What does “affordable housing” mean?

Affordability is a standard set by banks and lenders that is based on a percentage of household income. Most financial advisers recommend that a household should spend no more than 30% of its gross annual income on housing costs. For home buyers, that would include mortgage costs (principle and interest), insurance, taxes, and association fees, if any. For renters, that figure would include rent and utilities. affordability

So, if your housing costs do not exceed 30% of your gross household income, your housing would be considered “affordable”. In the current environment, you may also hear it called “attainable housing” or “workforce housing”, but, technically, any housing that meets this generally accepted standard is affordable. Affordable housing can also be any type of housing — purchase or rental, single family, multi-family, condominium, town house, or apartments.

The School Cost Myth: increased housing causes an increase in school costs

Myth: Affordable housing will bring large families and more children to the community, thereby increasing the burden on schools. Increased housing levels do not equate to an increase in school costs, according to a study by the Donohue Institute at the University of Massachusetts, which studied seven Massachusetts communities with mixed-income housing between 1994 and… Continue Reading

Theatre Night 2017

It was a gorgeous fall evening, with approximately 100 guests in attendance for Theatre Night 2017, HOPE Partnership’s annual fundraiser, held at Ivoryton Playhouse. The weather was unseasonably warm, but perfect for gathering under the outdoor tent. Guests enjoyed cocktails and light fare and the chance to win terrific raffle and auction prizes, generously donated… Continue Reading

Theatre Night 2017: I Hate Musicals

Theatre Night 2017: I Hate Musicals

Join us for a special evening at the historic Ivoryton Playhouse for the edgy musical, “I Hate Musicals.” Wednesday, September 27, 2017 Kickoff the night with a cocktail party on the beautiful bluestone terrace from 6:30pm ’til 7:15pm, followed by the 7:30pm world premiere performance. Continue Reading

“I HATE MUSICALS: THE MUSICAL!” stars actor Stephen Wallem of “Nurse Jackie”

Actor Stephen Wallem is best known for his role as Thor Lundgren, whom he played for seven seasons in the Emmy-winning Showtime series “Nurse Jackie.” Mr. Wallem will lead the cast of “I HATE MUSICALS: THE MUSICAL!” as Alvin, the comedy writer. And if the chance to see Stephen/Thor weren’t enough to lure us to… Continue Reading

Down Payment Assistance with HDF

There is a valuable resource for first-time home buyers and it’s right here in our state. The Housing Development Fund provides lending and home ownership counseling services to the entire state of Connecticut. To learn more about HDF’s mission, which extends to the development of affordable housing and home ownership assistance, click here. The Statewide… Continue Reading

Concert Update

The Concert for a Better Tomorrow, held Sunday, June 11, 2017, raised $1800.00 for HOPE Partnership, Middlesex Habitat for Humanity of CT. and The Connection Inc. We are especially thankful to musicians Chris and Laura Funk and Carl Suiter for sharing their talent, and to First Baptist Church in Essex and Reverend Joy Perkett for… Continue Reading

A Concert for A Better Tomorrow

Sunday, June 11th, 4 pm – 7 pm 10 Prospect St. Essex, CT The First Baptist Church in Essex hosts a concert to raise funds for three community organizations: HOPE Partnership, The Connection, and Middlesex Habitat for Humanity of CT. The concert features Chis & Laura Funk, and Carl Suiter. Attendees will also be able… Continue Reading

My Long Ride With Alice

Claire Bellerjeau recounts her experience navigating the 9 Town Transit Shoreline Shuttle. Claire is Director of Development & Outreach with The Shoreline Soup Kitchens & Pantries and she rode the shuttle to better understand the everyday challenges facing those who rely on 9 Town Transit service. Following is her testimony at the public hearing in… Continue Reading

HOPE Blog

What does “affordable housing” mean?

Affordability is a standard set by banks and lenders that is based on a percentage of household income. Most financial advisers recommend that a household should spend no more than 30% of its gross annual income on housing costs. For home buyers, that would include mortgage costs (principle and interest), insurance, taxes, and association fees, if any. For renters, that figure would include rent and utilities. affordability

So, if your housing costs do not exceed 30% of your gross household income, your housing would be considered “affordable”. In the current environment, you may also hear it called “attainable housing” or “workforce housing”, but, technically, any housing that meets this generally accepted standard is affordable. Affordable housing can also be any type of housing — purchase or rental, single family, multi-family, condominium, town house, or apartments.

The School Cost Myth: increased housing causes an increase in school costs

Myth: Affordable housing will bring large families and more children to the community, thereby increasing the burden on schools. Increased housing levels do not equate to an increase in school costs, according to a study by the Donohue Institute at the University of Massachusetts, which studied seven Massachusetts communities with mixed-income housing between 1994 and… Continue Reading

Theatre Night 2017

It was a gorgeous fall evening, with approximately 100 guests in attendance for Theatre Night 2017, HOPE Partnership’s annual fundraiser, held at Ivoryton Playhouse. The weather was unseasonably warm, but perfect for gathering under the outdoor tent. Guests enjoyed cocktails and light fare and the chance to win terrific raffle and auction prizes, generously donated… Continue Reading

Theatre Night 2017: I Hate Musicals

Theatre Night 2017: I Hate Musicals

Join us for a special evening at the historic Ivoryton Playhouse for the edgy musical, “I Hate Musicals.” Wednesday, September 27, 2017 Kickoff the night with a cocktail party on the beautiful bluestone terrace from 6:30pm ’til 7:15pm, followed by the 7:30pm world premiere performance. Continue Reading

Down Payment Assistance with HDF

There is a valuable resource for first-time home buyers and it’s right here in our state. The Housing Development Fund provides lending and home ownership counseling services to the entire state of Connecticut. To learn more about HDF’s mission, which extends to the development of affordable housing and home ownership assistance, click here. The Statewide… Continue Reading

Concert Update

The Concert for a Better Tomorrow, held Sunday, June 11, 2017, raised $1800.00 for HOPE Partnership, Middlesex Habitat for Humanity of CT. and The Connection Inc. We are especially thankful to musicians Chris and Laura Funk and Carl Suiter for sharing their talent, and to First Baptist Church in Essex and Reverend Joy Perkett for… Continue Reading

A Concert for A Better Tomorrow

Sunday, June 11th, 4 pm – 7 pm 10 Prospect St. Essex, CT The First Baptist Church in Essex hosts a concert to raise funds for three community organizations: HOPE Partnership, The Connection, and Middlesex Habitat for Humanity of CT. The concert features Chis & Laura Funk, and Carl Suiter. Attendees will also be able… Continue Reading

My Long Ride With Alice

Claire Bellerjeau recounts her experience navigating the 9 Town Transit Shoreline Shuttle. Claire is Director of Development & Outreach with The Shoreline Soup Kitchens & Pantries and she rode the shuttle to better understand the everyday challenges facing those who rely on 9 Town Transit service. Following is her testimony at the public hearing in… Continue Reading

Website made possible through the generous support of Guilford Savings Bank and Margaret's Folly Web Design.
Sign up!