Sec. 16-101. - Definitions.

Assessed value means the most recent deed restricted sales price of the property pursuant to G.L. 1956, § 44-5-12(7).

Deed restriction means a legally recorded restriction, recorded with the city clerk, that limits occupancy or resale of the unit to low- or moderate-income households for a period of 30 years or more.

Owner-occupied means a unit that is owned by an individual person or persons which also serves as the person(s) primary residence of which the occupant is also the legal owner of the premises and the owner/operator of the business within the same unit.

Live/work space means a building or spaces within a building used for commercial activities and areas for residential/living purposes where at least two-thirds (67 percent) of the space is dedicated for residential use and the remainder for commercial/retail uses.

Low- or moderate-income housing means any housing whether built or operated by any public agency or by any non-profit organization or by any limited equity housing cooperative or any private developer, that is subsidized by a federal, state, or municipal government subsidy under any program to assist the construction or rehabilitation of affordable housing and that will remain affordable through a land lease and/or deed restriction for 99 years or such other period that is either agreed to by the applicant and town or prescribed by the federal, state, or municipal government subsidy program but that is not less than 30 years from initial occupancy, as defined in G.L. 1956, § 45-53-3, and a household whose income does not exceed 100 percent of the Area Median Income (AMI), as defined by HUD.

Mixed-use property/live work space means a property that includes both residential and commercial components, where both components must be occupied and operated by the legal owner. Neither the residential nor commercial component can be rented/leased or occupied by anyone other than the legal owner.

Max rate means the residential and commercial property tax rate as established by the city as a result of the adoption of the city's annual budget.

(Ch. 959, § I, 2-17-26)