No Income BUT Significant Assets; Qualify for Apt in Tax Credit Building? (apartments, lease)
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I'm a 55 y/o unemployed retired widow. I have sufficient liquid assets to support myself until I may begin to draw my late husband's social security at age 60.
I have very little rental history (two years 2014-2016) as I have always owned my homes. I sold a condo in June and am living with a pal while I decide what next to do.
My credit score stays between 800-850.
I was looking for age restricted apartments and am actually about to sign a lease on one; $600/mo.
It's NOT a tax credit place, just age restricted 55+.
I see there are several NICE apartment houses that are tax credit buildings, age restricted, where the rent would be far less.
Would someone like me qualify, or must one have income rather than assets to qualify?
I'm a 55 y/o unemployed retired widow.
I have very little rental history (two years 2014-2016) as I have always owned my homes.
I sold a condo in June and am living with a pal while I decide what next to do.
My credit score stays between 800-850.
I have sufficient liquid assets to support myself until ...
Are you physically or otherwise UNABLE to work?
Find a job even if you don't need the CASH. Stay busy. Have health Insurance.
And get help to securely invest those "liquid assets"
Quote:
I was looking for age restricted apartments...
Would someone like me qualify, or must one have income rather than assets to qualify?
That's just one of the reasons to have a job and earned income. Even a low rate apartment.
Any LL (even an agency) will look for continuing and regular flow of income.
For 99% of us that means a job/business/etc. The other 2% have investment income.
Are you physically or otherwise UNABLE to work?
Find a job even if you don't need the CASH. Stay busy. Have health Insurance.
And get help to securely invest those "liquid assets"
That's just one of the reasons to have a job and earned income. Even a low rate apartment.
Any LL (even an agency) will look for continuing and regular flow of income.
For 99% of us that means a job/business/etc. The other 2% have investment income.
LOL Thanks for the well intentioned though presumptuous ("stay busy" lmao) advice but trust me it's not needed. I didn't land in my current position through events beyond my control; I orchestrated my life so I would be in exactly this position when my nest became empty. This was planned for years.
The latter part of your reply tells me I would not qualify; one must have income flow not stagnant assets.
I don't think that's right. Anyone one with two brain cells can figure out that someone with a lot of cash can pay the rent. Yes, some places may be too dumb to look past basic screening requirements that include income, but they are retarded and that's their loss. Anyone who can see that you are more than capable of paying the rent will be happy to rent to you. If they ask about income, you can let them know that you are early-retired. Retired people are allowed to rent.
Ask the place you are interested in to view an available unit.
I'm asking about a TAX CREDIT building; these are income restricted apartment houses. One may not earn over a certain amount, to qualify to live there at a reduced rent.
This isn't HUD housing, they're privately owned bulidings, landlord gets a tax credit for renting some (or all) units to low income folk.
There are some that are 55+, that look very nice.
I don't know if one must have income (low) to qualify, versus no income flow but adequate assets.
I'm asking about a TAX CREDIT building; these are income restricted apartment houses.
One may not earn over a certain amount, to qualify to live there at a reduced rent.
I don't know if one must have income (low) to qualify...
That term "earn" and phrase "have income" are meant to be the same thing.
You refer to having "significant assets". It doesn't mean much
Can you show a steady income from that cache? Like with 1040 tax returns?
Next up is what ELSE a landlord will expect a tenant to have going on
in their lives and how they go about paying for it all. Food? Medical? Transportation?
That term "earn" and phrase "have income" are meant to be the same thing.
You refer to having "significant assets". It doesn't mean much
Can you show a steady income from that cache? Like with 1040 tax returns?
Next up is what ELSE a landlord will expect a tenant to have going on
in their lives and how they go about paying for it all. Food? Medical? Transportation?
Good luck making it all come together.
You're missing my q entirely.
I'm not asking, "will a landlord rent to me without an income flow but with assets to show instead?"
Not asking that at all.
I'm asking specifically about the TAX CREDIT buildings, and would assets disqualify me, as these buildings (I think) are meant for the working poor/seniors on SS (which will be me in 5yr).
LOL Thanks for the well intentioned though presumptuous ("stay busy" lmao) advice but trust me it's not needed. I didn't land in my current position through events beyond my control; I orchestrated my life so I would be in exactly this position when my nest became empty. This was planned for years.
The latter part of your reply tells me I would not qualify; one must have income flow not stagnant assets.
i thought that was prob the case.
Interesting response. If planned situation, why in world would you draw SS at age 60?
Regarding qualifyers for low income based housing, it will depend on if the owners are getting Federal, State, or local tax credits how tenant assets are considered.
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