Common use of Affordable Clause in Contracts

Affordable. Housing is generally considered affordable by a household if no more than approximately thirty per cent (30%) of its Annual Gross Income is spent on direct housing costs. With respect to home ownership, such costs include mortgage principal, interest, taxes and homeowner’s insurance, mortgage insurance premiums, mandatory homeowners' association dues and condominium fees, but not utilities or other related housing costs.

Affordable. Housing is generally considered affordable by a household if no more than approximately thirty per cent (30%) of its Annual Gross Income is spent on direct housing costs. With respect to home ownership, such costs include mortgage principal, interest, taxes and homeowner’s insurance, mortgage insurance premiums, mandatory homeowners' association dues and condominium fees, but not utilities or other related housing costs.