Northbrook — Ch. 19 Art. VII Affordable Housing Trust Fund § 19-186

The following words, terms, and phrases, when used in this article, have the meanings ascribed to them in this section except where the context clearly indicates a different meaning:
Affordable housing means decent, safe, sanitary, and appropriate housing that low-to-middle income households can own or rent without having to devote more than approximately 31 percent of their gross income for monthly housing expenses.
Affordable housing payment-in-lieu means the cash payment made by developers in lieu of providing affordable housing units per the standards in the affordable housing requirements of the Northbrook Zoning Code.
Affordable housing plan means the "affordable housing plan" adopted by the village board of trustees by Resolution on March 22, 2005, and as may be amended from time to time.
Affordable housing trust fund means the affordable housing trust fund established by this section with the central purpose to provide financial resources to address the affordable housing needs of eligible households who live or work in the village.
Affordable housing trust fund project means the eligible activity or activities conducted by an grant recipient for which an affordable housing trust fund distribution is made by the board of trustees.
Eligible activities mean the housing activities set forth in subsection 19-187 (f)(3) for which the affordable housing trust fund may provide financial support.
Eligible applicants mean applicants that satisfy eligibility requirements to receive housing trust fund awards, as set forth in paragraph 19-187 (f)(2) of this article.
Eligible households mean a household with an annual income less than 120 percent of the area median income to the Chicago-Naperville-Elgin, IL-IN-WI HUD Metropolitan Statistical Area.
Grant recipients means eligible applicants that have been approved by the board of trustees to receive an affordable housing trust fund distribution.
Housing expenses means the following types of housing expenses: (1) rent and utilities for affordable rental units; and (2) principal and interest of any mortgages placed on an owner-occupied affordable unit, property taxes, condominium or homeowner's association fees, if applicable, and insurance.