Affordable housing

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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. Additionally, localities may invest in rehabilitation or construction of affordable housing in order to maintain affordable housing stock.

Agencies, entities and groups that deal with affordable housing



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