Definitions

Adjustment Factor. Shall have the meaning set forth in M.G.L. c. 40, § 60(a)(iii). (MA REG. # 1372, Dated 8-24-18) Affordable Housing. Rental or ownership housing units which are restricted to and occupied by households with incomes at or less than 110% of area median income as determined by the U.S. Department of Housing and Urban Development (HUD) adjusted for household size. Rents or sales prices of affordable housing shall meet standards set by HUD or by the Department in guidelines for determination of affordable rents or sales prices. Affordable Housing Restriction. Limits on rents or sales prices that an Owner may charge for occupancy or purchase of an Affordable Housing unit, or a limit on the household income of tenants or purchasers seeking to qualify to lease or purchase Affordable Housing. Restrictions shall remain in place for 30 years or for the term of any municipal bonds issued to finance the construction, reconstruction, or rehabilitation of such development, whichever is shorter as specified in the recorded restriction. Base Value. The assessed value of Property for the fiscal year in which an UCH-TIF Agreement is entered into between the Owner and the municipality with respect to the Property. Chief Executive. The mayor in a city and the board of selectmen in a town, unless some other municipal office is designated to be the chief executive officer under the provisions of a local charter. Commercial Center. An area in a municipality used primarily for commerce or business, which may include but need not be limited to sales of or provision of goods or services, including medical and educational services and services provided by profit and nonprofit entities. Concept Plans. Site plan, building elevations, and such other information as may be required to determine the location, appearance and cost of development, including redevelopment, infrastructure and landscaping, whether publicly or privately funded. Increment. The then current assessed value of Property less the Base Value as adjusted by the Adjustment Factor for fiscal years following the fiscal year in which Base Value was established. Inflation Factor shall have the meaning set forth in M.G.L. c. 40, § 60(a)(iii). Mixed Use. Use of a Property for both residential and commercial purposes. Owner. The person(s) or entities who hold(s) the fee interest in a Property and who is legally empowered and entitled to make the commitments required for an UCH-TIF Agreement for the required time periods. A lessee of real property under a long term lease or holder of a restriction shall be deemed an Owner in association with the holder of the fee interest if necessary for such commitments to be effectively made and enforced. Property. A parcel of real property and the personal property situated thereon that is located in the UCH-TIF zone. Sources and Uses Budget. A pro forma line item budget for a project that identifies the nature and amount of each element of the funding and the related costs. Special Assessment. An assessment upon one or more Properties to pay for a benefit to real property in an UCH-TIF Zone that is distinct from the general benefit to the municipality arising from a designated public improvement. A Special Assessment may also be referenced as a Betterment. Subsidized Housing Inventory (SHI) Eligible Housing. Housing units which are eligible to be listed on the SHI, which is a list compiled by the Department containing the count of Low or Moderate Income Housing units by city or town. See 760 CMR 56.02. UCH-TIF Agreement or Agreement. A binding written agreement that meets the standards and requirements of 760 CMR 58.07. UCH-TIF Exemption. An annual real estate tax exemption that meets the standards and requirements of M.G.L. c. 40, § 60(a)(iii) and 760 CMR 58.10. UCH-TIF Plan or Plan. A plan for an UCH-TIF Zone that meets the requirements of 760 CMR 58.06 and has been approved by the Department in accordance with 760 CMR 58.09, and guidelines issued by the Department. UCH-TIF Zone or Zone. An area that meets the standards and conditions of 760 CMR 58.05, and has been approved by the Department in accordance with 760 CMR 58.09.