With the housing market so shaky, it’s surprising that there are so many housing options available for low income families. There are many government programs and non-profit organizations that provide affordable housing options for those who qualify. The only real problem is that these programs often have waiting lists of people waiting to get into their homes. So how are low income families going to find a home? Here are a few housing options to consider:
The list of housing options goes on from the United States Department of Housing and Urban Development (HUD). The Department of Housing and Urban Development administers the Federal Housing Authority, which is the agency in charge of issuing mortgage loans. The FHA, also part of HUD, lends funds to many private mortgage companies to provide mortgages for low-and moderate-income families and individuals. Long term, traditional mortgages which require high down payments and excellent credit ratings aren’t within the reach of most low-income families in the United States.
The US Department of Agriculture (USDA) offers housing options for people with both AIDS and HIV/AIDS. They have a number of housing units that can be used by low and moderate-income AIDS sufferers. They also offer housing grants, including the Federal Housing Opportunity Grant Program (F HORP), that can provide money to local housing authorities to finance affordable housing. The F HORP, along with other housing options, is offered by the United States Department of Housing and Urban Development (HUD).
Another housing option that’s available for low income families is the use of housing vouchers. In order to qualify for housing vouchers, a family must have an annual income that meets the guidelines established by the US Department of Agriculture (USDA). Housing vouchers can be used for a variety of purposes, such as purchasing real estate, paying for childcare, and even reducing debts. Depending on the voucher program that you’re pursuing, some low and moderate-income families will qualify for over one million dollars worth of vouchers each year.
A housing voucher is simply an allowance given to an individual or family. Vouchers can be used for a variety of reasons, including paying for childcare, home repairs, and even paying for emergency medical bills. There are two ways that a local public housing agency decides what tenants will receive housing vouchers. First, the agency will randomly select a random number, such as zero to determine if a family or couple will qualify for a voucher. Second, the agency will randomly choose a tenant from a list of applicants who will then fill out and turn in an application. If you’re interested in applying for a voucher, you will need to go to your local public housing agency and talk to a representative about how to apply for a voucher.
HUD offers housing vouchers based on income, which means that there’s a limit to how low and wealthy a renter can be. The national average for income is around thirty percent of area median income. For renters with an income over the national average, however, they will not qualify for a housing allowance.
An affordable senior housing allowance is available through the department of Agriculture (USDA). This is the section of the USDA that deals with providing assistance to low and moderate-income seniors who are looking to purchase homes in order to permanently reside in the U.S., or to live in an assisted living facility while they are waiting to find a place to live permanently. A section 8 housing allowance is a federal supplemental provision that requires landlords to provide fifteen to thirty percent of their total income to eligible low and moderate-income seniors who are looking to purchase a house. Tenants who have disabilities would be considered a low income subject to the provision, and may also qualify for assistance from the USDA.
The USDA also offers the Older Senior Renters Program, or OSERP, which is specifically designed for seniors over the age of 65. The purpose of the program is to assist seniors who are renting apartments that are part of the National Least Affordable Rental Affordability initiative. To be eligible for this program, tenants must rent apartments that are part of this initiative, or have met the other criteria for inclusion, and must be residing in these apartments for at least three months. In order to qualify, a landlord must also provide twenty-four square feet of unobstructed open area per room for the renter and must offer three months of clean, uncluttered, healthy living conditions.