How to Qualify for Low Income Housing
The Internal Revenue Code’s Section 42—enacted in 1986 by Congress—established the Low Income Housing Tax Credit (LIHTC), which offers tax incentives to rental property owners. The program acts as an “indirect federal subsidy used to finance the development of affordable rental housing for low-income households,” according to the U.S. Department of Housing and Urban Development (HUD). Additionally, the Housing Choice Voucher (HCV) program offers a rental subsidy to qualified applicants. The LIHTC program and the HCV program both have similar qualifications.
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Instructions
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Document any family disabilities. The HCV program offers a subsidy for individuals with disabilities. Visit with your doctor to request medical records that detail your disability. You will need the information to qualify for subsidized housing.
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Locate proof of your family composition. To qualify as a family, you must provide proof of your dependents. Gather Social Security cards, birth certificates and photo identification for each member of your household.
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Gather your household income information. To qualify for low-income housing, you must prove that your income meets your state’s or county’s guidelines. The program requires submission of income verification, which includes child support or alimony, earned income, Social Security income, assets or grants and scholarships, for example. Gather all documents that report your household income.
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Submit an application. The HCV program typically requires the submission of a pre-application to determine eligibility. Contact your local department of housing (see Resource) and complete the pre-application process. The LIHTC program requires that you complete an application at the rental property. Locate an LIHTC property (see Resource) and request application instructions.
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References
Resources
- Photo Credit apartment for rent image by dead_account from Fotolia.com
