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Counties and cities use federal and state funding, local funding collected through property <br />taxes, and tax tools (such as tax abatement or tax increment financing) to support affordable <br />housing development. Some local governments issue Multifamily Housing Bonds to raise <br />capital for affordable housing projects. To use these bondo, projects must include at least <br />4UY60funits affordable t0households with incomes 8t0rbelow 00Y60farea median <br />income, or 20% of units affordable to households with incomes of 50% of Area Median <br />Income or less. Philanthropic sources, foundations, private banks, Community Development <br />Financial Institutions (COF|o, or financial intermediaries such as the Local Initiatives <br />Support Corporation (LISC), the Family Housing Fund, and Enterprise Community Partners) <br />supplement public sources, yet large funding gaps remain. <br />Affordable hoUS'0{] helps h0'|d cQDODOU0it'eS <br />The quality and image of affordable housing has improved greatly in recent years. Many <br />community leaders in both the private and public sector recognize the importance of more <br />housing options for residents of all income levels and backgrounds. Housing affordable to <br />low- and moderate -income households can stabilize neighborhoods and improve property <br />values. Many working households have incomes that qualify them for "affordable" housing <br />(Gee Figure 14). Having 8v8riety of housing types, including housing affordable to very - <br />low -income households or those with special support needs, is part of a well-balanced, <br />economically resilient community and an economically competitive region. <br />Finding housing that is affordable and appropriate to an individual's or household's needs <br />can be problematic for households across an array of incomes. As noted above, housing <br />is generally regarded as affordable when a household pays no more than 30% of monthly <br />gross income on housing, whether a mortgage payment and related costs of ownership <br />or rent and utilities. Quality housing affordable to low- and moderate -income households <br />can be even more difficult to secure in certain locations due to many factors, not the least <br />of which is resistance in some communities to welcome and promote affordable housing <br />development. <br />Figure 14: What does low- and moderate -income really mean? <br />$24,850 annual - <br />family of four <br />°$621/sanaMordaWerent <br />°Johsatthis wage include <br />home health aides and <br />funeral attendants <br />$41,450 annual <br />income for a <br />family of four <br />0$1,036 isanaMordab|erent <br />°Johsatthis wage include <br />interior designer and bus <br />driver <br />Source, U,S, Bureau of Labor Statistics <br />$63,900 annual <br />income for a <br />family of four <br />0$1,596 isanaffordaWerent <br />°Johsatthis wage include <br />accountants and police <br />off icers <br />While there is little argument over the need for housing affordable for lower -income <br />households, there is less agreement about how to create affordable housing, where to <br />locate it, what it should look like, and what populations it should serve. Proposed housing <br />developments may meet strong resistance from neighbors who fear the unknown. Proposers <br />HOUSING POLICY PLAN ONE� Hgwsinq for a Growing, mmrivinggeqion <br />