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City of Mounds View 1 2040 Comprehensive Plan MO S VIEW <br /> AFFORDABILITY <br /> Residents across the Twin Cities region experience challenges affording the <br /> costs of housing. The Department of Housing and Urban Development(HUD) <br /> defines housing as `affordable'if its residents pay no more than 30% of their <br /> gross income on housing and related costs. Housing costs include rent or <br /> mortgage payments, utility bills, HOA fees or other fees associated with living <br /> in a home. There are over twelve hundred (24%) cost burdened households <br /> in Mounds View who do not meet that threshold. <br /> Households are considered Cost Burdened if their housing costs account <br /> for a high percentage of their income. Cost burdened households are classified <br /> by household size and income as a percent of the area median income (AMI). <br /> Qualifications for affordable housing are dependent on income and household <br /> size, broken down in Table 3-2. The maximum rent by income and household <br /> size is broken down in Table 3-3. The number of cost-burdened households <br /> by income brackets below area median income (AMI) are calculated in Table <br /> 3-4. <br /> Hillview Avenue <br /> Table 3-2:Income limits by household size in order to qualify for <br /> affordable housing' <br /> 1 2 3 4 5 <br /> 30%AMI $13,220 $15,100 $16,980 $18,860 $20,380 <br /> 50%AMI $33,050 $22,650 $25,470 $28,290 $30,570 <br /> 60%AMI $39,660 $45,300 $50,940 $56,580 $61,140 <br /> 80%AMI $52,880 $60,400 $67,920 $75,440 $81,520 <br /> Table 3-3: Maximum gross rents by bedroom size for affordable <br /> housing(post 1989) <br /> 1 2 3 4 <br /> 30%AMI $531 $636 $735 $735 <br /> 50%AMI $885 $1,061 $1,226 $1,367 <br /> 60%AMI $1,062 $1,273 $1,471 $1,641 <br /> 80%AMI $1,416 $1,698 $1,962 $2,188 <br /> Minnesota Housing Finance Agency, "Income Limits And Maximum Rents; Table K.- <br /> Projects Placed in Service on or after 41112018". Jan 2, 2019. <br /> Chapter 3: Housing 1 3-5 <br />