types of properties that we manage

SENIOR HOUSING

Humphrey Management manages several properties developed for active seniors. Our senior communities provide a variety of services such as exercise programs, arts and crafts, social events, library, visiting physician office, wellness programs, controlled access, and many others, designed to meet the living requirements and well being of our seniors. Amenities may include; multi purpose community room with kitchenette, sun filled solarium, gazebo, theater room, on-site convenience store, arts and crafts center, billiards room, computer center, fitness/exercise room, health center, beauty salon, and handicap accessible units. Recognizing the burden that market rents place on our elderly population, with fixed income, many of our senior communities offer rental assistance and or below market rents (income restrictions may apply). This is accomplished through the utilization of many different affordable housing programs such as Tax Credits, Elderly Rental Housing Program, Rural Development Section 515, Home Funds, and HUD Section 8 to name a few. HAI also manages conventional senior communities where no income restrictions apply.

Contact a specific community for detailed amenities and apartment features.

CONVENTIONAL

Humphrey Management manages several multi-family apartment homes, offering both mid-rise and garden style design. We take an active role in the lives of our residents perpetuated through the promotion of resident councils and community activities. Amenities may include; Swimming Pool, Clubhouse, Business Center, Concierge Services, Playground, Fitness Center, Garages, and Billiards Room to name a few.

Contact a specific community for detailed amenities and apartment features.

Tax Credit

The Low Income Housing Tax Credit program (LIHTC) is a unique and much-needed housing program that has created affordable housing for thousands of people across the country since its inception in 1986.  It is a federal program embodied in The Internal Revenue Code; however, each state has been charged with the responsibility of allocating the tax credits to developers and investors who make the housing a reality. In exchange, the IRS allows the owner of the housing to receive tax credits for each unit that is rented to a qualified household. The actual amount of the tax credits is based on the cost of the building and therefore will vary from complex to complex. The tax credits are received for a total of ten years provided the unit is rented to qualified tenants.

It should be noted that this housing program has no affiliation with the Department of Housing and Urban Development (HUD) even though some procedures are modeled after HUD programs. No part of resident rent is paid or "subsidized" by the government. Each resident pays the full rent, but gets the benefit of a rental rate that is less than the market rate for the area.

The LIHTC program is simpler to understand if you recognize that there are four basic requirements for determining whether a household qualifies. The qualification requirements are summarized below.

1. Income Qualification:. Household income cannot exceed 60% or 50% of the area's median income, based on a household size.
2. Rent Qualification: Monthly rent plus utility costs (if the resident is responsible for paying the utility costs) cannot exceed 30% of the annual LIHTC income limit, based on the applicable household size, divided by twelve.
3. Lease Term: The initial lease term must be a minimum of six months.
4. Student Status: The household may not consist solely of full-time students unless it meets one of the exemptions as dictated by section 42 of the tax code.

Humphrey Management manages several multi-family, and designated elderly, tax credit properties which in some cases were developed in conjunction with other state and federal government agencies such as Rural Development (RD), Dept. of Housing and Urban Development (HUD), Maryland Dept. of Housing and Community Development (DHCD), Pennsylvania Housing Finance Agency (PHFA), West Virginia Housing Development Fund (WVHDF), New York Department of Housing and Community Renewal (DHCR), Delaware State Housing Authority (DHA), and Virginia Housing Development Authority (VHDA).  These agencies may require further restrictions in addition to those mentioned above.

HUD

Humphrey Management manages several multi-family, and designated elderly properties developed in conjunction with the Department of Housing and Urban Development. To help finance these properties the Section 236 low-income housing or Section 221(d)(4) programs may be utilized.

Section 236 provides FHA mortgage insurance as well as interest rate subsidies. The interest rate subsidy allows for affordable rents to low income residents, with annual incomes not to exceed 80% of the area median income adjusted for household size. It is not uncommon for a Section 236 property to also have Section 8 Rental Subsidy. A residents housing payment under Section 8 depends on the resident's income. Generally, the monthly resident housing payment will be the highest of 30 percent of adjusted annual income or 10 percent of annual income before adjustments divided by 12.

Section 221(d)(4) provides financing for multi-family, as well as elderly housing, and is insured by FHA. The program has no income limits for resident eligibility and generally rents are determined by the mortgagor without review or approval by HUD.

Contact a specific community for detailed amenities and apartment features

RURAL DEVELOPMENT

Humphrey Management manages several multi-family, and designated elderly properties developed in conjunction with Rural Development (RD). To help finance these properties the Section 515 Rental Housing Loans Program with or without rental assistance will be utilized.

RD is authorized to operate in rural areas, defined as open country, or any place, town, village or city that is not part or associated with an urban area and that has a population of:

• 2,500 or less
• More than 2,500 but less than 10,000, if it is rural in character
• More than 10,000 but less than 20,000, if it is not part of a standard metropolitan statistical area and has a serious lack of interest credit, as determined by the secretary of the U.S. Department of Housing and Urban Development (HUD).

Under the Section 515 program, RD provides direct loans to finance rental housing projects for elderly and handicapped persons as well as other low and moderate-income families, with annual incomes not to exceed 80% of the area median income adjusted for household size. RD can provide interest credit on the mortgage and rental assistance to make the housing more affordable to lower income residents. A residents housing payment with rental assistance depends on the resident's income. Generally, the resident monthly payment will be equal to 30 percent of adjusted annual income divided by 12.