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Housing
Question | Answer |
---|---|
Municipal Housing Plan | Drawn up by local governments to fulfill housing needs overlooked by the private sector. These needs often include the creation of additional low to moderate income housing, group homes, foster homes, and various kinds of gov-assisted housing. |
Municipal Housing Plan elements | 1) Existing trends and conditions; 2) Housing needs analysis; 3) Market analysis; 4) Goals and targets; 5) Strategy analysis; 6) Implementation plan |
Affordability Standard | Monthly housing costs should require no more than 30% of a person's income. Unfortunatley, the 25% of renters who are below the poverty line may spend btw 50 and 70% of monthly income on housing. |
AS (cont.) | According to 2002 US Census, median incomes btw $30,000 and $56,000 while median housing prices are btw $78,000 and $316,000. |
Housing Affordability Index | Assesses a family's financial ability and determines whether or not it can qualify for a mortgage for home of median value. If index is >100, family's income is more than sufficient. If = 100, they are exactly sufficient. If <100, family's income too low |