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Am I reading this right? > Alternatively, 100% affordable to moderate income residents where rents don’t exceed 120% area median income. If the median income
by notyourwork 4y ago
Am I reading this right?
> Alternatively, 100% affordable to moderate income residents where rents don’t exceed 120% area median income.
If the median income is $50k, using arbitrary number for example. 120% is $60k, so rent can be $5000/monthly. Is that right?
- raldi 4y agoThat's a poorly-written sentence. The law requires a certain percentage of units to be set aside for households making below 120% of the AMI, with rents restricted to be affordable to such families.
- notyourwork 4y agoGot it - so it's sort of the same thing as the prior sentence. I'm semi familiar with the setup having lived in Mission Bay for a few years. Thanks for clarifying!
- SethTro 4y agoNo, they choose a percentage of income for housing, I think 30% or 35%, and calculate from that so 50K * 1.2 * 0.3 = 18K/year = $1500/month