MEMPHIS, Tenn. — After much anticipation, Link Apartments on Broad Avenue held a ribbon cutting Wednesday afternoon.
Like most complexes, it has amenities like pools and grills; however, a fifth of the complex's 370 apartments are part of the LMI Program.
LMI stands for Low Median Income, and the program is part of a partnership with the Edge Pilot Program in Memphis. If applicants meet the median income in Memphis - roughly $43,500 - an apartment will be below the market rate, ranging from $1,158 to a little more than $1,400.
"We are aiming to make renting more affordable in every space across the nation, especially in the hearts of cities like Memphis, and be able to bring people closer to where they work, live and play," said Carisa Johnson, Senior Property Manager of Broad Ave. Link Apartments.
According to a new Zumper National Rent Report on Wednesday, the median rent for a one-bedroom apartment in Memphis is around $940. This median price is down 6% compared to last year, which is the largest drop in the United States.