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:

(a)    owns a condominium homeownership affordable housing unit and occupies such condominium homeownership affordable housing unit in accordance with owner occupancy requirements set forth in the guidelines; or

(b)    owns shares in a cooperative corporation, holds a proprietary lease for a homeownership affordable housing unit owned by such cooperative corporation and occupies such homeownership affordable housing unit in accordance with owner occupancy requirements set forth in the guidelines.

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.