“Affordable Housing” shall mean housing costs that are equal to or less than: (i) twenty-eight percent (28%) of a homeowner’s household income; or (ii) thirty percent (30%) of a renter’s household income.

“Area Median Income” (AMI) shall mean the income point at which one half of the incomes in a designated area fall below and one half falls above.  The U. S. Department of Housing and Urban Development (HUD) uses the area median income to calculate household eligibility for a variety of housing programs. HUD estimates the median family income for metropolitan and non-metropolitan areas and adjusts that amount for different family sizes so that family incomes may be expressed as a percentage of the area median income.  For example, a family's income may equal 80 percent of the area median income, a common maximum income level for participation in HUD programs.  HUD periodically updates the area median income estimates.

“Moderate Income Households” shall mean households whose total gross annual income is at or below one hundred twenty percent (120%) and above eighty percent (80%) of the median of the designated county in which the project is located as defined and published annually by the U.S. Department of Housing and Urban Development.

“Low Income Households” shall mean households whose total gross annual income is at or below eighty percent (80%) and above fifty percent (50%) of the median of the designated county in which the project is located as defined and published annually by the U.S. Department of Housing and Urban Development.

“Very-Low Income Households” shall mean households whose total gross annual income is at or below fifty percent (50%) of the median of the designated county in which the project is located as defined and published annually by the U.S. Department of Housing and Urban Development.