Understanding Luxury Affordable Housing

You’ve likely heard of luxury housing and affordable housing, but have you ever heard of luxury affordable housing? Today’s blog breaks down our innovative initiative to provide income-restricted, affordable housing to our community, with the benefit of a luxury lifestyle and all the bells and whistles offered in non-affordable communities.

What is Affordable Housing?
There are several federal programs that provide financing for the development of affordable or workforce housing such as HUD, USDA-RD, and Section 42 of the IRS Tax Credit Code. When we use the term “affordable housing”, we are referring to properties that fall under these umbrella terms where governmental agencies provide developer incentives or rent assistance/subsidies. What this means is that if individuals or families meet the income qualifications for housing built under these programs, they may qualify for a reduced rental rate, or maybe even a contribution towards their payment every month. Learn more about general affordable housing, here.

So where does “Luxury Affordable” Housing fit into this?
Luxury Affordable Housing is communities using Tax Credits and may also be called “Workforce Housing”. Communities like Park Cedar Apartments are built to appear the same to prospects and passers-by as luxury housing as they are built with upscale finishes and amenities including, for example, stainless appliances, luxury vinyl plank flooring, in-home laundry, underground parking, fitness centers, community rooms, and more. Individuals and families who will potentially be eligible for these communities will typically be subject to income restrictions ranging from 30 to 80% of the county median income. You might be interested to know that many vital jobs fit into these ranges, including school teachers, daycare workers, police officers, firefighters, customer service representatives, restaurant workers, and more. Park Cedar Apartments is one of the Luxury Affordable Communities that has recently opened with developers under this category.

Regretfully, Affordable Housing often comes with a negative stigma. The assumption is that affordable properties are only located in undesirable neighborhoods, and are not well cared for or professionally developed, or managed. Similarly, Luxury Affordable Housing may be assumed to be expensive, yet Luxury Affordable Housing challenges both of these objections, as those who make it their home enjoy high-end accommodation with all that non-affordable properties have to offer, while still gaining government assistance to go towards their rent.

We are proud of the commitment we foster to make Affordable Housing and Luxury Affordable Housing accessible and sustainable. If you have any questions about luxury affordable housing at Park Cedar Apartments or want to know if you qualify to live here, reach out to us!