There’s still time to register for The Housing Affordability Opportunity: Lowering Costs and Expanding Supply. HUD’s Office of Policy Development and Research, in partnership with Habitat for Humanity International and Enterprise Community Partners, is hosting an evidence-based discussion on the barriers to expanding affordable housing and steps to address them.
The event, which centers on thought-provoking, interactive dialogue, is set for Tuesday, April 7, from 10 a.m. - 1 p.m. at HUD Headquarters in Washington D.C. The event is free, but registration is required to participate via webcast or attend in person.
In the U.S. in 2012, there were only 3.3 million affordable rental units available to 11.5 million extremely low-income households. In Virginia, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,088. In order to afford this level of rent and utilities – without paying more than 30% of income on housing – a household must earn $3,628 monthly or $43,536 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing Wage of $20.93.
Despite these staggering statistics, detailed in a 2014 report by the National Low Income Housing Coalition, there are policies and actions that can help increase the supply of affordable housing and reduce the housing affordability gap. The April 7 event is a part of those actions.
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