Because there aren't enough homes in Irvine..

Alex · 07-25-2007, 02:39 PM

"Low income" and similar designations are usually defined in relative terms to Area Median Income (AMI) not absolute terms. When I worked in community construction lending at Wells Fargo (dealt with tax credit-subsidized construction loans for MFR and SFR developments) we were sometimes involved in $500,000 homes that were "low income" because they were affordable to people earning 60% (or something like that) of the area median income (we also did truly affordable housing in the Tenderloin though it still wouldn't be considered afforable in Mississippi).

So "affordable housing" in Irvine has a completely different meaning than in Truckee than in BFE, Mississippi, than in Bel Air.

07-25-2007, 02:39 PM	#1
Alex . Join Date: Feb 2005 Posts: 13,354	"Low income" and similar designations are usually defined in relative terms to Area Median Income (AMI) not absolute terms. When I worked in community construction lending at Wells Fargo (dealt with tax credit-subsidized construction loans for MFR and SFR developments) we were sometimes involved in $500,000 homes that were "low income" because they were affordable to people earning 60% (or something like that) of the area median income (we also did truly affordable housing in the Tenderloin though it still wouldn't be considered afforable in Mississippi). So "affordable housing" in Irvine has a completely different meaning than in Truckee than in BFE, Mississippi, than in Bel Air.
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