For a private residential development company, the firm prepared an Affordable Housing Plan, pursuant to Section 8-30g of the Connecticut State Regulations. Such a Plan is required in conjunction with the overall development proposal for new multi-family residential units. It requires a calculation of median income and adjustments, affordability thresholds, number of required Affordable Units, and number of required Workforce Units. The maximum monthly housing payments for different household sizes, determined by an application of fair market rents and discounted according to statute, are factored in.
The Affordable Housing Plan then sets the requirements for affordable and workforce units, affordable rents, and other criteria to be included in the development. It also set for the terms and requirements associated with administration of the Plan, marketing, inclusionary activities and other aspects of a set-aside project.
This sample table shows the 10-step series of calculations as required by the 8-30g regulations in completing an Affordable Housing Plan for a set-aside project in Connecticut. Three other key tables are also required. This project had 53 units in total, with 8 affordable, and 3 workforce units incorporated, leaving 42 market-rate units.