Important Information To Know About Low-Income Apartments

Real Estate Blog

There are many people who find that they can't afford to make ends meet while also paying rising rent prices, especially in larger urban cities where rent prices can be extremely high. Luckily, there are solutions in place to help people who cannot afford to pay market rate for rent each month. There are several programs available, and they are often referred to as affordable housing programs. 

These programs are supported by the government and allow those who qualify to live in low-income apartments for free or for a fraction of the market rental rate. Continue reading to learn more about qualifying for an affordable housing program. 

Make an Appointment for Housing Counseling

Affordable housing programs in the United States are overseen by the U.S. Department of Housing and Urban Development (HUD). HUD offers housing counseling in their field offices all over the country, and these counseling services can help a person with a lower income learn more about the different programs in place, while also providing valuable advice about the process of renting an apartment. Making an appointment for housing counseling at your local HUD office is one of the best things that you can do if you're interested in securing a low-income apartment.

Understand the Options

Most cities and urban areas have a variety of different low-income apartment rentals available. While all of the affordable housing options are designed to help lower-income tenants, the way the programs are run differ. Some of your options for a low-income apartment include:

Privately Owned- There are a number of privately owned apartment complexes that participate in affordable housing programs. In this type of situation, the government provides a subsidy to the owner of the apartment complex, so he or she is able to offer a rental rate that is substantially below market value to applicants who qualify for the program.

State Owned- In addition to privately owned apartment complexes that participate in affordable housing programs, there are many apartments that are owned by the government and are used to house those who need assistance and can't afford market rent. Just like living in a privately-owned affordable housing unit, you must qualify to live in a state-owned one.

Vouchers- In some states, those who qualify for the affordable housing program are given more freedom of choice through a voucher program. The way this type of program works is by issuing vouchers of a set amount for qualified candidates. The person can then choose to rent an apartment wherever they like, and the voucher can cover a majority or even all of the total rent each month. 

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17 October 2018

Sarah's Renting Tips

Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.