A 501c3 is an IRS designated tax-exempt charitable organization exempt from federal income tax. The federal government also gives a tax break to individuals and organizations that make donations to 501c3 charitable organizations. That’s a great incentive for people and businesses to lower their taxable income while supporting their favorite charities.
According to the federal government, housing is “affordable” if it costs no more than 30% of the monthly household income for rent and utilities. Most affordable housing developments are built for families and individuals with incomes of 60% or less than the area median income (AMI).
In California, 36% of homeowners and 48% of renters spend more than one third of their household income on housing. For the 32% of working renters who spend over half their income on housing, they’re forced every day to choose between other necessities such as food, clothing, transportation, and medical care.
Income limits determine eligibility for affordable housing developments. The California Department of Housing and Community Development (HCD) updates income limits and median household income figures for all of the state’s 58 counties annually. For a detailed breakdown of the criteria used by HCD and HUD, click here.
Affordable housing projects can be complex and often involve many government, public, and private organizations. Our Development team specifies and reviews every aspect of each new affordable housing project – from site selection, zoning and market studies to designs tailored for specific housing markets. No development gets off the ground until our team has scrutinized every detail.