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City of Mounds View | 2040 Comprehensive Plan Chapter 3: Housing | 3-5 AFFORDABILITY Residents across the Twin Cities region experience challenges affording the costs of housing. The Department of Housing and Urban Development (HUD) defines housing as ‘affordable’ if its residents pay no more than 30% of their gross income on housing and related costs. Housing costs include rent or mortgage payments, utility bills, HOA fees or other fees associated with living in a home. There are over twelve hundred (24%) cost burdened households in Mounds View who do not meet that threshold. Households are considered Cost Burdened if their housing costs account for a high percentage of their income. Cost burdened households are classified by household size and income as a percent of the area median income (AMI). Qualifications for affordable housing are dependent on income and household size, broken down in Table 3-2. The maximum rent by income and household size is broken down in Table 3-3. The number of cost-burdened households by income brackets below area median income (AMI) are calculated in Table 3-4. 1 Minnesota Housing Finance Agency, “Income Limits And Maximum Rents; Table K: Projects Placed in Service on or after 4/1/2018”. Jan 2, 2019. Table 3-2: Income limits by household size in order to qualify for affordable housing1 1 2 3 4 5 30% AMI $13,220 $15,100 $16,980 $18,860 $20,380 50% AMI $33,050 $22,650 $25,470 $28,290 $30,570 60% AMI $39,660 $45,300 $50,940 $56,580 $61,140 80% AMI $52,880 $60,400 $67,920 $75,440 $81,520 Table 3-3: Maximum gross rents by bedroom size for affordable housing (post 1989) 1 2 3 4 30% AMI $531 $636 $735 $735 50% AMI $885 $1,061 $1,226 $1,367 60% AMI $1,062 $1,273 $1,471 $1,641 80% AMI $1,416 $1,698 $1,962 $2,188 Hillview Avenue