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AFFORDABLE HOUSING |
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Affordable Housing Lamont-Doherty Earth Observatory
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Just What is Affordable Housing? The cost of housing in the lower Hudson Valley is among the highest in the country causing hardship for many different demographics including seniors, entry level professionals, young families and unskilled workers. The generally accepted definition of affordability is that a household pay no more than 30 percent of its yearly income on housing. Families who pay more than one third of their income for housing may have difficulty affording necessities such as food, clothing, transportation and medical care. The United States Department of Housing and Urban Development (HUD) has estimated that over 12 million renter and homeowner households now pay more than half of their annual incomes for housing, and a family with one full-time worker earning the minimum wage cannot afford the local fair-market rent for a two-bedroom apartment anywhere in the United States. This lack of affordable housing is a significant hardship for many in the community. Programs that Help to Provide Affordable Housing: Communities Need a Balance of 'housing stock': Communities need to plan for providing a variety of housing option to enable a range of ages and stages of life, as well as trades and skills to be represented in the community. Many not-for-profits have been formed to assist in making affordable housing available. They obtain grants from the federal, state and local government to reduce the purchase prices of new homes, helping low and middle income families obtain mortgages.
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