Board of Commissioners Regular Meeting: June 27, 2013 1715 W. Mountain Avenue 7:30 a.m.
Glossary of Terms
Affordable housing: Housing is affordable if the people living there pay no more than 30% of their income toward the rent or mortgage. Affordability depends on income.
Low-income rental housing: Housing that requires subsidies for production or for occupants or both to make it affordable to low and very low-income households.
Affordable ownership housing: Market-rate, unsubsidized housing for moderate-income households, particularly first-time buyers, and subsidized ownership housing for low- and moderate-income homebuyers.
Moderate-income: A household with an income from 80% to 95% of the local area median income.
Low-income: A household with an income from 50% to 80% of the local area median income.
Very low-income: A four-person household with an income less than 50% of the local area median income.
Extremely low-income: A household with an income less than 30% of the local area median income.
Housing wage: The amount a full-time worker must earn to afford a two-bedroom rental at the fair market rent while spending no more than 30% of his or her salary.
Area median income (AMI): The middle income by Metropolitan Statistical Area (MSA) and by county. AMI depends on family size. The Department of Housing and Urban Development (HUD) issues a listing of the AMIs each year. The AMI is used to determine the eligibility of applicants for both federally and locally funded programs.
Fair market rents (FMR): An affordability indicator set by HUD for most areas at their 40th percentile rent, are those for which or below which 40% of an area's standard quality homes rent.
Income limits: Family income limits established by law for admission into low- and moderate-income housing projects or to qualify for rent supplement assistance. Income limits are based on family size and geographic location.
Subsidy: Government grant to the sponsor to reduce the cost of one or more housing components (land, labor, material, financing) in order to lower the cost to the occupant.
Housing is affordable if the people living there pay no more than 30% of their income toward the rent.