|
What
is affordable housing?
"Affordable housing" is a broad term used to describe
decent, safe housing which is affordable for individuals who,
generally, earn less than 80% of the Area Median Income (AMI).
What is subsidized housing?
"Subsidized housing" is a term used to describe
housing which is financed in whole or in part with government
funding.
What is HUD?
"HUD" is the U.S. Department of Housing and Urban
Developent. HUD is the U.S. government agency responsible
for delivering the vast majority of the nation's affordable
housing programs.
What is Section 8?
"Section 8" is a HUD program which provides rental
payment assistance to qualifying tenants. To make rents affordable,
Section 8 pays any rent which exceeds 30% of a tenants adjusted
monthly income. For example, if your landlord charges $500
per month for rent and you make $1,000 per month, you would
pay $300 (30% of your monthly income) and Section 8 would
pay $200 (the difference between what you can afford and what
your landlord charges). The Section 8 program is overburdened
and it is now difficult to get the subsidy. Many people wait
for years to receive the subsidy.
What is the difference between very-low income, low-income
and moderate income?
The meaning of these terms can vary from program to program
and institution to institution but generally, ver-low income
persons refers to persons at or below 30% of the Area Median
Income (AMI), low-income persons refers to persons at or below
50% of the AMI, and moderate income persons refers to persons
at or below 80% of the AMI.
What are Low Income Housing Tax Credits?
The Low Income Housing Tax Credit is an incentive for individuals
and corporations to invest in affordable housing. By investing
in affordable housing, investors can reap great savings on
annual income tax liabilities. The LIHTC is the most widely
used, most productive, and most sucessful affordable housing
program in the country.
What is a "tenant certification"?
"Tenant Certifications" are forms that you, as a
resident in an affordable housing community, must complete
on an annual or periodic basis disclosing all your sources
of income. The purpose of the certification is to assure that
only thos who meet the income restrictions of the housing
receive the benefits of the housing.
|
