COMMON HOUSING TERMS AND DEFINITIONS
Affordable Housing
Housing is affordable if the occupants are paying no more than 30% of
their annual income on housing plus utilities
Assisted Housing
A housing development receiving City, State or Federal assistance in
order to lower the cost to the occupant. This is also referred to as
Subsidized Housing. Assisted housing is affordable, but not all
affordable housing is assisted
Workforce Housing
Entry-level, market-rate housing (Commonly referenced as housing for
police officers and teachers)
Section 8 Housing
Federal money distributed by the Housing Authority in the form of
vouchers for distribution to tenants in market-rate rental units
Gap Financing
The difference between financing commitments already obtained for a
project and the total funding required
Area Median Income (AMI)
The middle income in a defined area, such as Mecklenburg County, at
which half of the area’s households have income below that amount
and half have incomes above that amount. The Department of Housing
and Urban Development issues a listing of the AMI’s each year. The
AMI is used to determine the eligibility of applicants for federal and
locally-funded programs
Single Room Occupancy (SRO) A type of assisted housing unit consisting of a private room and bath
and sometimes a kitchenette for projects serving individuals
transitioning from homelessness (e.g. McCreesh Place)
Housing Locational Policy
The Housing Locational Policy provides a guide for the financing and/or
development of new multi-family rental housing projects designed to
serve, in whole or part, households that earn 60% or less than the area
median income. The City Council is currently analyzing the existing
policy, to determine the need for revisions.