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Housing Language Basics

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Housing Resources

Housing Language Basics

AFFORDABLE HOUSING
AMI
LOW INCOME
LIHTC
SECTION 8
HOUSING AUTHORITY

  • What is Affordable Housing

    • Affordable housing is generally defined as housing on which the occupant is paying no more than 30% of their gross income for housing costs, including utilities.
    • Which means affordable is going to look different to different people. 
    A teacher with text that explains a school professional makes a salary of around forty six thousand dollars in Colorado. An image of a home below with text that says affordable rent for this person is around one thousand two hundred seventy eight dollars per month.
    A nurse with text that explains a nursing professional makes a salary of around fifty thousand dollars in Colorado. An image of a home below with text that says an affordable mortgage for this person is around two hundred twelve thousand dollars.
    A waiter with text that explains a hospitality professional makes a salary of around thirty-five thousand dollars in Colorado. An image of a home below with text that says affordable rent for this person is around nine hundred seventy dollars two per month.
    A surgeon with text that explains a surgical professional makes a salary of three hundred thousand dollars in Colorado. An image of a home below with text that says an affordable mortgage for this person is around one million two hundred thousand dollars
    • All over the U.S. there is a shortage of affordable housing for people with lower incomes.

Area Median Income

  • Area Median Income per household which is derived from census data 
  • The area median income is the midpoint of a region's income distribution, meaning that half of households in a region earn more than the median and half earn less than the median. A household's income is calculated by its gross income, which is the total income received before taxes and other payroll deductions. 
  • According to HUD (U.S. Department of Housing and Urban Development) the AMI in Alamosa for a 4 member household is $73,500.
    • However, our own math puts Alamosa AMI for a 4 member household closer to $58,000 

 

Affordable House/Rent payments at Variable Alamosa AMI (4 person household)
AMIINCOMEAFFORDABLE RENTAFFORDABLE HOUSEJOB TYPEJOB SALARY*
Extremely Low (30%)$15,315$383$67,500   
Very Low (50%)$25,525$638$112,600Retail Associate$26,000
60%$30,625$852$150,300Teacher$38,000
Low (80%)$40,830$1,021$180,000Police Officer$48,000
100%$51,045$1,276$225,100Nurse$55,000
Moderate (120%)$61,255$1,531$270,100  
150%$76,570$1,914$337,700Nurse + Teacher$93,000

*Average Alamosa Job Income

  • What is Low Income?

    • Low Income is defined as 80% of the median family income for the area, subject to adjustment for areas with unusually high or low incomes or housing costs.
    • Households less than 80% of the AMI are considered low-income
    • Households earning less than 50% AMI are considered to be very low income
    • Households earning less than 30% AMI are considered extremely low income

What is LIHTC?

  • The Low Income Housing Tax Credit (LIHTC) program created by the Tax Reform Act of 1986 gives State and Local LIHTC-allocating agencies the equivalent of approx. $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
  • There are 9% or 4% tax credit programs for low income housing developers.
  • The stipulations include:
    • The housing has to remain affordable for 30 years.
    • 40% of the housing units must be reserved for households with a 60% AMI and lower and 20% of the units must be for 50% AMI and lower. 

 

What is Section 8 Housing?

  • “Section 8” is a common name for the Housing Choice Voucher program, funded by the U.S. Department of housing and Urban Development.
  • The Section 8 Program allows private landlords to rent apartments and homes at fair market rates to qualified low income tenants, with a rental subsidy.
  • The renter receives vouchers that cover part of the cost of rent, then the renter pays the difference between actual rent and subsidy.
  • A renter can apply for Section 8 Vouchers at the local Housing Authority  
  • HUD Section 8 FAQs Website

 

What is a housing authority?

  • A housing authority is a governmental body that governs aspects of housing often providing low rent or free apartments to qualified residents.
  • The Alamosa Housing Authority is a public housing agency that participates in the Section 8 housing Choice voucher program and other public housing programs. 
  • Alamosa Housing Authority Governing Board

Alamosa Housing Authority Office

213 Murphy Drive Alamosa, CO, 81101
(719)589-6694
alamosaaha.org

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