HOUSING SERIES: A GLOSSARY OF TERMS

Affordable Housing

Housing that is deed-restricted to cost no more than 30 percent of income for households making a certain percentage of the area median income.

Area median income (AMI)

A measure of income set by the federal government and used by housing programs to determine eligibility for affordable housing programs based on income and household size. The AMI for a family of four for the geographic area that includes Lynn, Swampscott, and Saugus is $119,000 a year (US Department of Housing & Urban Development).

Cost burden

In Lynn, 24 percent of households are cost-burdened, meaning that they pay more than 30 percent of income on housing. In Saugus, more than 33 percent of all households are either cost-burdened or severely cost-burdened, and in Swampscott that number is more than 40 percent.

Inclusionary zoning

A local zoning policy that requires or encourages residential developers to include affordable housing or to make payments to the city for development of affordable housing elsewhere.

Local median income

The median income in a municipality. The city of Lynn’s median income for a family of four is $53,513 a year. For homeowners, the median is $85,892 but for renters, it is $34,096. In Saugus, the median income for a family of four is 80,341, and in Swampscott it is $113,407.

Market-rate housing

Housing that sells or rents at a price determined purely by market forces.

Rental Assistance for Families in Transition (RAFT):

A homelessness prevention program funded by the state Department of Housing and Community Development (DHCD), which provides short-term financial assistance to low-income families who are homeless or at risk of becoming homeless. RAFT benefits were expanded during the pandemic from $4,000 a year to $10,000 a year.

Severe cost burden

In Lynn, 27 percent are severely cost-burdened, meaning that they pay more than 50 percent of income on housing (“Housing Lynn: A Guide to Inclusive Growth.”)