Affordable Housing Definitions

 

Affordable Housing Definitions
 

Area Median Income (AMI) — Current median household income for Summit County, as determined by the U.S. Department of Housing and Urban Development. In determining qualified AMI, all applicants shall disclose net assets as well as income.

Current Area Median Income for the Snyderville Basin is $81,200.
80% AMI = approximately $66,720
50% AMI = approximately $40,600
30% AMI = approximately $24,360

Deed Restriction — A contract entered into between Summit County and the owner or purchaser of real property identifying the conditions of occupancy and resale, and recorded against workforce units.

Market Rate Unit — A dwelling unit where the rental rate or sales price is not restricted to certain income levels.

Master Lease Program — A circumstance where an entity owns or leases a number of workforce units with the intent to rent or lease the units to qualifying households. The owning and managing entity may be a qualified housing or community non-profit, or may be an employer desiring to  provide employee housing.

Single Room Occupancy (SRO) — A unit without a full kitchen, intended for the occupancy of one (1) individual. The units may have access to a shared kitchen and restroom facilities.

Workforce Housing —For-sale or for-rent housing units, affordable to households whose incomes do not exceed eighty percent (80%) of the
Area Median Income.

Workforce Unit Equivalent (WUE) — A two-bedroom unit with 900 square feet of net livable space, measured interior wall to interior wall, shall be considered one Workforce Unit Equivalent. Multiple smaller units together make constitute one Workforce Unit Equivalent, or fewer larger units.