What does “affordable housing” even mean?
To the Affordable Housing Task Force, “affordable” means housing that fills the gap (for sale or rental) for any Lovelander earning 100% of the Area Median Income (AMI) or lower, with families spending no more than 30% of their income on housing (rent/mortage plus utilities). Our mission is to enable housing at every price point below 120% AMI to be added to the Loveland market so the housing needs of the entire spectrum can be addressed. People who qualify for deed-restricted or subsized affordable housing in Loveland generally earn 80% or less of the AMI.
Most of Northern Colorado’s household growth and housing market is being driven by affluent households. Over the past decade, 64 percent of growth in Larimer and Weld counties has been households earning more than 120 percent Area Medium Income (AMI) – approximately $80,000 for a two-person renter household and approximately $90,000 for a three-person owner household.
See table below for income levels and corresponding 30% housing costs:
