Feds Begin Redefining ‘Affordable Housing’ to Include Transport Costs
The process of expanding the federal government's definition of "affordable housing," a stated goal of the Obama administration's sustainable communities effort, began in earnest yesterday with the introduction of a new index that integrates transportation prices into the cost of living for hundreds of metro areas.
The Housing and Transportation Affordability Index, assembled by the Chicago-based Center for Neighborhood Technology (CNT), offers details on housing and transport bills for prospective residents of 330 metro areas in the US.
But the index also aims to give an updated look at the scarcity of affordable housing. Almost seven out of 10 American neighborhoods are considered affordable using the current federal metric -- that housing should cost no more than 30 percent of income. When the CNT added transportation to the mix, however, for a combined metric of 45 percent of income, the number of affordable neighborhoods dropped by 30 percent.








Post a Comment