What is affordable housing?
Affordable housing is housing that is affordable to low-income households (households earning at or below 80% of the Area Median Income) and moderate-income households (households earning 80 – 120% of the Area Median Income). Rent or mortgage payments are calculated and set to not exceed 33% of the household income. Question 3 defines low and moderate incomes.
For purposes of this web site and the properties listed, the definition of affordable housing is as follows: affordable housing: Rents that are affordable to households whose annual income is 80% or less of the median income range for the county in which the property is located. The median income range and other applicable income limits are outlined on charts published by the Washington State Housing Finance Commission, HUD and USDA Rural Housing Service. Most of the properties listed on our web site have income limits that keep the housing they offer affordable to households in this income range. For each property that interests you, please check in the property description the income limits that apply. The charts can be obtained by clicking on the links below or clicking on the income limit button to the left of each page. Also available are the basic criteria for determining the eligibility and rent level for a particular property. The government program in which the property is fun
“Affordable housing” includes many kinds of housing: rental, cooperative, homeownership, and supportive housing for seniors and persons with disabilities. Commonly, housing is considered “affordable” for a low- and moderate-income household when the household pays no more than 30 percent of its gross (pre-tax) income for rent or mortgage payments. The JPNDC develops affordable housing at a range of affordability levels to meet different needs – from the needs of formerly homeless individuals and very low-income families for whom decent, secure housing is essential to health and stability, to the needs of moderate income people who are priced out of our country’s eighth most expensive housing market. We use Area Median Income (AMI) as our measurement tool, which allows us to meet requirements for public financing and project-based subsidies. AMI is defined by the federal Department of Housing and Urban Development. Specific units within each of our projects are designated to be rented o
Affordable housing means different things to different people. In San Diego, the median price of a home is more than $500,000, a product of supply and demand and location. The U.S. Department of Housing and Urban Development (HUD) defines “affordable” as housing that costs no more than 30 percent of a household’s monthly income. That means rent and utilities in an apartment or the monthly mortgage payment and housing expenses for a homeowner should be less than 30 percent of a household’s monthly income to be considered affordable. Currently, the median income for a family of four in San Diego is $63,400. Utilizing HUD’s definition, affordable housing for a low-income family (household earning up to 80 percent of San Diego area median income) (AMI), would be an apartment renting for about $1,500 per month or a home priced under $225,000. The cost would vary depending on family and unit size. California Community Redevelopment Law requires that 15 percent of housing developed in a redev
