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00 <br /> ""W"a w, <br /> IMP. IMBO <br /> w Afforda6Ce Housing Committee <br /> 16 Great Neck RoadJVorth <br /> Mashyee, M-A 0264.9 <br /> Projects partnering with POAH for funding are tapping into low-income tax credits. Traditional <br /> ways to finance affordable housing rely on the expertise of POAH to figure out that funding <br /> piece. They also have projects where they are the independent developer, like 107 Main St., <br /> and they are trying to target different income levels to be able to catch a broad scope, with <br /> both rental and ownership options. <br /> Most recently, they have been trying to focus on homeownership at the middle-income level. <br /> The most recent project was in Hyannis, 50 units downtown, all homes to purchase. The <br /> income levels are at a higher AMI, 100% - 120% AMI. This is designed to target individuals <br /> who don't qualify for affordable housing but cannot afford anything else. In Mashpee, the <br /> median house price is $650,000, and median rent is $2,600. If the household income is <br /> $95,000, that is not enough to afford to purchase a home in Mashpee. <br /> 100%AMI= Maximum income is $95,700 for 1 person. <br /> 120% AMI= Maximum income is $115,000-125,000 for one person (middle income tier, often <br /> referred to as missing middle) <br /> When talking about affordable housing and the missing middle, that could be a nurse, <br /> firefighter, teacher, or landscaper. Based on income levels at different tiers, projects also have <br /> different tiers. Housing costs differ but will be no more than 30% of their monthly income. A <br /> nurse at $95,000 a year salary, with 100%AMI, 30% housing costs will make that rent $2,300, <br /> or approval for purchase at $340,000. <br /> Affordable Housing 101 <br /> Mr. Fellows continued providing examples of AMI, showing the gap at different income levels, <br /> then someone needing to make 2.5 minimum wage jobs to be able to afford rent. The idea is <br /> someone at that low income level is going to have a hard time paying that level of rent. That is <br /> a reoccurring theme, a lot of these definitions and funding benchmark numbers are based on <br /> the low income tax credit program. <br /> Public Support for Housing <br /> U.S. Department of Housing and Urban Development <br /> State and Local Government Finance Agencies <br /> Non-profit Developers <br /> NeighborWorks intermediaries <br /> Private Lenders <br /> Fannie Mae & Freddie Mac Loans <br /> Advocacy Organizations <br /> Policy Makers <br /> 4 <br />