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Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Many units are provided by community development corporations (CDCs). They use private funding and government subsidies to support a rent-geared-towards-income program for low-income tenants. [7] [8] [clarification ...
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
The definition of affordable housing may change depending on the country and context. For example, in Australia, the National Affordable Housing Summit Group developed their definition of affordable housing as housing that is "...reasonably adequate in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other ...
Workforce housing can refer to any form of housing, including ownership of single or multi-family homes, as well as occupation of rental units. Workforce housing is generally understood to mean affordable housing for households with earned income that is insufficient to secure quality housing in reasonable proximity to the workplace.
An age-restricted community is a residential community, often gated, that legally discriminates on the basis of age to limit residency to a majority fraction of older individuals—typically 80% over a set age. The minimum age is frequently set at 55 years old, but it can vary.
Unlike CDBGs, HOME funds are granted to states and local jurisdictions specifically for the provision of affordable owned and rental housing for low- and moderate-income households by. States receive 40% of funds and cities and other local governments receive 60%. Allocation of funds is based on a needs based formula (similar to the CDBG ...
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