, or other arrangements are made with the lender to settle the remainder of the debt. Single- family home — A dwelling unit, either attached or detached, designed for use by one household and with direct street access. It does not share heating facilities or other essential electrical, mechanical or building facilities with another dwelling. Stabilized level of occupancy — The underwritten or actual number of occupied units that a property is expected to maintain after the initial lease -up period. Subsidized housing — Housing that is income - restricted to households earning at or below 30% AMI. Rent is generally based on income, with the household contributing 30% of their adjusted gross income toward rent. Also referred to as extremely low income housing. Subsidy — Monthly income received by a tenant or by an owner on behalf of a tenant to pay the difference between the apartment's contract /market rate rent and the amount paid by the tenant toward rent. Substandard conditions — Housing conditions that are conventionally considered unacceptable and can be defined in terms of lacking plumbing facilities, one or more major mechanical or electrical system malfunctions, or overcrowded conditions. Target population —The market segment or segments of the given population a development would appeal or cater to. Tenant — One who rents real property from another individual or rental company. Tenant -paid utilities —The cost of utilities, excluding cable, telephone, or internet necessary for the habitation of a dwelling unit, which are paid by said tenant. Tenure —The distinction between owner - occupied and renter - occupied housing units. Turnover — A measure of movement of residents into and out of a geographic location. Turnover period —An estimate of the number of housing units in a geographic location as a percentage of the total house units that will likely change occupants in any one year. Unrestricted units — Units that are not subject to any income or rent restrictions. MAXFIELD RESEARCH & CONSULTING, LLC 120