For the purposes of this RFP, a family will be considered as one or more persons, whether or not related, living together in a dwelling unit.
Housing unit(s) two bedrooms or larger.
Financial Assistance Program
An individual who has not held ownership interest in real property in the three years prior to application for PDC funds.
Floor Area Ratio (FAR)
A measure of development intensity. FAR is the ratio of the amount of floor area of a building to the amount of area of its site.
For For-Sale properties
the PDC restricts the maximum allowable sales price and requires that the units be sold to households that meet the targeted income criteria."
For rental properties
the PDC restricts the maximum allowable rents that may be charged and tenants to whom units may be rented for an agreed upon length of time.
Funded Affordable Unit
A unit, which serves households and has its rents set at a level which make it available to tenants with less than 80% of MFI, and require PDC gap funding to make the unit economically feasible as defined by PDC underwriting criteria.