Affordable housing refers to housing deemed financially accessible to households that earn below-median household income as measured by the US Census Bureau. The term also refers to government programs aimed at providing adequate housing options and relieving financial burdens on low-income tenants. Housing rental programs for low-income residents include subsidized housing, public housing, and housing choice vouchers to assist in paying for private housing. There are also federal programs aimed at encouraging homeownership. The Low-Income Housing Tax Credit gives developers an incentive to build or renovate housing units for low- and moderate-income families. Some municipalities also maintain zoning ordinances that legally require developers to construct and maintain units for low-income tenants.
The US Department of Housing and Urban Development (HUD)...Read more