affordable housing

Also found in: Acronyms, Wikipedia.

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.

References in periodicals archive ?
The City will now sell the site to PRDG for a nominal fee in exchange for the design and construction of their mixed-use development that includes affordable housing for New Yorkers of low, middle, and moderate-in-comes.
For fully one third of the nation's working and low-income families, securing affordable housing has become a grave challenge.
Prime Minister Paul Martin told community activists in Montreal that the federal Liberal election platform will include a five-year plan to fund affordable housing, a departure from a decade of government policy.
Both candidates agreed the state should offer incentives to build affordable housing.
The letter was prompted by Congress' attempt to designate zero new housing subsidy vouchers as part of its planned $4 billion (13 percent) cut in the affordable housing budget for fiscal year 2000.
The New Jersey Coalition for Affordable Housing and the Environment (CAHE) has had to be deliberate and careful about trust building from the start.
94-1 provides guidance on how to account for investments in limited partnerships that operate qualified affordable housing projects.
Almost all newly constructed affordable housing units in the past few years have been financed with the program, according to the National Council of State Housing Agencies.
A major barrier to housing access is the two-edged sword of a decade-long decline in affordable housing stock, and the rising cost of housing in relation to income.
That was a time of strong social consciousness and activism, a time when the Urban Development Corporation was just starting up and a lot of affordable housing and middle income housing, like Mitchell Lama housing, was really starting to get off the ground," Bee said.

Full browser ?