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The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
June 24, 2024 at 8:22 AM. WASHINGTON (AP) — The Biden administration is announcing new steps to increase access to affordable housing as still-high prices on groceries and other necessities and ...
The report's key figure, the "Housing Wage," reveals the hourly earnings necessary for full-time workers to afford fair market rental homes without exceeding 30% of their incomes. Nationally, the 2023 Housing Wage is $28.58 per hour for a modest two-bedroom home and $23.67 per hour for a one-bedroom home.
Low-income families were defined as those with incomes between 30% and 60% of the median in a given market, while very low-income families were those making less than 30% of the median—roughly ...
In both large metropolitan areas and regional towns where housing prices are high, a lack of affordable housing places local firms at a competitive disadvantage. They are placed under wage pressures as they attempt to decrease the income/housing price gap. Key workers have fewer housing choices if prices rise to non-affordable levels.
The state is building about 1,000 units a year but needs to be building 2,000 to 3,000, just to keep up with the current demand.
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