affordable housing

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affordable housing

Housing for people whose income is a certain percentage below the median income for an area, as determined by the U.S. Department of Housing and Urban Development (HUD). National and local governments provide incentives and cash assistance to developers to build new affordable housing or rehabilitate older apartment buildings or other projects and offer housing at rates deemed affordable for the area.

Currently, HUD has three affordable housing programs.They are

1. HOME. Provides grants to state and local governments to fund their programs to meet the housing needs of low-income and very low income families.

2. SHOP. Provides funds to nonprofit organizations to acquire home sites and develop or improve the systems for delivery of sweat equity and volunteer-based homeownership programs for low-income families.

3. HOZ. Provides funds for communities to reclaim vacant and blighted areas and create home ownership zones of mixed income, pedestrian friendly neighborhoods.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
We urged the Legislature to support changes to high-rent vacancy decontrol and preferential rent, and we are pleased to see that these recommendations were included in the enacted law and that some of New York's vulnerable affordable housing stock is now protected in a new way.
He said the state government had also decided to take over the construction of affordable housing project in Miri from the federal ministry.
If you're thinking about hosting a Community Conversation on affordable housing in your neighborhood, please let us know by filling out this brief form so we can share your event with our readers.
Here are examples we addressed in "Changing the Perception of Affordable Housing" at NAA's Apartmentalize 2018:
The aforesaid suggestion came at National Affordable Housing Summit-2018, held under aegis of PHD Chamber of Commerce and Industry here today in which it was also felt that States should seriously deliberate to further rationalize the Stamp Duty, especially for real estate developers engaged in affordable housing schemes so that such houses really becomes "Affordable" in real sense.
The announcement celebrated nine additional affordable housing developments throughout northeastern Ontario, supported by more than $10.3 million in federal and provincial contributions from the governments of Canada and Ontario.
CPG founder and chair Jose Antonio told reporters after the company's stockholders meeting on Thursday that the company's goal would be to eventually produce an annual inventory of 20,000 affordable housing units.
Explain your role at the Affordable Housing Institute?
The Welsh Government has allocated a Social Housing Grant (SHG) to the Vale council to provide affordable housing in 2013-14 with "indicative forward allocations" for 2014-15 and 2015-16.
The bank received the awards from the Federal Home Loan Bank of Chicago (FHLBC) for 16 affordable housing projects.
The Mena region is facing shortfalls of some 3.6 million units of affordable housing over the next five years unless the region's governments and property developers make a combined effort to solve the problem, said a report.

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