HomeMy WebLinkAboutC5. 2016 HUD Affordable Housing
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Wendy Thomas, Director of Community Development
SUBJECT: 2016 HUD Area Median Income Figures and Publishing the
Schedule for Affordable Housing Price Points
MEETING DATE: April 4, 2016
AGENDA ITEM TYPE: Consent
RECOMMENDATION: Accept this report as compliance with Unified Development Code
38.43.050 to publish a schedule for lower priced homes and moderate priced homes, effective
April 4, 2016.
HUD 2016 INCOME LIMITS AND HOUSING PRICING:
On March 28, 2016 the 2016 Income Limits were released by HUD. The AMI for a family of four in Gallatin County increased from $68,800 to $74,200.
Annually the US Department of Housing and Urban Development releases updated figures for
Area Median Income. These updates are commonly referred to as Income Limits as they are
used for determining eligibility for many programs that assist local governments and households
in accessing federal funds for HOME and Community Development Block Grant (CDBG) funding. These funds include down payment assistance through both HOME and CDBG.
The income limits are also used nationally to determine pricing for affordable housing units. The
Unified Development Code, 38.43.050 states the City will annually publish a schedule for lower
priced homes and moderate priced homes within 30 days of HUD releasing the annual income
limits.
The new income limits are attached to this report as well as the price schedule.
Attachments: HUD 2016 Income Limits
Lower and Moderate Price Home Pricing Schedule
Report prepared March 29, 2016
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