Understanding Affordable Housing Qualifications in Arizona Amid Rising Rates
As housing rates continue to climb, many Arizonans are seeking guidance on qualifying for affordable housing. ABC15 Data Analyst Garrett Archer explains that the Area Median Income (AMI) is a crucial metric, representing the median income levels of residents in Maricopa and Pinal counties. Currently, the AMI for Maricopa County is as follows: 100% AMI is $101,300, 80% AMI is $81,040, and 50% AMI is $50,650. Archer notes that individuals making below 80% of AMI qualify for additional housing subsidies, significantly increasing their eligibility for assistance programs.
For those looking to determine their AMI, Archer recommends visiting freddiemac.com and entering their zip code. Lower-income households, particularly those earning 50% or less of the AMI, are categorized as very low-income, with thresholds often set at around 30% for affordable housing.
ABC15 also spoke with Housing Counselor Edward Rydlund from Chicanos Por La Causa, who emphasized the importance of education in the home-buying process. “Our role is to educate our clientele on housing, how to purchase a home, and the effects of credit,” Rydlund explained. He assists Arizonans in accessing down payment assistance and grants to make homeownership more attainable.
For instance, Rydlund illustrated that a $300,000 home could come with nearly $90,000 in assistance through programs like The Open Doors Down Payment Assistance. With Arizona’s evolving population and economic landscape, new AMI figures are expected to be released next year, providing further clarity for potential homebuyers.
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Photo credit www.abc15.com
