What is affordable housing?
“Generally speaking, housing is considered to be affordable if no more than 30% of an owner’s/renter’s income goes toward housing costs (mortgage/rent, utilities, etc.),” Ronald Wolanski, the planning director for Middletown, explained in an email.
“To be counted toward a town’s 10% goal, in addition to meeting the 30% of income rule, the housing unit must be subsidized, meaning that some public funding is used to develop or maintain the housing,” Wolanski added.
Typical sources of funding are the Community Development Block Grant program and initiatives through Rhode Island Housing.
“The property must also contain a provision in the deed that restricts the sale or lease of the unit to qualified low-[moderate] income families at the applicable affordable rate for a minimum of 30 years, Wolanski wrote.