THE HOUSINGAFFORDABLE POCKET GUIDE
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4 |NMTC NCRaleigh,
Affordable housing is one of the greatest needs in our community, yet it is comprehensive.itbriefsomeThiscomplexextremelyandnuanced.guideintroduceskeyconceptswithdescriptions,butisnotintendedtobe Want to learn more? Please contact us! info@develophaven.org | 984.999.1002 5
While definitions vary, a commonly accepted definition of affordable housing is situations where households pay 30% or less of their income towards housing.
What is
Housing?Affordable 6
Households that spend more than 30% of their income towards housing are considered “Housing Cost Burdened”. Those that pay more than 50% of their income are considered “Severely Housing Cost Burdened”. 7
What is HousingOccurringNaturallyAffordable(NOAH)?
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NOAH refers to housing units that exist within a community which meet affordability targets without requiring subsidy. These are typically older residential units in established neighborhoods and are at the highest risk of gentrification.
|RoadRoss NCDurham,
What is Area Median Income (AMI)?
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AMI is a localized measurement of household income determined by Housing and Urban Development (HUD) data. This data is the basis of many decisions in the affordable housing industry.
100% AMI represents the middle income for that area. 11
Many fundingwhichhavehousingaffordableprojectsAMItargetsdependonsources. 12
Extremely Low Income: 0% to 30% of AMI Very Low Income: 30% to 50% of AMI Lower Income: 50% to 80% of AMI Moderate Income: 80% to 120% of AMI (aka Workforce Housing) 13
What PublicisHousing?
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Public housing is typically defined as affordable housing units which are developed/purchased, owned, managed, and/or maintained by a Housing Authority.
Housing Authorities are local agencies which administer HUD programs, including housing exactlytheyHousingcommunityprograms.voucherNoteveryhasaAuthority,andalldon’tfunctionthesameway. 15
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What is Missing Middle Housing?
A concept developed by design firm Opticos, Missing Middle Housing refers to a variety of multi-unit housing types which can help create walkable, human-scale neighborhoods while increasing housing options for a variety of households. Examples are duplexes, townhomes, cottage courts, and livework units.
|Idlewild NCRaleigh,
Formerly known as “Section 8 Vouchers”, this program compensates landlords the full cost of rent while the renting household pays a maximum of 30% of their income.
What are Housing Choice Vouchers?
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Vouchers can be tied to specific housing units or, more obtain.theyaregreaterhousehold.providedcommonly,toanindividual/Thereisamuchneedthantherevouchersavailablesocanbechallengingto 19
There are other housing voucher programs that target demographics,specificsuch as Veterans Affairs Supportive Housing (VASH) vouchers for veterans - administered jointly between the VA and HUD. 20
|CourtyardEastowne NCDurham,
What is AgencyHousingaFinance(HFA)? HFAs are state agencies that administer a range of affordable housing and community development programs based on a variety of federal and state funding sources, such as the LIHTC. 22
What is the Low Income Housing Tax Credit (LIHTC)?
LIHTC is a competitive program that awards federal tax credits to qualified affordable housing projects. The tax credits are subsequently sold to investors through a syndicator and put towards the project costs.
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What is HousingSupportivePermanent(PSH)?
PSH units are typically designated for individuals or households with specific disabilities or circumstances such as chronic homelessness.
PSH projects combine subsidized affordable housing with voluntary support services such as healthcare, counseling, and workforce development.
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|PlaceHolloway NCDurham,
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What is Development?Mixed-Incomea
Mixed-income developments provide housing units at various rental rates to target households with different income levels, typically with rental subsidies matching the need based on household income.
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What is a MixedUse Development?
Mixed-use developments are projects which include at least two separate uses, such as housing, office, retail, institutional, education, and/or healthcare. Typical mixed-use projects include residential and retail uses, which are meant to compliment one another.
What is the New Market Tax Credit (NMTC)?
NMTC is a federal program that awards tax credits through Community Development Entities (CDEs) to qualified projects within economically distressed census tracts. NMTC projects must include commercial (economic) development, but may also include affordable housing units.
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29 |IINMTC NCRaleigh,
Who is Haven? Haven is an award-winning social enterprise that exists to increase the quantity and quality of housing options for communities.under-served 30
31 Haven provides a suite of professional services to our clients in order to increase their capacity and maximize their impact. + Real Estate Consulting + Architecture + Landplanning + Construction Management
What Consulting?Developmentis
Development consulting is an advisory service to provide an owner/developer with professional, objective advice on various aspects of the development process such as project proformas, schedules, construction budgets, and so on.
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What is an Representation?Owner’s representative takes on holistic responsibility for a project on behalf of an owner/developer and advocates for their interests and goals by assembling and directing the entire project team.
An owner’s
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What Design-Build?is Design-build is a project delivery method in which architecture and construction services are provided in a single contract by a single firm, increasing overall project efficiency. 34
CM is an advisory service in which the owner/developer is represented during the construction process to ensure effective construction implementation, particularly when the owner/developer lacks the capacity or expertise to manage construction in-house.
What is ManagementConstructiona (CM)?
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Stakeholder
What is Engagement?Stakeholder engagement is a process which identifies the individuals and organizations affected by a project and facilitates robust participation in order to increase positive outcomes and lower project risk.
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37 |NWCC NCCary,
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