AFFORDABLE HOUSING IS FOUNDATIONAL TO THRIVING COMMUNITIES
A place to call home should be a necessity, not a privilege. At The Annex Group we are working to ensure everyone has access to a home that is a catalyst for personal and community growth.
THE ANNEX GROUP®
The Annex Group® is proud to provide affordable housing that benefits people, communities and the local economy. Affordable housing can provide
- Modern affordable apartments that are located conveniently to workplaces, grocery stores, public transportation and recreation
- Access to additional resources; some of the services include food and clothing pantry referrals, financial literacy training, credit counseling, employment services, computer training, as well as nutrition and exercise classes
- Modern amenities including playgrounds, walking trails and
Affordable Housing Benefits
Affordable housing communities help individuals and families in many different situations. One in four renters nationwide spend more than half of their income on rent. By securing a more affordable rental, people are able to spend their dollars in other meaningful ways. Affordable housing empowers people to:
- Dedicate more of their money to food, transportation and healthcare
- Increase their economic security
- Provide a stable home environment for families
By having an affordable place to live, families often experience more positive health outcomes and kids achieve higher levels of engagement in school.
Affordable Housing Benefits
Because affordable housing properties are strategically planned in locations that truly need them, the impact on the community is great. Affordable housing developments are designed to fit the community in character, size and style, even in building materials.
The Annex Group wants its affordable housing communities to revitalize neighborhoods, so we specifically search for areas where affordable housing can become a catalyst for community growth. In many instances our communities will increase the value of the property they are on, which in turn means increased property taxes that flow to local and state governments and local school boards. New or renovated affordable housing often increases the value of neighboring properties, and can invigorate neighborhoods.
Affordable Housing Benefits
Affordable housing creates a positive economic impact both during its construction phases and after the property opens. Among the entities benefitting from an economic standpoint are:
- Local businesses that supply building materials and other supplies benefit from the sale of products or services to the building contractors.
- Local governments that benefit from increased income in the form of occupational license fees or net profits from the jobs and services being provided.
- Local economy that benefits from having people from the local workforce hired to fill a host of jobs, from architects to contractors to those employed in the construction trade.
- Local employers that benefit from the ability to better fill job vacancies they previously struggled to fill due to a lack of suitable housing in the area.
HOW WE DO IT
With nearly 15 years of experience developing quality, affordable housing communities, The Annex Group® is able to pinpoint locations around the country that have the greatest need for better housing that working families and individuals can afford. We spend an incredible amount of time and resources scouring the country for areas where the need is high. This allows us to produce properties that experience high leasing rates and—most importantly—meet resident needs.
Criteria for Affordable Housing
- Affordable housing is generally defined as housing on which the occupant is paying no more than 30 percent of gross income for housing costs, including utilities.
- Affordable housing can refer to privately-owned subsidized housing, housing choice vouchers and public housing.
- Income limits for affordable housing tenants vary by location. The limits are based on Median Family Income estimates and Fair Market Rent area definitions for each metropolitan area, parts of some metropolitan areas, and each non-metropolitan county.
- Qualifying affordable housing projects can receive government funding.
- For more information on affordable housing criteria, visit the U.S. Department of Housing and Urban Development.
Union at Washington exemplifies the type of high-quality affordable housing that can be achieved through collaborative public and private partnerships. We applaud The Annex Group for their innovative design, connecting Union at Washington to the surrounding community. This development opens doors to a brighter future for the new residents while serving as a catalyst for community and economic development in Kokomo.
I’m relieved to feel safer than in previous housing.
Everyone who visits me oohs and aahs at the safe, new, modern community that I live in.”
Adding more than 100 units of long-term affordable housing at Union at Crescent has offered a cascading series of benefits for individuals, businesses, and Bloomington as a whole. Most immediately, this development has given many families with limited access to housing a place to call home and a sense of community. Solving that housing piece has a ripple effect - these residents will now participate in the local economy, as employees of local businesses, and consumers of goods and services. Bloomington’s ongoing economic viability depends on increasing and diversifying opportunity in our city, and creating more quality, long-term affordable housing is key to that goal.
Bloomington is a special place to us, but it has been notoriously difficult to find an affordable place to live there. We were honored to work with City Council and the Mayor’s office to create a place people are proud to call home, Union at Crescent. Knowing that this property has provided a community to people who felt they had no place to go is rewarding, and we’re thrilled with its success.
Union at Crescent feels like home because the apartments are more spacious than past apartments I’ve lived in. This is also a secure building (you have to use a key fob to swipe the door sensor to come in, so it keeps unwanted people out). I also like that you care about keeping up the property.
It was impossible to find affordable housing before finding Union at Crescent. This community feels very much like home to us. We get to have our whole family together under one roof, and the staff is also very welcoming – almost like a second family.
THE LIHTC PROGRAM BENEFIT
The Low-Income Housing Tax Credit (LIHTC) program created by the Tax Reform Act of 1986 has been a vital resource in adding quality affordable housing units to people who need it throughout the United States. At The Annex Group®, we are able to utilize the LIHTC program to produce housing that exceeds resident expectations. Here’s how it works:
- Each state allocates tax credits based on population from the federal government to subsidize housing. This is key because developing an affordable housing community costs as much as developing a traditional apartment complex.
- Affordable housing developers apply to receive these LIHTC tax credits, and are selected based upon application criteria.
- State housing agencies select projects to provide federal funds to based on the benefit to local communities.
Housing matters because a place to call home can bring about a better quality of life for any person, whether renting, utilizing affordable housing or owning. Everyone deserves to have quality housing they can afford available to them.
To learn more about The Annex Group® and its affordable housing portfolio, contact us at firstname.lastname@example.org.
HOUSING MATTERS BECAUSE A PLACE TO CALL HOME CAN BRING ABOUT A BETTER QUALITY OF LIFE FOR ANY PERSON, WHETHER RENTING, UTILIZING AFFORDABLE HOUSING OR OWNING. EVERYONE DESERVES TO HAVE QUALITY HOUSING THEY CAN AFFORD AVAILABLE TO THEM.