A housing unit-owned or rented-at a price appropriate to low and middle incomes.
a calculation of the average cost of single family residences as measured against the average income of potential buyers or renters. As a rule of thumb the cost of a residence for a buyer should be no more than three times annual household income. definition of affordable housing defined definition of regional economic development organization defined
A unit that costs no more than 30% of the renter's income.
Non-market rate housing available only to citizens meeting certain income criteria. (“Affordable” is a relative term that varies according to the actual average income of the community in question). Because of the high costs of land and construction in many areas, housing prices higher than lower income individuals can afford to pay. Therefore, a public or private source must always provide a subsidy in order to make housing “affordable” to this population.
Housing which is provided by a Registered Social Landlord and accessible to people who cannot afford to buy a house locally on the open market.
Housing is affordable when households with incomes at or below 80% of the area median income pay no more than 30% of their gross income on housing costs, including rent or mortgage payment plus utilities and insurance.
Housing provided for those whose incomes do not allow them to compete in the open market for house purchase, or for whom private sector economic rents are too high.
Housing, for people unable to buy or rent housing at open market prices, which is made available where there is clear evidence of need. Planning conditions and legal agreements can be used to restrict the occupancy of property to people failing within categories of need.
Inexpensive dwellings affordable to those of modest income.
As defined by the United States Department of Housing and Urban Development, any housing accommodation for which a tenant household pays 30% or less of its income for shelter.
Housing is considered to be affordable if monthly housing cost does not exceed a certain percentage of a family's monthly income. The acceptable percentage usually ranges from 30-35 percent of a family's monthly income.
Housing made available at a cost below full market value, to meet an identified need. Includes social rented housing, some private sector rented accommodation, shared ownership housing and subsidised housing for sale. Rental levels will normally fall within the same ranges as Local Housing and Housing Association accommodation. In Clackmannanshire, and where housing is for sale will not normally exceed £40,000 in price.
Well-located housing, appropriate to the needs of a given household, where the cost (whether mortgage repayment or rent) is no more than 30 per cent of that household's income. Exceeding the mark places one under 'housing stress', particularly in the lower 40 per cent of the income distribution scale.
low cost housing for sale or rent, often from a housing association, to meet the needs of local people who cannot afford accommodation through the open or low cost market, or subsidised housing.
Housing of a reasonable quality that people on modest incomes can afford. In some areas, the market can provide some or all of the affordable housing that is needed but, in other places, housing needs to be provided at a cost below market value to meet an identified need. An 'affordable rent' is one which is within the means of households in low paid employment and which they can pay without needing to receive housing benefit.
Housing advocates use "affordable" to mean housing that does not require more than 30% of household income to be spent on housing. Governments often use the term to mean housing with rents no higher than average market rents by unit type.
Housing reserved for those for whom it would be impossible or inappropriate to pay the full market price for housing in a particular area. This may be for owner occupation or rent.
Housing where the occupant is paying no more than 30 percent (of gross income for gross housing costs, including utility costs. Housing that is for purchase (with or without rehabilitation) qualifies as affordable housing if it (1) is purchased by a low-income, first-time home buyer who will make the housing his or her principal residence; and (2) has a sale price that does not exceed the mortgages limit for type of single family housing for the area under HUD's single family insuring authority under the National Housing Act.
Non-market-rate housing available only to citizens meeting certain income criteria. Because of the high costs of land and construction in many areas, housing prices are higher than lower-income individuals can afford to pay. Therefore, a public or private source must provide a subsidy to make housing affordable to this population. Affordable is a relative term that varies according to the actual median income (AMI) of the community in question. Although many think of very-low-income families as the only people eligible for such housing (families making under 60% of AMI), affordable housing may be available to individuals or families making as much as 80% of AMI. In wealthy regions, this often makes many office workers, teachers, firefighters, and police officers eligible for such housing. For example: If the AMI in a community is $100,000 per year, a family making as much as $80,000 per year could be eligible. A family making $40,000 per year, less than 60% of AMI, would easily meet the criteria. If the AMI in a community is $50,000, a family making as much as $40,000 could be eligible.
According to the U.S. Department of Housing and Urban Development (HUD), housing is affordable if it costs the occupant no more than 30% of their income for gross housing costs, including utilities. Affordable Rental Investment Fund: A program through the Minnesota Housing Finance Agency that provides zero percent interest-deferred loans to help cover the costs of providing permanent affordable rental housing.
Cohousing communities actively seek ways to make more of their units affordable. Some states, counties or municipalities also require developers of multi-family housing, including cohousing developments, to have a certain percentage of the new units meet a standard for â€œaffordability.
A general term applied to public and private sector efforts to help low and moderate income people purchase homes. Usually the programs offer lower cash down payments, eased loan qualifying rules, and/or below market interest rates.
A range of both subsidised and non-subsidised housing designed for those whose incomes generally deny them the opportunity to purchase or rent housing on the open market.
Housing capable of being purchased or rented by a household with very low, low, or moderate income, based on a household's ability to make monthly payments necessary to obtain housing. Housing is considered affordable when a household pays less than 30 percent of its gross monthly income (GMI) for housing including utilities.
Affordable housing is generally defined as housing where the occupant is paying no more than 30% of gross income for gross housing costs, including utility costs, or where the costs of rent are no more than the fair market rents for the area. Affordable housing has a more specific definition when used in conjunction with specific HUD or local programs.
Decent housing that is affordable to low-income and moderate-income persons, as evidenced in its charter, articles of incorporation, resolutions or by-laws
Housing that is for sale or rent, to meet locally the identified needs of people who cannot afford to buy or rent housing generally available on the open market.
Housing for local people with housing need and in lower income groups, who cannot obtain homes in East Dunbartonshire that they can afford, and which the market would not supply by itself. Provision should be made by the social rented sector i.e. by a Housing Association or by the Local Authority.
Affordable Housing is generally defined as housing where the occupant is paying no more than 30 percent of his or her adjusted gross income for housing costs, including utilities.
A segment of the housing market where a proportion of the housing is targeted or reserved for those people who are unable to compete effectively in the existing market for housing in the area. The term covers a spectrum of providers and tenures including public sector, housing association, joint ventures and owner occuption. Affordable housing is not necessarily low cost housing. Detail is provided in Appendix 7.
For purposes of the Policy Plan, housing which is affordable to households with incomes that are 70% or less of the Metropolitan Statistical Area (MSA) median family income. (See the Housing Countywide Objectives and Policies section for an example of affordable rent and affordable home sales price). The MSA median family income is determined periodically by the U.S. Department of Housing and Urban Development.
(also called public housing and subsidized housing) - The Department of Housing and Urban Development (HUD's) affordable housing program was established to provide decent and safe rental housing for eligible low-income families, the elderly, and persons with disabilities. Because public housing is limited to low-income families and individuals, local Public Housing Authorities determine each individual's eligibility based upon the following criteria: (1) annual gross income; (2) whether a person qualifies as elderly, a person with a disability, or as a family; and (3) U.S. citizenship or eligible immigration status. Public Housing Authorities use income limits, which are set by HUD; these income limits vary from area to area. All affordable housing communities comply with federal fair housing regulations, accepting income-qualified residents without regard to race, color, religion, sex, disability, familial status, or national origin.
Dwellings developed specifically for those in need of a home but whose incomes generally deny them the opportunity to purchase or rent houses on the open market. Can refer to dwellings for owner occupation, on either a wholly owned or shared ownership basis, at the lower cost end of the market or housing for rent. See Circular 6/98.
Housing, whether for rent, shared ownership or outright purchase, provided at a cost considered affordable in relation to incomes that are average or below average, or in relation to the price of general market housing.
According to the United States Department of Housing and Urban Development, the generally accepted definition of affordability is for a household to pay no more than 30 percent of its annual income on housing. Families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care. According to the Metro Atlanta Chamber of Commerce, fully 2/3 of metro Atlanta residents and 40 percent of households earn less than $40,000 per year. However, in much of the region, particularly where jobs are concentrated, current zoning regulations do not allow housing that workers can afford. As a result, too many are driving too far to find affordable housing.
Housing that is generally accessible to a wide segment of lower- income wage earners. While Affordable Housing should form part of the community's Continuum of Supports Plan, it cannot be funded through the SCPI.
Affordable housing is generally defined as housing on which the occupant is paying no more than 30 percent of gross income for housing costs, including utilities. Reference: www.hud.gov
Rental or ownership housing that requires the family to pay 30 percent or less of household income for housing costs. Most affordable housing is developed by nonprofit or community-based organizations.
There is no universally-agreed definition, but it includes low-cost market and subsidised housing (irrespective of tenure, ownership - whether exclusive or shared - or financial arrangements) that will be available to people who cannot afford to rent or buy houses generally available on the open market
Affordable housing is a relative term, depending on the income level of a specific household. General standards for rental affordability are 30% of household income for housing expenses. In ownership housing, affordability is often defined by mortgage industry lending standards, which generally allow 28% to 31% of gross household income for housing expenses including principal, interest taxes and insurance. In this study, we have defined ownership affordability as 28% of the median household income estimate for each City. We have defined affordable rental as a range from 30% of the median household income, to 30% of income for households earning half of the median household income. The lower range for renters is due to the fact that renter household incomes are generally in the lower half of the median, while owner households are generally in the upper half of the median.
(logement abordable) Dwellings that cost less than 30.0 per cent of before-tax household income. See also: acceptable housing, adequate housing, suitable housing, and core housing need
Affordable housing is a dwelling where the total housing costs are affordable to those living in that housing unit. In the United States and Canada, a commonly accepted guideline for housing affordability is a housing cost that does not exceed 30% of a household's gross income. Housing costs considered in this guideline generally include taxes and insurance for owners, and sometimes include utility costs.