Do I Qualify for Housing?
What is “affordable housing”?
Affordable Housing as defined by the U.S. Department of Housing & Urban Development (HUD) is housing for which the occupant(s) pay no more than 30% of annual income for gross housing costs. Housing costs include rent, mortgage payments, homeowner’s association fees, utility and heating costs, property and renter’s insurance, taxes, etc.
How do you define low-moderate income?
Individuals or families earning 80% or less than the current Area Median Income (AMI) for our region are considered low-moderate income.
What is Area Median Income (AMI)?
AMI is set annually by HUD based on census data for regions in the United States.
Eligible applicants income at or below 80% AMI (see table below), and have less than $75,000 in assets.
|Household Size||1 Person||2 People||3 People||4 People||5 People||6 People|
|80% AMI-Max Income||$60,900||$69,600||$78,300||$86,950||$93,950||$100,900|
Falmouth Housing Trust Working to Address Falmouth’s Critical Housing Needs
Working to Address Falmouth’s Critical Housing Needs
“Falmouth has both special qualities and unique challenges…the very beauty that makes Falmouth so appealing also masks the degree of economic hardship that exists in the town.”1
The Town of Falmouth Housing Demand Study & Needs Analysis report indicates that our community faces a number of socioeconomic challenges. On Cape Cod, and Falmouth in particular, we have a large and growing senior population, a limited and tenuous seasonal economy, and a high cost of living. And, like many communities, Falmouth has at-risk populations who struggle with the lack of affordable housing, which is a key factor in many of
these local concerns.
Falmouth Housing Trust exists to address critical housing needs in Falmouth by developing practical solutions that benefit the community. The Trust works to create affordable housing for low-to-moderate income individuals and families who are vital to our community. The Trust also works to rehabilitate housing to counteract community deterioration.
Falmouth’s lack of affordable housing is an obstacle to attracting and retaining a young and talented workforce. Many of our families with children and our young professionals simply can’t afford to live here. “From 2000-2010, the population of 25 to 44-year-old [Cape Cod] residents declined 26 percent.”2 And today, Falmouth’s workforce is smaller than the combined total of children and those 65 and older. This is a concern that affects our whole community.
All communities need a diverse, productive workforce to thrive — teachers, waitstaff, healthcare workers, police, and firefighters, for example. By losing this workforce population, our community is losing the diversity, vibrancy, and contributions that this population brings, which affects our local economy and threatens our quality of life.
To retain this population, our low-to-moderate income residents must have housing they can afford. Because Falmouth Housing Trust recognizes their value to the health and composition of our town, creating affordable housing for this population is a priority.
Since 1986, the Trust has met a spectrum of housing needs in Falmouth. Our projects have created 27 affordable homeownership opportunities for low-to-moderate income individuals and families. The Trust developed and maintains the Gerald Flynn House for the chronically homeless, many of whom struggle with the dual diagnosis of mental health and substance abuse disorders. And most recently, the Trust rehabilitated the iconic Odd Fellows Hall and converted it into single occupant, affordable rental housing.
1. Town of Falmouth Housing Demand Study & Needs Analysis, RKG Associates, Inc., Sept. 2014
2. Cape Cod Times: Making It On Cape Cod: Why Do A Quarter Of Our Kids Leave? April 14, 2016