Everything you need to know about income based housing

Renting an apartment can often cause a lot of stress as it requires a considerable reserve of finances. In such cases, income based apartments can prove to be a great deal of relief for individuals who have limited earnings. Read on more to know about low income rentals and how to apply for them.

Answered By Betty Parker | 2 years ago
  • Q: Are tenants who participate in the income based housing program protected?

    The Fair Housing Act is a national law that protects the renter or the buyer from any kind of discrimination expressed by the landlord or the seller. It was brought into practice in 1968 as a part of Civil Rights Act.

  • Q: Can a single renter apply for low income housing?

    Yes, single individuals can apply for a low incoming housing program.

  • Q: Can students live in low income rental?

    If you are a student with part time employment you can qualify for a low-income rental. Although, full time students are not eligible for low income housing.

  • Q: Does the tenant get any tax benefits?

    No, the tenant does not benefit from any tax incentives.

  • Q: For rent based on income program, how is the rent calculated for the tenant?

    The rent for an income based apartment is determined through factors like number of rooms in the apartment, number of people that will be living, household income and the Area Median Income (AMI).

  • Q: How long does it take before I get through the waiting list?

    The waiting list is different for every region, so there is no specific time period. Once you are in the waiting list make sure that you are consistently in touch with the authorities so that they are assured that you’re interested in renting a property.

  • Q: What are income based apartments?

    Income based apartments are also known as tax credit properties, which are a part of LIHTC (low income housing tax credit program). This program basically lets the landlords rent some of their apartments at low rent to people with limited income. In exchange for this the landlords receive a considerable amount of tax credits.

  • Q: What factors does the HUD (Housing and Urban Development) consider while verifying the tenant’s eligibility status?

    HUD considers income levels, family status, citizenship, and housing history while verifying the tenant’s eligibility status for a low-income apartment.

  • Q: What is AMI (Area Median Income)?

    The AMI is an average income for a household in a particular region. The AMI focuses on the average family income according to the region rather than the median income of the entire city.

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