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ND-Plan-v4 NPDc4:Housing types and affordability

Affordable Housing for Rental Units

I have a mixed use project in Florida with about ten stories of 1- and 2-bedroom apartments for rent.  I want to explore the feasibility of pursuing this credit as a pilot credit.

 

I am having trouble understanding the language as it pertains to rental limits to 60% Annual Median Income (AMI) and 80% AMI. 

 

Should the unit's rental value be 60% of the AMI of my area? 

OR

Should this rental value be affordable for up to 60% AMI as established by the US Government's Housing and Urban Development or a similar entity?  Here's a document released by HUD that details affordability broken down by various levels of percent AMI.  https://floridahousing.org/docs/default-source/data-docs-and-reports/2019_florida_housing_rental_programs_(mtsp)_income_and_rent_limits_(eff-_4-24-19).pdf?sfvrsn=ab44ef7b_7

 

 

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Sun, 10/29/2023 - 19:06

Hello Amanda, did you find an answer to your question? I am running into the exact same thing! I will say that my assumption is there is a piece missing, and I will likely submit based on households consecrating 30% of their income to housing costs, therefore the maximum rent/mortgage payment would be 30% of 80% of AMI. Does this make sense?
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Eliot Allen
LEED AP-ND, Principal
Criterion Planners
LEEDuser Expert
231 thumbs up

Sun, 10/29/2023 - 21:12

Amanda, this excerpt from the ND v4 Reference Guide credit section Behind the Intent should help: "...target incomes are tailored to the project's location, using AMI as a baseline. A further adjustment accounts for differences in family size, using the number of bedrooms in a given unit type as a proxy. Rental units are then priced from this figure, based on a monthly derivative of annual income and an estimate of 30% as the maximum portion of annual income that should go toward rent." The 30% factor is also described in Step 4 of the Step-by-Step section. Eliot

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