(a) “Act” means the Low and Moderate Income Affordable Housing Act of 1990.
(b) “Affordable housing” means, with respect to living accommodations, a dwelling unit for which a household pays, with regard to a unit for sale, not more than the “applicable percentage” (determined by the VIHFA) of gross income for mortgage payments, property taxes, insurance and homeowners association fee, if any, and, with regard to a rental unit, not more than the “applicable percentage” of gross income for all shelter costs including utilities. The “applicable percentage” for purposes of this definition may be established by the VIHFA in a manner consistent with the various Federal housing programs designed to assist low and moderate income households.
(c) “Affordable Housing Development Agreement” means one or more agreements executed between and among an applicant for a development permit for affordable housing, the VIHFA and the Zoning Administrator providing for development of affordable housing units in accordance with an Affordable Housing Development Plan.
(d) “Affordable Housing Development Plan” means a plan submitted to the VIHFA, the Legislature and the Zoning Administrator in connection with a request for a development permit for affordable housing.
(e) “Affordable Housing Program” or “Program” means the Government's Program adopted pursuant to the Low and Moderate Income Affordable Housing Act of 1990, as from time to time amended, to facilitate development of affordable housing in the Virgin Islands.
(f) [Deleted.]
(g) “VIHFA” means the Virgin Islands Housing Finance Authority established pursuant to Title 21, chapter 2, section 103, Virgin Islands Code.