Many Americans understand how difficult it can be to pay for basic necessities and may wonder if low income housing apartment rentals can help. Renters who earn at or below 30% of their area’s median income often do not have the living conditions that they need. The shortage of low income housing in the country is more than three million units. However, there are a number of apartment rental programs and initiatives intended to close this gap.
Low income housing is intended for households that have lower incomes in comparison to the annual median income in a given area. Typically, to apply for this type of assistance, you must go through the federal government and many major cities offer assistance to people with low incomes.
Housing grants exist for single mothers and their families because they often need financial assistance to care for their loved ones. When a family only relies on one income, it can be difficult to cover basic living expenses. Housing grants for single mothers and other types of assistance for single parents help families live under one roof, while lowering monthly payments. Staying current on rent or a mortgage also allows single mothers to avoid serious financial issues. There are many programs that can help single parents, including Bridge of Hope, housing choice vouchers, and the first time homebuyer tax credit.
Many cities across the United States offer government sponsored housing for low income individuals and families. If you’re eligible for this type of low income housing, the government will subsidize part or all of the cost of your rent. The United States Department of Housing and Urban Development provides government funds for local housing authorities that oversee the low income housing in a given area.
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.
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.