Affordable Housing Advisory Committee. Vince Price, Chairman Bay County Affordable Housing Advisory Committee [email protected] / 850-527-0193. Affordable Housing Advisory Committee. Who Needs Affordable Housing?. Affordable Housing Advisory Committee.
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Who Needs Affordable Housing?
More people than you might realize!!
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.
Income Levels and Buying Power for Bay County
Area Median Income (AMI) $53,800
(4 Person Family) Income Buying Power
Low $43,050 $125,000
Very Low $26,900 $78,000
Extremely Low $16,150 $47,000
Based on FY 2008 Fair Market Rent (FMR) areas.
HOME ( Home Investment Partnership Program)
SHOP (Self-Help Homeownership Opportunity Program)
The HOME Program helps to expand the supply of decent, affordable housing for low- and very low-income families by providing grants to States and local governments called participating jurisdictions or "PJs". PJs have a great deal of flexibility in designing their local HOME programs within the guidelines established by the HOME program statute and final rule. PJs may use their HOME funds to help renters, new homebuyers, or existing homeowners.
Since 1990 when the HOME Program was signed into law as Title II of the Cranston-Gonzalez National Affordable Housing Act (the HOME Investment Partnerships Act), over 450,000 affordable housing units have been acquired, constructed or rehabilitated, and nearly 84,000 tenants have received direct rental assistance.
HOME is the largest Federal block grant to State and local governments designed exclusively to create affordable housing for low-income households. Each year it allocates approximately $2 billion among the States and hundreds of localities nationwide. The program was designed to reinforce several important values and principles of community development.
SHOP provides funds for non-profit organizations to purchase home sites and develop or improve the infrastructure needed to set the stage for sweat equity and volunteer-based homeownership programs for low-income families. National and regional nonprofit organizations or consortia with experience in using volunteer labor to build housing may apply.
The Homeownership Zone program allows communities to reclaim vacant and blighted properties, increase homeownership, and promote economic revitalization by creating entire neighborhoods of new, single-family homes, called Homeownership Zones. Communities that apply for HOZ funds are encouraged to use New Urbanist design principles by providing for a pedestrian-friendly environment, a mix of incomes and compatible uses, defined neighborhood boundaries and access to jobs and mass transit.
There have been two competitive funding rounds, one in 1996 and one in 1997. No further funding has yet been made available for this program.
Michael Johnson Shelia Ware850-872-7230
Meetings are open to the public. Scheduled meetings will be posted on the Homepage of the MLS & faxed to Affiliates. Meetings start at 5pm at the Bay County Emergency Operations Center. Meetings will last no longer than 1 ½ hr.
Come and Let’s Make a Difference!!