NK Standard Times: Planning commission supports affordable housing amendment
ALEX TRUBIA | Sep 21, 2018
NORTH KINGSTOWN - The planning commission voted to recommend the town council amend the town's affordable housing ordinance and modify the area median income (AMI) threshold in the North Kingstown town ordinance to align with the state's AMI, which is 120 percent AMI. The town's affordable housing designation is currently 80 percent AMI.
For a two-bedroom home, 120 percent AMI would be around $280,000 for the purchase price; for a three-bedroom home, 120 percent would be around $312,000. Under the current affordable housing designation of 80 percent AMI, a two bedroom home purchase price is around $181,000; while a three bedroom home is $203,000.
Affordable housing indicates residential housing that has a sales price or rental amount within the means of a household that has moderate income or less. In the case of dwelling units for sale, housing that is affordable indicates housing in which principal, interest and taxes, which may be adjusted by state and local programs for property tax relief and insurance, constitute no more than 30 percent of the gross household income for a household with less than 120 percent AMI, adjusted for family size.
Courtesy of The NK Standard-Times