Showing posts with label HUD. Show all posts
Showing posts with label HUD. Show all posts

Sep 15, 2014

Location Affordability by Household Type

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The Citizen’s Budget Commission (CBC) has issued a series of reports comparing New York City’s affordability to that of the 21 largest cities in the country using a concept of “location affordability” developed by the U.S. Department of Housing and Urban Development (HUD). 

Location affordability includes the cost of transportation as well as housing, usually the two largest items in a household’s budget.  According to HUD’s Location Affordability Index (LAI) that measures these two costs, a household paying more than 45 percent of their income for these costs is overburdened. 

The CBC found that the combination of New York City’s high rent and extremely low transportation costs brought it to the third most affordable city of the 22 measured.  The CBC then measured the location affordability of 7 different rental household types in New York City.  The 7 household types were categorized into two groups, moderate-and middle-income households, and low-income households.  

For household types in the moderate- and middle-income group, location costs ranged from 27 to 37 percent of income, which are all below the 45 percent affordability threshold.  This ranks New York in the top 6 most affordable cities for each moderate- and middle-income household type.  

For household types in the low-income group, location costs were much higher, with all three household types exceeding the affordability threshold.  Location costs ranged from 47 percent of income for a “Low-Income Family”, to 101 percent of income for a “Very Low-Income Single Worker”, or a single person earning a wage at the national poverty line. 

Despite these high percentages, New York City still ranks relatively high compared to the other 21 cities in affordability for low-income rental households, with all three household types ranking within the top 6 most affordable.





 source: Mike Slattery, Senior Vice President
 REBNY Research Department



Aug 28, 2014

NYC - Location Affordability

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Mike Slattery, Senior Vice President, REBNY Research Department published very interesting numbers in the REBNY Reaserch newsletter. The Citizen’s Budget Commission has issued a series of reports comparing New York City's affordability to that of the 21 largest cities in the country.  
They also compared the competitiveness of New York City using a concept of “location affordability” developed by the U. S, Department of Housing and Urban Development (HUD) which includes the cost of transportation as well as housing, usually the two largest items in a household’s budget.  According to HUD’s Location Affordability Index (LAI) that measures these two costs, a household paying more than 45 percent of their income for these costs is overburdened.

New York City has the sixth highest housing costs of the 21 major cities (See Figure 2 below).  However, New York City has the lowest annual transportation costs of the cities surveyed, primarily the result of the majority of commuters using public transportation (See figure 3 below). 


 



















As a result, based on HUD’s LAI New Yorkers devote 32 percent of their income to housing and transportation, well below the 45 percent level established by HUD to signify an affordability problem.  Of the 21 cities surveyed by the Citizens Budget Commission, New York City was the third most affordable location according to the HUD LAI (See Figure 6).
 

Jan 15, 2010

NYC RECEIVING $20 MILLION IN STIMULUS FUNDS

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City Will Use Funds to Assist Homebuyers, Purchase and Renovate Foreclosed Units and Develop Vacant Sites

U.S. Department of Housing and Urban Development (HUD) has awarded more than $20 million in Recovery Act funding to the New York City Department of Housing Preservation and Development under HUD's Neighborhood Stabilization Program 2.

The grants were awarded competitively to applicants who developed the most innovative ideas to address the impact of the foreclosure crisis on local communities while demonstrating they have the capacity to be responsible stewards of taxpayer dollars. The City will use the funds to buy, renovate and resell foreclosed properties in the most-affected neighborhoods to low- and moderate-income families.


In addition to the award to HPD, two other New York City housing agencies received NSP funding in Round 2: Habitat for Humanity New York was awarded $10.5 million and Community Builders received an award of $5.5 million.
 
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