There is a lot of discussion about zoning, but what does it all mean?
Housing terms are often referred to in our discussions and presentations about housing: Affordable housing, Subsidized housing and Market rate housing. Here you can learn about things such as what “cost burdened” means, the percentage of Salt Lake residents who are cost burdened, how vouchers work, and what market value is.
Affordable housing: Families who pay more than 30 percent of their incomes for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care. An estimated 12 million renter and homeowner households now pay more than 50 percent of their annual incomes for housing. A family with one full-time worker earning the minimum wage cannot afford local fair-market rent for a two-bedroom apartment anywhere in the US. In Salt Lake City, 50% of our renters are cost burdened and 25% of our renters are severely cost burdened (meaning they pay more than 50% of their income on rent).
Subsidized housing- Subsidized housing helps provide decent and safe rental housing for eligible low-income families, the elderly, and persons with disabilities by providing ongoing assistance towards rent. This type of housing comes in all shapes and sizes. Some subsidized housing is provided by private landlords who accept vouchers from the federal government for that person or family to go towards their rent and utilities. Other types of subsidized housing are tied to whole projects built with a focus on subsidized housing, and are overseen by local housing agencies (Housing Authorities) providing federal aid from the U.S. Department of Housing and Urban Development (HUD). Low Income Housing Tax Credits are a financing tool that is used to build affordable housing and provides a subsidy to those who build and own the development. Subsidized housing eligibility is based on annual gross income, whether someone qualifies as elderly, a person with a disability, or as a family, and whether they are a US citizen or have eligible immigration status.
Market rate: Refers to properties that are rented or owned by people who pay market rent to lease the property or paid market value when they bought the property. There is no subsidy for the housing.
More information can be obtained at the Housing & Neighborhood Development Division of Salt Lake City – http://www.slcgov.com/hand
Thank you to Councilman James Rogers for providing this information.