Affordable housing: Difference between revisions

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Affordable housing refers to housing where the monthly costs associated with housing are 30% or less of the total household income.  Households that pay more than 30% of their gross income for housing are considered cost-burdened and may have difficulty affording other necessities.<ref>http://170.97.167.13/offices/cpd/affordablehousing/index.cfm  U.S. Department of Housing and Urban Development, retrieved on 1/13/09</ref>
Housing is considered affordable when monthly costs associated with housing are 30% or less of the total household income.  Households that pay more than 30% of their gross income for housing are considered cost-burdened and may have difficulty affording other necessities.<ref>http://170.97.167.13/offices/cpd/affordablehousing/index.cfm  U.S. Department of Housing and Urban Development, retrieved on 1/13/09</ref>
 
Localities often choose a percentage of [[AMI]] for which housing costs must be affordable in order for dwellings to qualify as "affordable housing."  To encourage more housing which is affordable to those making less than the [[AMI]] (such as 60% or 80%) localities may require a certain percentage of dwellings in new developments to be affordable or offer incentives for developers to include more affordable units.


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Revision as of 12:47, 13 January 2009

Housing is considered affordable when monthly costs associated with housing are 30% or less of the total household income. Households that pay more than 30% of their gross income for housing are considered cost-burdened and may have difficulty affording other necessities.[1]

Localities often choose a percentage of AMI for which housing costs must be affordable in order for dwellings to qualify as "affordable housing." To encourage more housing which is affordable to those making less than the AMI (such as 60% or 80%) localities may require a certain percentage of dwellings in new developments to be affordable or offer incentives for developers to include more affordable units.

NOTES

  1. http://170.97.167.13/offices/cpd/affordablehousing/index.cfm U.S. Department of Housing and Urban Development, retrieved on 1/13/09