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Metropolitan Council requirements for Affordable Housing <br /> <br />The Metropolitan Council assigns each community an Allocation of Need for Affordable Housing to be <br />included I the Comprehensive Plan. After the Villas of Mounds View are constructed, there will still be a <br />need for affordable housing by 2040. <br /> <br />< 30% of AMI = 24 units <br />31%-50% of AMI = 0 units <br />51%-8-% = 12 units <br />For a total of 36 units. <br /> <br />Minimum wage comes to about $21,000 p/year. <br /> <br />Income <br />Limits per <br />Household <br />Size <br />1 2 3 4 5 6 <br />30% AMI $22,050 $25,200 $28,350 $31,470 $33,990 $36,510 <br />50% AMI $36,750 $42,000 $42,000 $52,450 $56,650 $60,850 <br />60% AMI $44,100 $50,400 $56,700 $62,940 $67,980 $73,020 <br /> <br />A two bedroom apartment at the 31%-50% of AMI is about $1,181 p/month rent or about $14,172 p/year. <br />A two bedroom apartment at the 51%-60% of AMI is about $1,417 p/month rent or about $17,004 p/year. <br /> <br />If it is recommended that only 30% of a household’s gross income be used for housing and a household <br />of 2 is making $25,200 p/yr then they should only be paying $7,560 p/yr or $630 p/month. <br /> <br />------------------------------------------------------------------------------------------------------------------------------------------ <br />This story is part of CNBC Make It’s One-Minute Money Hacks series, which provides easy, <br />straightforward tips and tricks to help you understand your finances and take control of your <br />money. <br />There’s been a lot of discussion about affordable housing recently, especially as home prices and <br />rents hit record levels. Is your current home affordable? Here’s how to tell. <br />The most common rule of thumb to determine how much you can afford to spend on housing is <br />that it should be no more than 30% of your gross monthly income, which is your to tal income <br />before taxes or other deductions are taken out. <br />For renters, that 30% includes rent and utility costs like heat, water and electricity. If you own your <br />home, you should include interest, homeowners insurance, property taxes and utilities, in addition <br />to your mortgage. <br />That means if you earn $75,000 a year before taxes, you should spend no more than $1,875 a <br />month on your housing.