Affordable Housing?

By
Mortgage and Lending with CMG Financial NMLS# 312738

Affordable Housing

  • September 08, 2015

There is a huge gap between the highest and lowest paid citizens in our country. This difference in income obviously plays a major role in affordability when it comes to virtually every purchase. While housing might not pose a problem to some, for others it is an extreme struggle. Thus, low-income housing was established. Let’s dive in. "The U.S. Department of Housing and Urban Development (HUD) administers aid to local housing agencies (HAs) that manage the housing for low-income residents at rents they can afford. HUD furnishes technical and professional assistance in planning, developing, and managing these developments.” (HUD’s Public Housing Program) These housing developments have very specific criteria that residents must meet in order to qualify for this type of housing. The criteria are specific to the state and city in which the development is located taking into consideration minimum wage, demographics, and similar characteristics. Applications are taken in much the same way applications for other rental properties are taken except with more information around income, personal background, and perhaps a visit to the home in order to see the current situation. Seventy-five percent of vouchers are must be granted to those with less than 30 percent of the area’s median income (Source). Despite new loan programs designed to make housing more affordable nationwide, in some instances, these programs just are not cutting it. Low-income housing has proven to make a dent in ensuring people have a safe and reliable place to live. Tenant rights are plentiful when it comes to those renters who qualify to live in affordable housing developments.  For more information, visit the Public Housing Agency (PHA).

Comments (1)

Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

Thanks for sharing the Affordable Housing information a lot of home buyer's don't realize there are options available for them.

Sep 13, 2015 01:29 AM

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