§ 27-113 Definitions applying to homeownership affordable housing
ZR § 27-113
Eligible buyer
An “eligible buyer” is a household that qualifies to buy a specific homeownership affordable housing unit. Such a household shall, except as otherwise provided in the guidelines:
(a)be, at the time of application for an initial sale or resale of an affordable housing unit, a household that satisfies the income band applicable to such unit; and
(b)meet such additional eligibility requirements as may be specified in the guidelines.
Homeowner
A “homeowner” is a person or persons who:
Homeownership
“Homeownership” is a form of tenure for housing, including dwelling units occupied by either the owner as a separate condominium, a shareholder in a cooperative corporation pursuant to the terms of a proprietary lease, a grandfathered tenant or an authorized subletter pursuant to the guidelines.
