Have you ever considered if you might qualify for affordable housing? It can be a daunting task trying to figure out the eligibility criteria and application process – but it doesn’t have to be! In this post, we’re providing some tips on determining whether you may qualify for an affordable housing apartment. From understanding income requirements to advantages like lower rent, there are many benefits of applying for and qualifying for affordable housing that most renters should know about. Read on to learn more – from the basics all the way through some lesser-known nuances of qualifying – so that you can decide if pursuing an affordable housing option is right for you.
1. Determine your household size: Knowing your household size early on can help you determine the unit size you’ll need and the applicable income restriction. The LIHTC program uses household size to determine income limits, so it’s important to know how many people will be living in the unit.
2. Determine what your household income may be over the next 12 months: To qualify for an LIHTC unit, you’ll need to provide information about your household income. This includes earned and unearned income from all adult applicants, unearned income from minors under the age of 18, and income from assets. It’s important to have a good estimate of your income over the next 12 months so you can determine if you meet the income limits for a LIHTC unit.
3. Compare your household size and income to the income limits: Once you have an idea of your household size and income, you can compare them to the income limits for the LIHTC unit. These can be provided by the property manager, note that Income limits vary depending on the region and household size, so it’s important to confirm the household details and apartment to determine the income limits for the area in which you’re interested in living. Example: A two-person yearly income restriction is $32,000, which equals $2700 a month which the household can’t exceed shown below.
4. Check if the student rule applies: Depending on the program the household cannot be comprised of all full-time student. Students are defined as those who are attending or who will attend an educational organization for five months during the calendar year in which the certification will be effective. If you’re unsure you can check with the school to confirm if your status is full time and with the property to confirm household details.
While these tips can help you determine if you might pre-qualify for a LIHTC unit, it’s important to keep in mind that they are just guidelines and do not guarantee qualification or an available unit. To learn more about the LIHTC program and how to apply, it’s a good idea to check with your local housing authority or property management company. They can provide more information about the income limits and eligibility requirements for the area in which you’re interested in living, as well as any other requirements or documentation that may be needed to apply.