Common affordable housing terms:
- Area median income (AMI): determines income eligibility for affordable housing programs; a number set according to family size and geography
- Affordability: no more than 30% gross household income is spent on gross housing costs
- Cost burdened: those paying > 30% of income on housing
- Severely cost burdened: those paying > 50% of income on housing
- Housing wage: the estimated full time hourly wage a household must earn to afford a decent rental unit at HUD fair market rent; rent should be no more than 30% of a person's income
- Full time work: 2085 hours a year or 40 hours a week for 52 weeks
- Fair market rent: 40% of gross rents for a typical, non-substandard rental determined annually by HUD; price reflects cost of shelter and utilities; FMR determines payment standards for housing choice voucher program and Section 8 contracts
- Renter wage: estimated hourly wage among renters by region
This all might seem a little vague, so come back next week and I will break down all the numbers for you! Until then consider donating to my ride ... every little bit helps!
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