The Ahepan Summer 2017 - 22

HOUSING

Affordable Assisted Living Facilities
(AALF) Updates
With the reduction of HUD grants
for Section 202 housing, AHEPA
Housing has identified the development of Affordable Assisted Living
Facilities as the wave of the future for
company growth.
By 2030, the population of seniors
is expected to reach 74 million, nearly
doubling in two decades.1 The financial
outlook for many in that group is concerning. By 2024, 6.5 million 50-andover households will have an income
under $15,000, a 37% increase in
households having that income level in
a single decade. Approximately 30% of
households aged 55 and older have no
retirement account or pension. For the
70% of households that do have some
savings, the median total account balance is $104,000, not nearly enough
for multiple years of assisted living
(AL). When looked at per capita, the
numbers are even worse-median
retirement assets for individuals aged
62 to 69 totaled only $32,000 in 2015.
Those in the 75th percentile have only
around $130,000, still far from sufficient.2
1. U.S. Census Bureau
2. The Bipartisan Policy Center, "Healthy
Aging Begins at Home," May 2016.

THE AHEPAN · Summer 2017

The need for more AALF options
is clear. Fulfilling that demand is a
challenging proposition, to be sure,
however recent developments indicate
that the cause is gaining momentum.
As seniors continue to get older and
become in need of more care and
services, and with the costs of nursing
homes being cost prohibitive, Assisted
Living Facilities will only continue to
grow as a nursing home alternative.
In addition to the two AALF
Hellenic Senior Living projects in
Indianapolis and New Albany, Ind.
which both began construction in
September 2016, AHEPA Affordable
Housing Management Company, a
wholly owned subsidiary of ANHC,
is progressing with additional AALF
projects, one in Mishawaka, Ind., in
Elkhart, Ind., and one in Hamilton,
Ohio. The city of Mishawaka has
approved the rezoning for the facility.
Financing for the Affordable Assisted
Living Facilities is a blend of Low
Income Housing Tax Credit (LIHTC)
equity and multi-family housing revenue bonds.
Construction progress continues on
the AALFs in Indianapolis and New
Albany, Ind. According to the May 1
update newsletter from
general contractor Shiel
Sexton, Hellenic Senior
Living of Indianapolis
reports framing, windows, HVAC, electric,
and plumbing are all
proceeding on time, and
limestone and brick are
being added. Curbs are
going in as well.

At Hellenic Senior Living of New
Albany, limestone is being installed
around the building, and elevator
shafts are under construction. Framing
of the west wing is complete, and west
wing roofing and shingles are in place.
Electrical panels for individual units
are being installed, showers are being
placed, and drywall in west wing corridors has begun.
A new technique that the company
is using for the first time throughout the
Hellenic Senior Living communities in
both Indianapolis and New Albany is
the use of QR codes. With a QR Code
posted outside every room, construction superintendents can make notes
of outstanding issues per room, which
can be shared with the subcontractors
responsible. This is a very efficient way
to itemize progress to be made, and a
great use of technology.
Both communities are three stories
and will offer a mix of 125 private,
one-bedroom and efficiency apartments for low income older adults
who need some help to maintain their
independence. Both have projected
completion dates of December 2017.

www.ahepa.org

http://www.ahepa.org

Table of Contents for the Digital Edition of The Ahepan Summer 2017