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Saratoga Springs raises upper income limit for workforce-homeownership program
Summary
City council voted 5-0 to expand the workforce-homeownership income band from 100% of area median income to 120%, a change city staff says will improve affordability for local workers and reduce turnover of deed-restricted homes.
Saratoga Springs City Council on Tuesday approved a change to the city’s workforce-homeownership guidelines that raises the upper income threshold for eligible buyers from 100% of area median income (AMI) to 120% of AMI.
The change was presented by Katie Teedeman, the city’s community development planner, who said the adjustment would align the local program more closely with U.S. Department of Housing and Urban Development (HUD) standards and make the ownership math more feasible for people who currently fall outside the program’s narrow window. “My proposal would be to change it to 120 to kind of align more with HUD’s measures,” Teedeman said.
City staff and council members said the move is intended to reduce the number…
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