§ 16-52. Definitions.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Affordable housing means housing that a household can afford without paying more than 30 percent of income for rent or 35 percent of income for mortgage payments.

Affordable Housing Trust Fund means a community revitalization fund created by Section 16-51 pursuant to authority granted by Code of Virginia, § 15.2-958.5.

Area median income means the median income determined annually for the Richmond-Petersburg Metropolitan Statistical Area by the United States Department of Housing and Urban Development.

Construction-related activities means any of the following:

(1)

Predevelopment activities, including, but not limited to, architectural services, engineering services, attorneys' fees, appraisals and title reports.

(2)

On-site construction activities involving the building, altering, repairing, improving or demolishing of any structure or building on real property.

Fund means the Affordable Housing Trust Fund created by Section 16-51.

Housing-related support services means any of the following:

(1)

Homeownership counseling services, including, but not limited to, money management counseling, credit counseling, voucher holder training, pre-ownership training and post-ownership training.

(2)

Down payment assistance.

(3)

Landlord training for landlords that rent to low and moderate income households.

(4)

Mortgage default assistance and counseling.

Low and moderate income means gross household income adjusted for family size that is at or below 80 percent of area median income.

Recipient means a legal entity who receives one or more grants or loans from the fund under the provisions of this article.

(Code 2004, § 58-102; Ord. No. 2008-114-98, § 1, 5-27-2008; Ord. No. 2012-155-128, § 2, 7-23-2012)

Cross reference— Definitions generally, § 1-2.

(Code 2004, § 58-102; Ord. No. 2008-114-98, § 1, 5-27-2008; Ord. No. 2012-155-128, § 2, 7-23-2012)

Cross reference

Definitions generally, § 1-2.