Affordable Housing 101 Vermont Housing Conference November 18, 2008 What is Affordable Housing? Defined as monthly housing costs not exceeding 30% of gross monthly income for rent & utilities (for homeownership it’s mortgage, taxes & insurance)
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Affordable Housing 101
Vermont Housing Conference
November 18, 2008
Fair Market Rent (FMR) for a modest 2-BR apartment in 2008 = $836
Most Vulnerable Vermonters the Most Cost-Burdened
re-capitalization over time, as it ages, yet the initial public investment is still preserved and serves the community’s needs
Development Costs & Sources of Income:
grants or structured as deferred loans for tax credit projects.
Operating Costs & Sources of Income:
Guiding Documents which outline Vermont Priorities
Some priorities and considerations