Affordable Housing. Housing which costs no more than 30 percent of a low-, very low-, or extremely low-income household’s gross monthly income. For rental housing, the residents can pay up to 30 percent of gross income on rent plus tenant-paid utilities. For homeownership, residents can pay up to 30 percent on the combination of mortgage payments, taxes, insurance, and Homeowners' dues.
Area Median Income (AMI). The income figure representing the middle point of all Sonoma County household incomes. Fifty percent of households earn more than or equal to this figure and 50 percent earn less than or equal to this figure. The AMI varies according to the size of the household. As of May, 2015, the AMI for a four-person household in Sonoma County is $75,900.
Affordable Housing Agreement. A contract with the Commission executed by the developer of a residential project, and recorded against the subject property, that limits the sales price and/or monthly rent of specified dwelling units within the project, limits the income level of the household occupying the specified units, establishes a time period during which the specified units shall continue to be sold and/or rented at affordable prices, and which may contain administrative, enforcement, or other provisions to ensure that the specified units are sold and/or rented to targeted households at affordable sales prices and/or monthly rent over the entire term of the agreement.
CFH-assisted unit. A residential unit that is subject to rent or purchase price and occupancy restrictions as a result of the financial assistance provided by the CFH, as specified in the Affordable Housing Agreement.
Covenant. An agreement or promise to do or not to do a particular act or to use or not use property in a certain way (see Affordable Housing Agreement).
Executive Director. The executive director of the Sonoma County Community Development Commission, and/or the designee of the director.
Extremely low-income household. A household whose gross annual income does not exceed thirty percent (30%) of the median income for Sonoma County as established by the U.S. Department of Housing and Urban Development, adjusted for household size.
Funding Agreement. An unrecorded document setting forth the terms and conditions imposed upon the borrower in order to receive CFH financing.
Housing Opportunity Site. A parcel or parcels of land designated by the County for affordable housing in compliance with the General Plan housing element and Section 26.89.050(F) of the Sonoma County Zoning Regulations.
Low-income household. A household whose gross annual income does not exceed eighty percent (80%) of the median income for Sonoma County as established by the U.S. Department of Housing and Urban Development, adjusted for household size.
Market-rate unit. A dwelling unit in a residential project that is not restricted by an affordable housing agreement, and which is not expected to be provided as affordable to an extremely low-, very low-, or low-income household.
Option Agreement. An agreement granting the Commission a first right either to purchase an affordable ownership unit for a price established through a formula under the Agreement, or to assign the Commission’s first right to an eligible buyer to purchase the affordable ownership unit at that price.
Permanent supportive housing. Rental housing with no limit on length of stay, occupied by a special needs population, which is linked to onsite or offsite services that assist the supportive housing resident in retaining the housing, improving his or her health status, and maximizing his or her ability to live and, where possible, work in the community.
Regional Housing Needs Allocation. The state-mandated process to identify the total number of housing units (by affordability level) that a jurisdiction must accommodate in its Housing Element.
Residual Receipts. The amount by which a project’s gross revenue exceeds its annual operating expenses in a particular calendar year.
Special needs populations. Special needs populations can include the elderly, persons with physical, mental, or behavioral disabilities, persons with HIV/AIDS, and/or persons with alcohol or drug addictions.
Sonoma County Community Development Commission. The Sonoma County Community Development Commission is established as a separate public and corporate entity pursuant to Section 34110 of the California Health and Safety Code, whose Board of Commissioners is comprised of the same members of the Sonoma County Board of Supervisors.
Sonoma County Board of Commissioners. The governing Board of the Sonoma County Community Development Commission, comprised of the same members of the Sonoma County Board of Supervisors.
Sonoma County Board of Supervisors. The governing board of Sonoma County and of various special jurisdictions. The Board of Supervisors is comprised of five supervisors elected from supervisorial districts for four-year terms.
Transitional housing. Supportive housing for persons or families in transition from homelessness to permanent housing.
Very low-income household. A household whose gross annual income does not exceed fifty percent (50%) of the median income for Sonoma County as established by the U.S. Department of Housing and Urban Development, adjusted for household size.
Very Low-Income Households (VLI). Households earning between 31 and 50 percent of the Sonoma County AMI.