HUD estimates the median family income for an area in the current year at various levels (30% AMI, 50% AMI, 80% AMI and 100% AMI), adjusted household sizes so that incomes may be expressed as a percentage of the area median income. A community’s percentage is monitored by DHCD and published as the SHI.Īffordable – As defined by DHCD, affordable actually means that the unit qualifies for inclusion on the Subsidized Housing Inventory.Īrea Median Income (AMI) – HUD annually publishes the area median income limits nationally, and these are used for eligibility in most housing programs. Housing is generally considered affordable if the household pays less than 30 percent of its monthly income to secure the housing.ġ0% – The required percentage of year round housing stock that must be Affordable, per MGL Chapter 40B. ![]() “Affordable housing” does not refer to the design, type, or method of construction of a housing unit or development, but to the cost of the housing to the consumer. In an attempt to define what affordable housing means the following definition is offered:Īffordable Housing – Housing targeted to and affordable by households that meet specific income eligibility levels, typically households earning below 80% of the metropolitan area’s median income (or AMI). For ease of reading, italicized-underlined items are words, terms, or acronyms defined elsewhere in this glossary. To that end, the Planning Division has compiled a short list of the key terms needed to talk about “Affordable Housing.” This list is not inclusive and represents only the first layer or two of the subject. Confounding matters are that the Federal and State agencies often use slightly different terms and definitions, essentially to accomplish different goals. The environment in which affordable housing is created is not always readily transparent to those not immersed in it.
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