Whether you rent or own, the federal government considers your housing expenses “affordable” if they comprise less than 30% of your income. At this level, you can afford food, transportation, clothing, and medical expenses. You may even have a little money left over for retirement or a child’s education.
NWBRV provides affordable rental housing and home ownership opportunities across Northern RI. We work closely with state and regional partners to dispel myths about affordable housing and develop quality, affordable homes.
What is the difference between “affordable housing” and other housing assistance programs?
Section 8 and public housing are both considered affordable housing options. However, homes do not need to be part of these assistance programs to be considered affordable. Section 8 and public housing are federally-funded (HUD) assistance programs assisting low-income households in affording decent rentals. Affordable housing encompasses any rental or home ownership opportunity costing 30% or less than the area median income (AMI).
Do nonprofit developers, like NWBRV, pay property taxes?
NWBRV pays property taxes at the lawful local rate and consider this practice good stewardship. Funding sources for our housing often place limits on rental rates. Because of this restriction, State Law caps our property tax rates for affordable units are at 8%. Additionally, any commercial spaces developed by the organization pay the full commercial tax rate just like any other commercial business.
For More Information
For more information about affordable housing and each of the cities and towns we serve, visit our partners at HousingWorks RI.