PLACEMENT: Departmental
TITLE:
title
AFFORDABLE HOUSING DISCUSSION
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EXECUTIVE SUMMARY:
executive summary
This agenda item provides an overview of what the County defines as "affordable housing". Staff has also provided data regarding Requests for Service, current revenue sources being used to support affordable housing, and an update on various programs and initiatives currently in place.
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DEPARTMENT: Administration
PREPARED BY: Name: George M. Stokus
Title: Assistant County Administrator
REQUESTED BY:
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
Defining Affordable Housing
Affordable housing is defined by housing programs of the federal government, the Florida Affordable Housing Act of 1986, the Florida Housing Finance Corporation and local housing agencies. Affordable housing is defined as housing for which monthly rents or mortgage payments, including taxes, insurance and utilities do not exceed thirty (30) percent of that amount which represents the percentage of the median adjusted gross annual income for the households or persons indicated in Section 420.0004, Florida Statutes. For renter-occupied housing, this percentage would include monthly contract rent and utilities.
The five categories used to define affordable housing are; extremely low income, very low income, low income, moderate income, and workforce housing. Each is defined below. The income ranges are based on the median household income for an area.
* Extremely low-income households: Households whose annual gross income, adjusted for family size, does not exceed 30 percent of the median annual income in Martin County;
* Very low-income households: Households whose annual gross income, adjusted for family size, does not exceed 50 percent of the median annual income in Martin County;
* Low-income households: Households whose annual gross income, adjusted for family size, does not exceed 80 percent of the median annual income in Martin ...
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