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Frequently asked questions

What is Affordable Housing?

Affordable housing is a rent restricted community that affords individuals and families a cost effective place to call home. From a physical perspective one could not differentiate affordable from market rate rental housing.

It is in the structuring of the project financing that enables the rents to remain affordable while ensuring the project is well constructed for long term viability. Unlike a market rate development where the lender and investor look at a project with short term profit maximization in mind, affordable housing has numerous entities reviewing the design, financial and construction feasibility along with long term management viability. Typically the local municipality or Housing Authority, the State Tax Credit Allocation Committee, the project construction and permanent lenders along with the Tax Credit Investor all review and approve the project plans and operations to ensure we are the best steward of limited financial resources.

What is the quality of the project/development?

Affordable housing is built to a standard as good if not better than market rate housing as we have restrictive covenants that require us to be diligent in the design and construction with long term operational issues in mind. The Developer and Property Manager are involved from the inception to ensure that all standards and requirements are met and/or exceeded – these would include, but not be limited to: constructability, livability, security, maintenance and that community issues are addressed.

Who are the Stake Holders?

Typically the developer, the architect, the local municipality or Housing Authority, the State Tax Credit Allocation Committee, the project construction and permanent lenders along with the Tax Credit Investor are all stake holders in an affordable housing project. With the long term restrictive covenants there are long term ownership responsibilities.

How is the project/development managed?

Third party Property Management team with a deep history in the management and maintenance of affordable housing is utilized. Unlike market rate properties, affordable housing has multiple verifications and certifications required both at lease up and annually to ensure tenants meet the income eligibility requirements associated with the specific project.

Please see Solari Enterprises at www.solari-ent.com for more information.

Will it bring any criminal elements or activities to the neighborhood?

We believe that it is a privilege, not a right, to live in affordable housing and through our screening process we make every effort to ensure that our tenants have the same commitment. Although no one can guarantee there will be no “bad” element in a community, tenants don’t want to jeopardize the opportunity to live in affordable housing so they don’t invite it in. With strong property management, an engaged community and vested tenants, criminal elements are dealt swiftly. We will treat issues as harshly as necessary but we will always treat people with respect.

Will an affordable housing development bring down the value of my property?

Studies have shown there is limited to no correlation between the lowering of property values and proximity to an affordable housing development. Typically affordable housing is constructed, managed and maintained better than market rate housing.

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