What Is Income Based Housing?

What Is Income Based Housing?

Income-Based Apartment Rentals

Finding affordable housing can be an uphill climb, especially for those with a low-income budget. Since housing is a necessity, many local and federal agencies offer subsidies to provide affordable housing opportunities for those with low income. This is called income-based housing.

 

An income-based housing property must be renovated to meet HUD standards. The property must also designate a certain percentage of its available units to low-income housing. To be eligible to rent a low-income housing property, your household income level must be 50 percent or less than the median income level for the particular area you live in. Rent for an income-based housing property will vary by each individual renter, as it is calculated based on each tenant’s gross adjusted income. Each tenant will pay their calculated rent and the remainder will be subsidized by the government.

Housing Choice Vouchers

Another option for affordable housing is the use of Section 8 housing choice vouchers. Section 8 is a housing assistance payment program run through the federal government. These vouchers are available for low-income families, as well as the elderly and disabled, to help them afford housing in the real estate market. These vouchers are available to be used only for certain rental properties.

Reed City Housing offers income-based rent and participates in the Section 8 housing choice voucher program. We believe in offering affordable housing for seniors and low-income families who otherwise might not have the opportunity to find housing in a safe or clean property. We offer our tenants incredible amenities and conveniences. We allow our tenants to enjoy a comfortable life at an affordable cost. Contact us today for more information about how our low-income housing program works and how to apply.

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