In the United States, affordable housing refers to housing deemed financially accessible to households that earn below the median household income, as measured by the US Census Bureau. The term also refers to government programs aimed at relieving financial burdens on low-income tenants. Programs for residents include public housing projects, vouchers to assist in paying for private housing, and programs aimed at encouraging homeownership. In addition, developers are incentivized to reserve housing units for low-income families with the Low-Income Housing Tax Credit. Other developers are legally required to set aside units for low-income tenants through zoning ordinances.
While incomes in the United States fell by 11 percent between 2001 and 2013, rental costs grew. As a result, record numbers of...Read more