Update on City-Negotiated Affordable Housing
Sedona has in the last 2-3 years negotiated six deed-restricted rentals, five in Uptown and one in West Sedona. They are privately owned with land-use restrictions lasting 50 years.
What does “affordable” mean? Doesn’t everyone struggle with covering their needs and desires month-by-month?
“Affordable” is defined as accessible to people:
- earning 80% of the area median income ($48K in Coconino County)
- rent and utilities combined not to exceed 35% of income
That’s $1400 per month for rent and utilities at the top end, for a family of four. However, people could be earning less than 80% of the median income. For example, if a single income family at $28,000 per year, rent and utilities combined could not exceed $816.66.