What is "Affordable" Housing?

The mission of HECA and the Fund is to substantially increase the supply of "affordable" housing for low-to moderate income families in the region. Qualified projects must target these homebuyers to be eligible for funding.

So how does HECA CEO Michele Jenkins-Utomi define "affordable?"

"We're talking about moderately-priced homes that teachers, fireman or retail clerks can afford," she said.

For low- to moderate-income households in the 12-county footprint, "affordable" would be homes valued at approximately $92,525 to $170,082.

There is a tremendous need for affordable housing statewide, according to "Sweet Home Alabama," a 2003 report based on Census data published by the Alabama Housing Finance Authority in Montgomery. "…Younger persons, renters, and some segments of the minority population are more prone to substandard housing and lack of affordability. … Negative housing conditions are also found at higher rates in the rural areas."

For more information on affordable housing and the target homebuyer that HECA serves, please see the affordability chart.