Affordable housing is one of the most misunderstood terms in housing today.
Many people assume affordable housing only serves households with very low incomes. Others wonder how a housing community can be considered affordable if the rent is higher than they expected.
The answer often comes down to understanding a term called Area Median Income, or AMI.
AMI stands for Area Median Income. It is a measure established each year to help determine income limits for housing programs.
Housing communities that receive funding through programs such as HOME, Low-Income Housing Tax Credits (LIHTC), and other affordable housing initiatives use these income limits to determine who qualifies to live there.
In Elkhart County, the income limits for affordable housing are based on the size of a household and a percentage of the area’s median income.
Affordable housing serves many different people in our community.
Residents may include:
Affordable housing is not designed for one specific type of person. It serves people in different stages of life who need a safe, quality place to live at a cost that fits their household budget.
Housing is often a family’s largest monthly expense.
When housing costs consume too much of a household’s income, it becomes more difficult to afford other necessities such as:
Affordable housing helps create balance by ensuring households have access to stable housing while still being able to meet other financial obligations.
Many people are surprised to learn that affordable housing doesn’t have one look.
At Lacasa, affordable housing includes:
Each property serves a different purpose, but the goal remains the same: providing safe, quality housing that helps people build stable lives.
Affordable housing is more than a building. It is an investment in the people who make our communities work.
When individuals and families have access to stable housing, they are better positioned to succeed at work, support their children, participate in their neighborhoods, and plan for the future.
Understanding who affordable housing serves is an important step toward understanding why it matters.
At Lacasa, we believe everyone deserves a safe, quality place to call home.
