What does it mean by income restrictions (complexes, tenant, credit)

[icequeen2008]

I have never rented a place with income restrictions? So if your income is too high you cant rent from them? That is crazy. Is this government subsidized? Where I am from their is a 7 year waiting list for section 8 vouchers. Thanks for any info.

[MrRational]

Originally Posted by icequeen2008

I have never rented a place with income restrictions? So if your income is too high you cant rent from them?

Did you ask THEM what they mean by the term?

Thanks for any info.

Many newer developments set aside some units for people with good solid jobs but of somewhat lower income than what would be typical in that area. This is a good thing that allows folks like the teachers and firefighters and nurses to live nearer to where they work.

But it is not even close to a LOW income deal like section8.

[Okey Dokie]

I agree with Mr. Rational, this is different than Section 8; around here we have entire complexes that are income restricted. Developers receive tax breaks for doing so.

[ogplife]

Are you referring to Low Income Housing Tax Credit Programs? How do they determine rent increases for people in these types of housing? I would guess there has to be some type of mechanism to keep it affordable.

[JohnG72]

Originally Posted by icequeen2008

I have never rented a place with income restrictions? So if your income is too high you cant rent from them? That is crazy. Is this government subsidized? Where I am from their is a 7 year waiting list for section 8 vouchers. Thanks for any info.

For instance, in City of Los Angeles, developers MUST set aside a small portion of units to rent for lower income residents at lower amounts. To qualify, one must make less than a certain income amount.

This is seperate from the Section 8 program.

[PacificFlights]

Originally Posted by icequeen2008

I have never rented a place with income restrictions? So if your income is too high you cant rent from them? That is crazy. Is this government subsidized? Where I am from their is a 7 year waiting list for section 8 vouchers. Thanks for any info.

Not all income restrictions are subsidized housing. My Uncle often will develop a project and in exchange for certain benefits (increase density, smaller park, diffrent location of ammenties, waiver of setbacks or height restrictions, etc), will set aside some units with income restrictions. They are rented just like any other unit and the tenants are just like any other tenant except their household income must be within a certain range. When you hear income restrictions done automatically assume its some form of subsidized or governement progam thing.

[Ultrarunner]

Yes, it means some people will not qualify because the family unit earns too much...

The origin stems from a myriad of regulations and incentives to provide "Affordable" housing.