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Yes it's 30% of your income here too. It also qualified under the rural HUD. But as I mentioned, it's much harder to find apartments for the 40% of MFI (monthly family income) bracket than it is to find the 50% of MFI apartments.
I guess I was addressing your question about - was the reason certain income levels were more difficult to find was because the apartment complex wouldn't make as much "profit".
They can't exist without "profit" but no. What I was trying to say is the HUD guidelines dictate how many of each they are allowed to rent. They're not going to make every single unit for the most lowest income people in the county, unless that's what the grant says and I'd guess THAT is reserved for the government Housing Authority. Pure Section 8. And yes, demand.
The govt is subsidizing the difference between the market rate and the residents' rent rate. So the apartment complex isn't really "losing" money. Just like Section 8 landlords.
They're going to be filled and stay filled if they're cheaper, obvs.
One very nice complex near me in FL has a 10 year waiting list for the units that show $325 per month on their website, versus the ones that are $650 are only a year (last time I inquired).
As you said, you were super fortunate to locate such a nice place!
Philly is very high. (I'm from Philly living in FL right now
I recommend what they call Income Restricted apartment, affordable housing for seniors. They are privately owned apartment communities but they either built new or renovated under a HUD grant.
So your rent would be $540.00. AND utilities are usually all included.
Here's one in Philly! There are often long waits in heavily populated areas.
All you have to do is fill out an application like any landlord but they're more or less like a Property Management Company you'd be dealing with.
The reason I supplied the link to the SocialServe website is because it allows you to refine your search. I did a search within Philadelphia and set 50% MFI with maximum rent of $650 and available for the criteria. The search returned a list of 22 properties available.
The trick on SocialServe - Once you select the area you want to search, click on "refine" then click on the "Advanced" tab. On the Advanced tab, you can set the maximum rent near the top. Scroll down until you reach the "Other Search Options". The MFI can change within a county, so it's always a good idea to use the "calculate" link just below the "Income is % of median income" line. For example, for Allentown $1800/mo. was 42% MFI. Any percentage from 41% to 49% puts you into the 50% MFI bracket.
Once you've computed your MFI for that specific area, select your % from the drop down box. The area below that has many check boxes such as "air conditioning" or "assisted living". Be sure to check mark the "Income Based or Sliding Scale Rent" and "Exclude Properties on Wait List" boxes. Click on the button to complete your search.
Thanks to runswith and deelighted. I applied to the Pennrose property a couple of months ago. There is a long waiting list as would expect and I've researched the social serve website too. The problem with most of those is they are either in the middle of nowhere or not in the greatest neighborhoods, but I did see two that might work. Thanks for the suggestions. Also, NOT tapping into my $60k is not an option, so not sure if I will still qualify but I will check it out. Thanks again.
When I moved into my senior apartment, it was newly built and advertised as low income. They had three levels of rent. One was subsidized (I think 30% of income). The next two were flat rates, I do not know how these two flat rates were calculated. Each year we received notice the owner had permission to increase our rent by $5.00 tho our income never went up. Last fall we received notice it would go up $10.00. I didn't understand why it was going up $10.00 so soon after our most recent $5.00 increase, so I questioned the owner/builder. I mentioned that since it was a low-income apartment, it seemed unreasonable for that increase.
I was told that the apartment was not low-income, never had been low-income. I checked their website..... clearly written was low-income. I brought this to their attention with no reaction. The following day I saw they had changed their website for one that did not show low-income.
I wrote to the attorney general, sending all the copies I had made from their website.
Attorney general wrote back and said there was nothing they could do to change this and recommended me hiring a private attorney. I did not hire a private attorney due to the expense of it. Thus... situation remains the same as it did.
It is aggravating but have no idea how this has been allowed to continue.
Thanks to runswith and deelighted. I applied to the Pennrose property a couple of months ago. There is a long waiting list as would expect and I've researched the social serve website too. The problem with most of those is they are either in the middle of nowhere or not in the greatest neighborhoods, but I did see two that might work. Thanks for the suggestions. Also, NOT tapping into my $60k is not an option, so not sure if I will still qualify but I will check it out. Thanks again.
That's funny! Small world (or ESP LOL)
Your 60K only becomes an issue when you take it out of it's holding place and spend it as income and as I understand it, you have to re-certify your income every year. So that's when it would kick in.
When I moved into my senior apartment, it was newly built and advertised as low income. They had three levels of rent. One was subsidized (I think 30% of income). The next two were flat rates, I do not know how these two flat rates were calculated. Each year we received notice the owner had permission to increase our rent by $5.00 tho our income never went up. Last fall we received notice it would go up $10.00. I didn't understand why it was going up $10.00 so soon after our most recent $5.00 increase, so I questioned the owner/builder. I mentioned that since it was a low-income apartment, it seemed unreasonable for that increase.
I was told that the apartment was not low-income, never had been low-income. I checked their website..... clearly written was low-income. I brought this to their attention with no reaction. The following day I saw they had changed their website for one that did not show low-income.
I wrote to the attorney general, sending all the copies I had made from their website.
Attorney general wrote back and said there was nothing they could do to change this and recommended me hiring a private attorney. I did not hire a private attorney due to the expense of it. Thus... situation remains the same as it did.
It is aggravating but have no idea how this has been allowed to continue.
I work in a few of these places.
The Low Income Housing Tax Credit (LIHTC) incentive thing probably has different rules in different places. It's possible their particular Tax Credit from your state let them have that increase but they never disclosed it.
It's possible the people you spoke with had no idea or they had to go back to the Corporate people or owner who then took it off the website.
You can probably find the information about that building/corporation and it's state grant or whatever on google with the legal documents which probably had to be registered by the state.
Some of these grants are staged - time wise.
There's one complex here basically the same.
They had lots of restrictions in the agreement when a new company bought the building contingent on a LIHTC to renovate it....(subsidized by the State - Florida Housing Finance Corporation.) that they had to keep the same level of Property Management up until February 2017 (3 years). On Feb 2017 they quickly changed the company to a different one which obviously lacks alot of skills. Obv cheaper. Now they even deny being Low Income Housing.
New and shiny is nice but I guess it's better to chose one which has been around for a while or which is very open about their mission etc.
Last edited by runswithscissors; 08-04-2017 at 01:42 PM..
^^^^^^^^^^^^^^ Thank you runswithscissors. It was a situation where they had openings and I grabbed one. Otherwise, I would have been waiting a year or two, maybe more.
^^^^^^^^^^^^^^ Thank you runswithscissors. It was a situation where they had openings and I grabbed one. Otherwise, I would have been waiting a year or two, maybe more.
Here's an example of what I found online when researching that property I was referring to. They deny being Low Income Housing, now, too.
I guess the documentation is buried somewhere up there for you.
I'm probably not going to look for that paperwork for where I live.
I've either had a lot of bad luck or made a lot of poor decisions. Maybe it is a mixture of both.
At 75 I feel like anything I might have enjoyed didn't come my way. I've only recently decided to not look for it anymore. I probably should get some counseling for my depression, but co-pays are a deterrent. I have expensive dental work in near future.
Life is like that sometimes.
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