How does the Government define affordable housing?
The federal Department of Housing and Urban Development (HUD) defines an "affordable dwelling" as one that a household can obtain for 30 percent or less of its income.
a household is considered "low-income" if it makes less than 80 percent of the median income in the local area (this is called Area Median Income, or AMI). So, by this definition, a dwelling is considered "affordable" for low-income families if it costs less than 24 percent of the area median income.
What is Affordable Housing?
Housing policy is one of the main issues that local governments deal with. It encompasses several overlapping concerns. Making sure that everyone has a decent place to live is an important general priority. People are also interested in ensuring that economic diversity exists in specific cities, metropolitan areas, or neighborhoods. Last but not least, there is interest in maintaining specific communities and community ties without unduly displacing people.
How can we make housing more affordable?
There are two basic types of policies that could make a large difference in housing affordability:
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