- In the case of ownership housing, the least expensive of:
- housing for which the purchase price results in annual accommodation costs which do not exceed 30 percent of gross annual household income for low and moderate income households; or
- housing for which the purchase price is at least 10 percent below the average purchase price of a resale unit in the regional market area;
- In the case of rental housing, the least expensive of:
- a unit for which the rent does not exceed 30 percent of gross annual household income for low and moderate income households; or
- a unit for which rent is at or below the average market rent of a unit in the regional market area
What is inclusionary zoning?
Inclusionary zoning is an optional planning tool that municipalities can adopt to require private developers to include a certain percentage of affordable units within new, multi-unit housing developments. The tool can be used to create affordable rental and/or ownership units. The level of affordability, the proportion of affordable units, and the duration that those units must remain affordable are determined by the municipality based on a local housing needs and market feasibility, and must be set out in the inclusionary zoning policy and regulations.
What is affordable housing?