What is affordable housing?
Housing is considered to be affordable when a household of low or moderate-income can afford to buy the home without spending more than 30 percent of their gross household income on direct housing costs. Income levels are established by the US Department of Housing and Urban Development and verified by a monitoring agent assigned to the property.
Affordable housing is sold at a price established by a monitoring agent as being affordable to low or moderate-income households. The price is generally below market value.
Should the owner of an affordable property sell the home during the term of the deed restriction, the monitoring agent would establish the new value at an affordable price.