Many people who are able to make rent payments are unable to afford market rate housing prices, particularly in urban areas. Low income housing helps these people bridge this gap. There are different types of low income housing programs in select cities around the country, the most widely used is HUD. Eligibility for low income housing includes documentation about the size of your family and your total monthly income. This eligibility is also relative to where you live. Documentation needed for low income housing includes Social Security numbers or birth certificates for every household member. You may also need tax returns, check stubs, and banking information.
Investing in a multi family housing complex can be a great asset for a portfolio. However, in order for it to be a profitable venture free of stress and headaches, you must know what you’re getting yourself into. You must also have a plan for addressing both day to day concerns and larger issues that will arise. A burned out stairway light bulb or a leaky faucet may seem like a trivial manner, but it’s not to a tenant. Leaving problems unattended results in dissatisfied tenants, making it tougher to fill units as old tenants move out. Managing your multi family housing complex properly increases your chances of retaining tenants and maintaining market value. The following guidelines will get you started.
Although the terms poverty and low income may seem the same, there are many differences between them. People are considered to be living in poverty when they have income levels under official guidelines. People with incomes from the poverty line to 200% above that amount fall in the low income category. People who fall within these guidelines often live similar lives, facing challenges when meeting basic needs and saving for the future.