This term refers to housing provided at a price or rent that is affordable to moderate- and low-income households that cannot find suitable market-rate housing. Put another way, it is housing that is provided at a controlled price or rent substantially below the price or rent for the equivalent units on the market.
It encompasses social housing typically provided through government assistance. But in the context of inclusionary zoning, it more commonly refers to below-market rental and ownership housing that might be provided through some regulatory concessions.
This housing is made available only to households earning below certain maximum income limits, and other associated eligibility criteria.
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