Affordable housing makes ownership possible
Tennessean.com – June 25, 2010
Ask a room full of people to define affordable housing and chances are you’ll get as many different answers as there are people in the room. For many, this concept carries with it the idea of Section 8 housing, which is a part of affordable housing, but certainly not the only meaning. The term “affordability” is defined by the U.S. Department of Housing and Urban Development as simply the ability for a household to expense no more than 30 percent of its annual income on housing.

For some households, 30 percent of annual income could mean Section 8 housing. But for many, especially those in the first-time buyer and workforce housing market, affordable housing means something totally different.
It means being able to find clean, safe housing within a reasonable distance of their job that is priced no higher than the area’s median housing price.
The Greater Nashville Association of Realtors just launched a new website that hopefully will help those buyers and Realtors locate housing options and home-buying assistance. Late last year, GNAR was chosen by the National Association of Realtors to be a pilot market for a new affordable housing website. The site, http://www.greaternashvillehomeprograms.com, provides centralized information on programs available in the Greater Nashville area. Potential buyers can visit the site to find information on programs and packages from government and private nonprofit agencies, as well as answers to consumer issues like credit and lending.
Middle Tennessee is fortunate to have many organizations and agencies that offer multiple programs to assist potential homebuyers reach their goal of home ownership. Programs like the Tennessee Housing Development Agency’s Great Start and The Housing Fund’s Home Ownership NOW both provide things like down-payment assistance and closing costs to individuals and families who qualify.
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