Who Needs Affordable Housing?
Families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care. An estimated 12 million renter and homeowner households now pay more than 50 percent of their annual incomes for housing. 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.
What is HUD Doing to Support Affordable Housing?
Within the Office of Community Planning and Development, the Office of Affordable Housing Programs (OAHP) administers the following grant programs designed to increase the stock of housing affordable to low-income households.
The HOME Investments Partnerships Program (HOME) provides grants to States and local governments to fund a wide range of activities including 1) building, buying, and/or rehabilitating housing for rent or homeownership or 2) providing direct rental assistance to low-income families. It is the largest Federal block grant program for State and local governments designed exclusively to create affordable housing for low-income households.
The National Housing Trust Fund (HTF) supports the acquisition, new construction, or reconstruction of rental units for extremely low-income families or families with incomes below the poverty line, whichever is greater.