Housing GSO: HRA Greensboro Affordable Housing Plan

AFFORDABLE HOUSING GLOSSARY

Accessory Dwelling Units (ADUs): ADUs are additional living quarters located on single-family lots that are independent of the primary dwelling unit and provide basic requirements for sleeping, cooking, and sanitation. Due to their smaller size and lower development costs, ADUs tend to be a source of naturally occurring affordable housing, thus helping to increase the full affordable housing supply without the expenditure of public subsidy. They also provide other benefits, discussed in the ADU recommendation. Area Median Income (AMI): AMI represents the midpoint in the distribution of household incomes within a specific geographic region. HUD publishes annual AMI levels for regions, adjusted for family size. The HUD-provided AMI is used to determine applicants’ eligibility for both federally and locally funded housing programs where participation is dependent on income levels.

2019 Greensboro-High Point MSA Income Limits

Category

1-Person

2-Person

3-Person

4-Person

5-Person

6-Person

7-Person

8-Person

30% AMI

$12,900

$16,910

$21,330

$25,750

$30,170

$34,590

$38,050

$40,500

50% AMI

$21,500

$24,550

$27,600

$30,650

$33,150

$35,600

$38,050

$40,500

80% AMI

$34,350

$39,250

$44,150

$49,050

$53,000

$56,900

$60,850

$64,750

100% AMI

$43,000

$49,100

$55,200

$61,300

$66,300

$71,200

$76,100

$81,000

Source: HUD

Community Development Financial Institution (CDFIs): CDFIs are financial institutions, certified by the U.S. Treasury Department, to provide credit and financial services to underserved people and communities. They encompass a range of non-profit and for-profit entities, such as community development banks, community development credit unions, community development loan funds, community development venture capital funds, and microenterprise loan funds.

HR&A Advisors, Inc.

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