Thursday, February 10, 2011

Why do we need Grant Money? Low Income Housing Needs Skyrocket. "Worst Case" Worsens

Mortgage News Daily

Low Income Housing Needs Skyrocket. "Worst Case" Worsens
Posted to: MND NewsWire
Wednesday, February 02, 2011 1:37 PM
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HUD's definition of Worst Case Housing Needs (WCN):  unassisted very low-income renters who either (1) pay more than one-half of their monthly income for rent; or (2) live in severely inadequate conditions, or both. HUD defines "very low-income" as below 50 percent of the local area median income (AMI) and "extremely low-income" as below 30 percent of AMI.
In its Worst Case Housing Needs report to Congress, the Department of Housing and Urban Development said the number of people classified as "Worst Case" grew by nearly 1.2 million households, or 20 percent, from 2007 to 2009 and 42 percent since 2001.  The two-year increase was the worst in at least 20 years.