How Is Your Rent Determined

What makes the CHAF Properties qualify as Affordable Housing?

The determination begins with the financing for the project.  

• Most of the properties (14) owned by Contemporary Housing Alternatives of Fl (CHAF) begin with a basis of some form of Government loan or grant to CHAF that provides CHAF with a low interest rate, from 0% to 5.4%.
• There is usually a 2nd and maybe a 3rd mortgage loan that covers the balance of the development and construction cost.
• All of these loans require that a percentage of the residents (25% to 100%) cannot have an income of over some set percentage of the Area Median Income (AMI) as determined by the US Department of Housing and Urban Development (HUD).  These levels are set for different areas across the United States.
• An example of a set HUD level might be 40% of the residents must have income below 60% of the Area Median Income (AMI).
• Most properties owned by CHAF have varying levels of these rent restrictions as well as some “Market Rate” units.
• The rental income for the few, non-subsidized Market Rate units is used to pay for the operations of CHAF.  There is NO SUBSIDY paid to CHAF.
• There is a percentage (22%) of CHAF renters that bring individual Housing Authority Choice Vouchers to supplement their individual rent.

As you can see, living in a CHAF Community is truly an incredible experience and we are happy to work to provide modern living at a modest price! APPLY NOW.