Types of Low Income Housing
According to the federal government, housing should be “affordable,” meaning that it should cost less than 30% of your household income to pay for your rent and utilities combined. There are several types of housing that can help people who would otherwise have a hard time finding affordable housing for themselves. Three common choices are nonprofit housing, public housing, and private housing with rent subsidies from the government. Each type of affordable housing has specific requirements of tenants, which may vary from state to state.
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Non-profit
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Nonprofit housing is usually developed by organizations like churches or community groups. The nonprofit group can receive money from government subsidies, as well as from renters in the homes. The nonprofit can also receive money from private funding and donations. Anyone who cannot find affordable housing can apply for nonprofit housing. You must contact the developers directly to do so.
Public Housing
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Public housing is directly subsidized by the government. It includes single-family homes and apartment complexes, and is a good choice for families, the elderly, or people with disabilities. The federal government provides funding to local housing agencies, who help low-income residents find homes they can afford. If you make 80% or less of the median income of the residents in your area, you are considered a low-income resident, according to the US Department of Housing and Urban Development (HUD). If you make 50% of the median income of the residents in your area, you are considered very low income. The level of your income is taken into account when housing agencies attempt to find public housing for you and your family. You must apply for this type of housing, as the requirements are strict to ensure you will be a good tenant where you are placed.
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Rent Subsidies
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The government may also help private owners of apartment complexes turn their apartments into low-income housing for their residents. HUD will provide subsidies that allow apartment owners to charge tenants less in monthly rent. If you are looking for this type of home, you can go to the owner of the apartment complex and apply directly. You will still have to apply and meet the requirements of the building. There are often long waiting lists for this type of housing.
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References
- Photo Credit apartment in shade image by jimcox40 from Fotolia.com
