Housing Options That You Might Not Have Explored

(FinancialHealth)- Housing has become less affordable than ever before! With the increasing demand for affordable housing solutions, the government and other organizations have worked hard to provide as much support as they can to help those in need.

Many people are not aware that housing costs don’t just include rent. It covers every expense that has to do with the residence itself, such as utilities. For this reason, many households bear the brunt of spending more than 30% of their income on housing costs. This is where affordable housing solutions can step in to assist. If you’re in this situation, there are a couple of options that are available.

Public Housing 

The government provides public housing facilities which tend to be apartment complexes. Some residences can be a group of private houses or duplex homes. Where you settle down and what type of residence you settle down in depends on your area. Nonetheless, the public housing authority (PHA) in your area will usually manage these properties.

Here are some requirements that you would need to fulfill for you to move into public housing:

  • You must meet your area’s financial criteria to qualify.
  • Contact your local PHA.
  • You must be a US citizen or a legal immigrant.
  • Passing a background check is also compulsory.

With 1.3 million households currently residing in public housing facilities, many are still in dire need of public housing assistance, even though they meet the eligibility requirements. Since supply is not meeting demand, those who apply to move into public housing have to stay on a long waitlist.

Mixed-Income Housing

There is a huge variety of housing assistance. One of the most popular options people like to explore is the mixed-income housing option. Basically, this solution involves private properties, owned and managed by either a property management firm or a private landlord. In exchange for their service, the owner(s) will be offered tax incentives for allowing their property to be used as an affordable housing facility. However, the only way these properties can get their tax credit is if they offer a certain number of housing units at a discounted rate. Here are the requirements to apply:

  • You must meet your area’s income and financial status criteria.
  • Completing a background check is compulsory, noting that you may need references.
  • It is also an obligation to satisfy the landlord’s eligibility criteria, which may vary.

Section 8 Vouchers 

People who are struggling to afford rentals can always have faith that they’ll get help in the Housing Choice Voucher Program. Also known as the Section 8 program, qualifying tenants will receive assistance with housing costs, which is in the form of vouchers. However, it is an unfortunate reality that not all properties accept Section 8 vouchers. Interested in applying? Then, it is compulsory for you to:

  • Search and find a Section 8 property
  • Meet your area’s financial criteria
  • Get the landlord’s approval on your application

Unfortunately, people do have to spend quite a bit of time on long waitlists to make use of this program.

What Else Can You Do?

Fortunately, there are many different housing initiatives that you can look into. It’s important to note many programs work at both the state and local levels. Additionally, nonprofit organizations have played an important role in providing affordable housing and keeping people off the streets. In this struggle, it’s important to have an open mind about the different opportunities that might be available to you. Most importantly, work hard and strive to do your best for yourself and your family.

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