In the world of affordable housing, area median income (AMI) is one of the most important metrics. Defined as “the midpoint of a specific area’s income distribution,” AMI is a regional measure often used as a shorthand to signal the relative affordability of a particular housing initiative. AMI is most often used to set income guidelines for government-backed housing and community development programs designed to help people with low incomes like the Housing Choice Voucher Program. AMI values are regional. Philadelphia’s AMI — which is currently $114,400 for a family of four — is based on incomes in 11 counties spanning four states. Some housing advocates find that uniformity problematic. City Councilmember Jamie Gauthier introduced a resolution calling for a hearing to explore the shortcomings of using a regional AMI. Read more at PlanPhilly.
Source: PlanPhilly; 10/7/2024