“Affordable housing” is a broad term meaning housing that is safe, appropriate and affordable as measured by the needs of the tenant. Affordable housing can mean many types of housing: home ownership, rental housing, emergency housing and shelter, housing with services where there are special needs (i.e. Copley House). Housing that complements community life, economic and downtown development and is in harmony with our Vermont landscape.
Often the term “affordable housing” is used to describe housing where federal and state funding (used to purchase, develop and/or renovate the housing) places certain rent and tenant income restrictions on the owners and residents of that development. Depending on the program(s) funding the affordable housing project in question, certain rent limits and maximum tenant household income limits may apply.
Affordable housing is safe, appropriate and affordable as measured by the needs of the tenants.
Affordable housing in the context of Lamoille Housing Partnership to date is typically of two types which are blended at some sites:
a. For many programs the household income of tenants cannot exceed 60% of area median income, $35,520 for a family of 3 in Lamoille County. The rent charged for those units cannot exceed the maximum allowed, currently $739, $888 and $1025 for a 1, 2 and 3 bedroom unit respectively (maximum includes utilities).
b. There are a few federal funding programs geared to very low income populations including seniors (Rural development rental assistance or Section 8 rental assistance) where the rent is limited to 30% of the tenant's adjusted gross income and the maximum initial tenant income needs to be less than 50% of the area median income.
