Specifications include, but are not limited to: New Hanover County’s Workforce Housing Services Program (WHSP) is intended to ensure comprehensive opportunities for housing that is affordable to households earning between 60% - 120% AMI are available. Projects and programs that serve a range of households, including those below 60% AMI, will also be considered for funding. Affordable housing development involves the construction and operation of housing units for the benefit of low-to-moderate income (LMI) persons. Key elements of affordability include set-aside of affordable units expressed as a percentage or fixed number of units and the affordability level or cost per each unit sold or rented. Generally, the accepted definition of “affordable” is that the household spends no more than 30% of its gross income on housing-related costs. Once an agreement has been reached on the affordability terms for the housing project, those terms shall be memorialized in appropriate legal instruments to secure the public interests. The most common mechanisms for protecting the public’s interest are deed restrictions (or covenants running with the land), deeds of trust, and ground leases. Deeds of trust and ground leases are more effective at securing ongoing affordability requirements.
