Affordable Housing (also known as Inclusionary Housing)
Davidson encourages the production of affordable housing by requiring 12.5% of homes in all new developments to be affordable. With inclusionary housing, construction of low-and-moderate income housing is linked to construction of housing in the marketplace by mandating developers to provide the affordable units in an otherwise market-driven development. In doing so, inclusionary housing not only generates units affordable to low-and-moderate income families, but also provides opportunities for racial and economic integration. With inclusionary housing, affordable units are built concurrently with market-rate housing.
For more information on fair market rent and income, see the FY2021 Fair Market Rent (FMRs) Documentation System- Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area (huduser.gov)
Goals of the Affordable Housing ProgramThe goals of the program are to create mixed income neighborhoods; produce affordable housing for a diverse labor force; seek equitable growth of new residents; and increase home ownership opportunities for low-and-moderate income levels.
Who Lives in Affordable Housing in Davidson?
Some elderly residents are unable to afford the skyrocketing price of homes in Davidson as well as people who work at jobs that pay low-to-moderate wages. Examples include:
- Fire fighters
- Retail sales clerks
- Mail carriers
- Police officers
- Office workers
- Social workers
- Entry level professionals in other fields
- Young adults, recent high school and college graduates