Affordable Housing Plan Community Workshops November 12, 2008 Presentation Overview Introductions Background Why create an affordable housing plan? Partners Process Definitions Needs Assessment Summary Rental Gap Home Ownership Gap Recommendations Goals and Objectives
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November 12, 2008
Area Median Income (AMI) = Income for an area used to calculate eligibility for certain affordable housing programs. One half of the incomes in the area are above this amount and one half are below. Each year the U.S. Department of Housing and Urban Development (HUD) determines an AMI for every county in the United States. For 2008 the HUD amount in Grand County is between $47,000 and $49,000 for a family of four.
Affordable Housing: Housing thatconsumes no more than 30% of gross annual household income, particularly for households earning less than 80% of AMI. Rental housing costs include rent and utilities. Ownership housing costs include mortgage, taxes, insurance, utilities and home owner association fees.
To assess on a continuing basis the gaps
among housing stock, housing needs, and what households can afford in order to revise the objectives of the Affordable Housing Plan.
5. To establish and participate in programs to reduce household operating, rehabilitation and construction costs.
6. Analyze the housing needs of moderate to 120
percent income households.
7. Coordinate with and involve multiple community
and outside agencies in developing affordable
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