Definitions

Area Median Income

The midpoint of an area's income distribution, where 50% earn less than the median income and 50% earn more than the median. The U.S. Department of Housing and Urban Development (HUD) defines "area" as a Metropolitan Statistical Area (MSA), in the City of Sarasota, this is the North Port-Sarasota-Bradenton MSA.

Attainable Housing

Housing units that are affordable to households earning from 60 to 120 percent of the area median income (AMI) in the North Port-Sarasota-Bradenton MSA. The exterior appearance (fixtures, finishes, and building entrances) of attainable housing units shall be indistinguishable from and functionally equivalent to market rate units. If the attainable housing is provided in the form of owner-occupied units, such units shall be interspersed throughout 50 percent of the owner-occupied units and shall have a common entrance providing access to all such owner-occupied units. If the attainable housing is provided in the form of rental units, such units shall be interspersed throughout 50 percent of the rental units and shall have a common entrance providing access to all such rental units. The bedroom mix of attainable housing units should be comparable to the bedroom mix of the market rate units. The attainable housing income range shall be updated annually by the city based on U.S. Department of Housing and Urban Development (HUD) data and existing mortgage financing conditions. Incentives associated with attainable housing units within the Sarasota City Plan and Zoning Code, such as density bonuses, shall also be applicable for households earning below 60.0 percent of the AMI.

Cost Burdened

Households that spend more than 30% of their gross income for rent (including utilities) or mortgage costs (including taxes and insurance).

Severely Cost Burdened

Households that spend more than 50% of their gross income for rent (including utilities) or mortgage costs (including taxes and insurance).

Note: Cost burdened and extremely cost burdened families may have difficulty affording other basic needs such as health care or adequate food and are more likely to report fair to poor health and chronic health conditions.

Learn more about the City of Sarasota's attainable housing initiative by clicking here.