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