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Neighborhood Opportunities Program housing for low-wage families

Lincoln at a Glance:

The town of Lincoln is located in Providence County, Rhode Island. Lincoln was a part of the town of Smithfield until 1871, when it was split off and named in honor of Abraham Lincoln. Lincoln's villages include Manville, Albion, Lime Rock, Londsdale, Fairlawn, Quinnville, and Saylesville. According to the United States Census Bureau, the town has a total area of 18.9 square miles, of which 0.7 square miles is water. Lincoln's governmental structure is composed of a five-member Town Council and a Town Administrator.

Housing Facts: 2009

Typical monthly housing payment* for a $241,000 house $1,732
Household income required to afford a $241,000 house $69,273
Average monthly rent for a two-bedroom apartment $1,179
Household income required for that rent to be affordable $47,160
Average private-sector wage for jobs in Lincoln $43,940
Housing Units in Lincoln  
Number of year-round housing units 8,472
Housing units that quality as affordable 595
Affordable housing units reserved for the elderly 366
Affordable housing units reserved for families 172
Affordable housing units reserved for persons with special needs 57
Homes funded through Building Homes Rhode Island 2
How much housing is needed?  
Additional housing units necessary to meet the 10% threshold established by the State's Low and Moderate Income Housing Act of 2004 252

*Calculated using a 30-year mortgage at 5.04% interest (2009 average rate) with a 5.75% down payment (which includes a 3.5% down payment and a 2.25% one-time mortgage insurance fee), property taxes (the state's average rate of $14.36 per $1,000 of the home's valuation), hazard insurance ($60/month), and monthly mortgage insurance (0.6%/month).