U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-12-2011, 03:18 PM
 
10,139 posts, read 23,299,590 times
Reputation: 8290

Advertisements

Quote:
Originally Posted by SelflessGene View Post
Just the man I need to speak to. I never expected a response from an owner but I really need to get an owner's perspective on a particular issue.

How important is a credit check to you when a potential tenant is receiving social security? After all it's a guaranteed income for life and can't even be garnished by creditors (accept by the feds and even then the first $750 is exempt). Seems to me that someone on social security would be your safest bet but I'm aware that some folks adhere to the idea that a credit score is the key to a man's soul. Anything you're willing to tell me about this in an open forum?

Anyway, thanks alot. The difference between Section 8 vouchers and "in-house" Section 8 processing is fundamental and not often understood or appreciated.

(I wanted to get this reply out as soon as possible so of course we have a power failure that blows away my cookie and I'm logged out and I can't remember my password and have to figure out how to get a new one ... Whew!)
Since the money is mostly coming from HUD, the credit check is not substantively important from that aspect. I am not speaking specifically about my project when I tell you the following: credit worthiness is used by owners as a means of weeding out troublesome tenants by the use of an objective standard that is not tinged by aspects which could be called improper discrimination. An owner is in jeopardy if he uses his personal instincts to reject a prospective tenant. But, if he amasses a series of objective standards by which to rank tenants, he can avoid troublesome types. These objective standards are creditworthiness, no criminal record, no drug or alcohol offenses, no evictions. An owner knows that a person who is only paying $78 a month out of their own pocket, and if evicted for non payment will never get in another project based HUD building, is going to pay the rent come hell or high water. Its not really about the credit, its about what the bad credit says about the person. A person with bad credit or other problems is more likely to cause trouble for the other tenants, bring the police to the project, etc. Also, a person with bad credit is usually a younger person with more undesirable characteristics. The ideal tenant is a persistently unemployed 70 year old female. Coincidentally, that is also a person with good credit because she has not had a credit card in 20 years. So, the credit issue is not really about whether you will actually pay the unsubsidized portion of the rent.
Reply With Quote Quick reply to this message

 
Old 10-12-2011, 03:28 PM
 
Location: Near a river
16,042 posts, read 18,982,141 times
Reputation: 15649
Quote:
Originally Posted by Wilson513 View Post
Since the money is mostly coming from HUD, the credit check is not substantively important from that aspect. I am not speaking specifically about my project when I tell you the following: credit worthiness is used by owners as a means of weeding out troublesome tenants by the use of an objective standard that is not tinged by aspects which could be called improper discrimination. An owner is in jeopardy if he uses his personal instincts to reject a prospective tenant. But, if he amasses a series of objective standards by which to rank tenants, he can avoid troublesome types. These objective standards are creditworthiness, no criminal record, no drug or alcohol offenses, no evictions. An owner knows that a person who is only paying $78 a month out of their own pocket, and if evicted for non payment will never get in another project based HUD building, is going to pay the rent come hell or high water. Its not really about the credit, its about what the bad credit says about the person. A person with bad credit or other problems is more likely to cause trouble for the other tenants, bring the police to the project, etc. Also, a person with bad credit is usually a younger person with more undesirable characteristics. The ideal tenant is a persistently unemployed 70 year old female. Coincidentally, that is also a person with good credit because she has not had a credit card in 20 years. So, the credit issue is not really about whether you will actually pay the unsubsidized portion of the rent.
I have a friend in Illinois whose brother was trying to get into subsidized senior housing. He did not have a criminal record per se, but before his divorce his wife took out a restraining order on him. I don't know whether this is considered "criminal" b/c she said he wasn't arrested, just served with the order. I also don't know whether he got into the housing. In your view does a restraining order and that kind of thing prohibit a prospective tenant?
Reply With Quote Quick reply to this message
 
Old 10-12-2011, 03:39 PM
 
5,090 posts, read 13,550,538 times
Reputation: 6928
Quote:
Originally Posted by loveautumn View Post
You mentioned you have worked all your life, but your SS check is very low. I would think having worked your whole life that you would be getting a decent size check. I can't imagine having to live on just SS the way things cost today...do you have any family that you could live with? I do wish you all the best...have you looked into being able to get welfare and food stamps?
Time in the workforce is not the main measure of Social Security Payments under SSDI (Disability) or SSRI (Retirement). It is based on earnings. So a low wage earning can receive a low retirement, even with a long work record.

The best program to seek with low retirement/disability payments and if you have minimum assets is Supplemental Security Income (SSI) because you become eligible for Medicaid.

Livecontent
Reply With Quote Quick reply to this message
 
Old 10-12-2011, 04:04 PM
 
10,139 posts, read 23,299,590 times
Reputation: 8290
Quote:
Originally Posted by newenglandgirl View Post
I have a friend in Illinois whose brother was trying to get into subsidized senior housing. He did not have a criminal record per se, but before his divorce his wife took out a restraining order on him. I don't know whether this is considered "criminal" b/c she said he wasn't arrested, just served with the order. I also don't know whether he got into the housing. In your view does a restraining order and that kind of thing prohibit a prospective tenant?
It will be determined by the project's tenant application screening standards. In my project, a civil protection order would not be included, but only because I didn't think of it.
Reply With Quote Quick reply to this message
 
Old 10-12-2011, 06:35 PM
 
Location: Texas
128 posts, read 144,368 times
Reputation: 349
FYI. Most states have a department of housing that maintains lists of affordable senior housing. In Texas it is the Texas Department of Housing and Community Affairs (TDHCA). They usually have on their website the list of projects that have received funding to build or rehab projects specifically for seniors.
Reply With Quote Quick reply to this message
 
Old 10-13-2011, 07:37 AM
 
Location: Paradise Lost
291 posts, read 409,939 times
Reputation: 207
Default Kudos

Quote:
Originally Posted by livecontent View Post
I have written much on subsidized housing on this forum...
Thank you very much for your contribution. Fine-grained, informative and to the point - that's the ticket.
Reply With Quote Quick reply to this message
 
Old 10-13-2011, 08:00 AM
 
Location: Metropolis IL
1,603 posts, read 1,893,637 times
Reputation: 2352
Quote:
Originally Posted by SelflessGene View Post
Your arithmetic is right, your assumptions are wrong. Also, I believe SSI doesn't kick in until you're 65.

Thank you for your kind concern but please understand that the subject of this thread is not me but "Retirement and Subsidized Housing" as it might apply to anyone in a similar situation. Please, let us not digress. I confess that in my reply to your first post I got carried away myself, but I'm going to try to stay on topic from now on.
Well, it would be nice if we knew how much income we're dealing with here. It does have a direct influence on your housing situation.
Reply With Quote Quick reply to this message
 
Old 10-13-2011, 08:17 AM
 
Location: Paradise Lost
291 posts, read 409,939 times
Reputation: 207
Default Suspicion Confirmed

Quote:
Originally Posted by Wilson513 View Post
...the credit issue is not really about whether you will actually pay the unsubsidized portion of the rent.
Thank you very much for your reponse - I wasn't sure if you would want to divulge that kind of information or not. The ability to obtain some insight regarding these issues from the owner's perspective is invaluable.

I'm afraid you've confirmed one of my main worries about my ability to qualify for subsidized housing. For reasons beyond my control (and which I will not explain in this forum) I have an abysmally low FICO score. It would take probably another lifetime to repair my credit rating so I'm stuck with it. And, as you've so eloquently explained, decision-makers do tend to equate that all-important number with a person's essential character.

Your response makes me think that I'm going to have to consider some kind of work-around and considerably lower my expectations. At this point I can't think of anything other than targeting my applications at facilities that have high vacancy rates and are primarily interested in cash on the barrelhead.

Thanks again for the heads-up.

Last edited by SelflessGene; 10-13-2011 at 08:53 AM..
Reply With Quote Quick reply to this message
 
Old 10-13-2011, 08:36 AM
 
Location: Paradise Lost
291 posts, read 409,939 times
Reputation: 207
Default Name That Thread

Quote:
Originally Posted by BLS2753 View Post
Well, it would be nice if we knew how much income we're dealing with here. It does have a direct influence on your housing situation.
It would if we were discussing something other than subsidized housing - but we're not. When it comes to HUD Section 8 the operative formula is 30% of your "satisfactorily low" income. That's all anybody needs to know. Ok?
Reply With Quote Quick reply to this message
 
Old 10-13-2011, 09:09 AM
 
10,139 posts, read 23,299,590 times
Reputation: 8290
Quote:
Originally Posted by SelflessGene View Post
Thank you very much for your reponse - I wasn't sure if you would want to divulge that kind of information or not. The ability to obtain some insight regarding these issues from the owner's perspective is invaluable.

I'm afraid you've confirmed one of my main worries about my ability to qualify for subsidized housing. For reasons beyond my control (and which I will not explain in this forum) I have an abysmally low FICO score. It would take probably another lifetime to repair my credit rating so I'm stuck with it. And, as you've so eloquently explained, decision-makers do tend to equate that all-important number with a person's essential character.

Your response makes me think that I'm going to have to consider some kind of work-around and considerably lower my expectations. At this point I can't think of anything other than targeting my applications at facilities that have high vacancy rates and are primarily interested in cash on the barrelhead.

Thanks again for the heads-up.
Well, we don't use FICO score at all. We divide the number of adverse credit items by the number of years of the applicant's length of credit history. So if a person has a 20 year credit history and three adverse items, he has a score of .15. If he has the same three items and a credit history of 7 years, he gets a .42. Lower is better. If he has no adverse items and a FICO score of 400 because he never had any credit he is at the top of the list as far as credit goes.

Last edited by Wilson513; 10-13-2011 at 09:29 AM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top