Affordable Housing is generally defined as housing where the tenant is paying no more than 30
percent of gross income for gross housing costs. Housing costs may include
the real estate taxes; the fees for fire, hazard and flood insurance; the
costs of utilities (electric, gas and water) and fuels (oil, kerosene, wood,
etc.); and the payments for mortgage and other similar debts on the property.
includes housing that
is for purchase qualifies as affordable
housing if it has a
sale price that does not exceed the mortgages limit for type of single
family housing for the area under
HUD's single family
insuring authority under the National Housing Act; and is
purchased by a low-income, first-time home buyer who will make the housing
his or her principal residence.
United States Department of Housing and Urban Development.