What makes affordable housing, well, affordable? There are frequent misconceptions that affordable housing is inexpensive because it is built with less expensive materials or it is placed in low-income, outdated areas. However, affordable does not mean cheap, especially when it comes to Nevada HAND’s 34 communities in Southern Nevada.
To better explain how our organization prices units and establishes income requirements, we thought we would define some key housing terms and information that helps us determine unit pricing and eligibility.
Apartments that are priced according to the market rate do not have income limits, though residents still have to meet a minimum income to determine eligibility. Market rate units can vary based on the size, location, and demand for the apartment, and they are generally priced competitively among neighboring apartment communities.
At Nevada HAND, rent rates are determined by the Area Median Income or AMI. AMI is the midpoint of a region’s income distribution – half of the households in a region earn more than the median income, and half of the households earn less than the median income. For housing policy, income thresholds are set relative to the AMI – such as 50% of the area median income – to identify households eligible to live in income-restricted housing units and the affordability of housing units for low-income households.
Nevada HAND offers apartment homes ranging from 30% to 80% of fair market rents, a variety of rental ranges and income eligibility options for low-income families and seniors. It’s important to note that rent for one individual may not be the same for another – we work with our residents to ensure they are paying an affordable rental rate based on their annual household income. Nevada HAND also welcomes residents with housing vouchers and offers on-site Resident Services Coordinators who can connect residents with local and federal financial resources that may help alleviate housing costs.
Nevada HAND rents are set by a variety of affordable housing programs that we administer; therefore, our residents are protected from significant rent increases, which can occur at rental communities that base rent on current market demands and conditions.
If you have questions about our available communities and want to see if you qualify, visit the Explore Our Homes page for a full list of our communities. By clicking on a property, you will be directed to the community’s website, where you can find an interest list for the community and contact information for the Management team. You can also contact our corporate Property Management team at (702) 410-2708 with any questions.