Humanities Foundation: Affordable Housing Developer
By developing over 1000 units of affordable housing, both rental and homeownership, the Foundation has provided homes for low-to-moderate-income individuals, including those with special needs such as, the disabled, single mothers and senior citizens. (click here to view our properties)
Building Community Through Affordable Housing
As a nonprofit developer, Humanities Foundation facilitates the creation of affordable housing by serving as a general partner to access funds available only to nonprofit developers. The Foundation finances the project and contracts with engineers, architects and builders to complete construction. We then identify and contract with a professional management company to market, lease and maintain the property.
Over $100 Million in Affordable Housing Development
In addition to receiving funds through the Low-Income Housing Tax Credit Program (LIHTC), the Foundation has leveraged Community Development Block Grant, HOME, Federal Home Loan Bank funds, Lowcountry Housing Trust and other grant sources into over $100 million in funding for affordable housing development. Over 1000 units of affordable housing have been constructed in South Carolina and 96 units are currently under construction in Virginia.
What is Affordable Housing?
Affordable housing covers many different income levels and price ranges. What makes housing "affordable" is the rent or mortgage payment relative to the individual's or family's income. According to the federal government, rental housing is "affordable" if the people living there pay no more than 30 percent of their income for rent. According to mortgage lenders, a home is affordable if the mortgage payment is not more than 35 percent of the borrower's income
In determining affordability relative to income, the term used by the affordable housing industry is Area median income (AMI). AMI’s are calculated and published annually by the U.S. Department of Housing and Urban Development (HUD). “Median” means that half of all households in the area are estimated to have more than this amount of income.
Affordability Income tiers:
Very-low-income: 30% and below of AMI
Low- Income: 30%-50% of AMI
Moderate-Income: 50%-80% of AMI
Middle-Income: 80%-120% of AMI