FF-01 – City Definition of Affordable Housing (2012)
Description:
For Calgary City Council, "affordable housing adequately suits the needs of low- and moderate- income households at costs below those generally found in the Calgary market. It may take a number of forms that exist along a continuum" including various rental options through to entry-level home ownership. Affordable housing projects are targeted to households with 65% or less of median household income in Calgary (City of Calgary, 2002: 18), meaning households with a before-tax income of less than $44,000 per year (Statistics Canada, 2007).
Canada Mortgage and Housing Corporation has determined that for housing to be affordable, a household should not spend more than 30% of its gross income on rental shelter costs (CMHC, 1991: 4). Affordable housing initiatives in Calgary are therefore targeted to households with a gross annual household income below $44,000 that are spending 30% or more of their gross household income on shelter costs.
Type of Resource:
Fact Sheet
Publication Date:
2012
Location:
Calgary, Alberta, Canada