In today’s housing market, it can be a huge challenge for seniors to find affordable living situations, especially those who are on a fixed incomeFixed Income is periodic payments at reasonably predictable levels from one or more of the following sources:
• Social Security, Supplemental Security Income, Supplemental Disability Insurance... More or who have lessened earning capacities. The good news is that thanks to a number of government programs, affordable senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More options are available almost anywhere in the country for those who qualify. If you are at least 55 years old and meet certain income requirements, chances are there is a comfortable apartment in your area designed to meet your needs, available at a cost you can actually afford. Let’s take a few minutes to discuss these options and tell you how you can qualify.
What Classifies as Senior Housing?
Senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More consists of any residence or development that is designated and designed to meet the needs of senior citizens. In most cases, the Fair Housing Act1968 act (amended in 1974 and 1988) providing the HUD Secretary with fair housing enforcement and investigation responsibilities. A law that prohibits discrimination in all facets of the home buying p... More (FHA) prohibits discrimination based on age or familial status (i.e., families with children); however, the government exempts senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More from this rule as long as one of the following 3 criteria are met:
- All occupants of the development are age 62 and older; OR
- The community holds to a policy of intent to house people aged 55 and older AND at least 80 percent of the units are occupied by someone aged 55 and older; OR
- HUDEstablished in 1965, HUD's mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will em... More recognizes the community as one that caters to the needs of senior citizens under a federal, state or local government program.
How the Government Helps Make Senior Housing Affordable
There are many different programs at the federal, state and local levels that can assist with making affordable senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More available for those who need it. In particular, HUDEstablished in 1965, HUD's mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will em... More provides several solutions for seniors, including:
- Subsidized housing options: Apartment communities and other developments who qualify to receive government subsidies to offer reduced rents to seniors
- Public housing options: Government-administered housing developments for low-income seniors
- Section 8The housing assistance payments program that implements Section 8 of the United States Housing Act of 1937. More Housing Choice VouchersA program that the federal government has for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assis... More: These vouchers help seniors pay rent in their own apartment, and follow them to the next place if they move
- Section 202-Supportive Housing for the Elderly: Another government-backed program to finance and subsidize developments designed to accommodate the elderly
Is This the Same as Assisted Living?
No, it’s not. Some assisted living facilities may qualify as affordable senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More, senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More is not automatically assisted living. Many seniors remain quite independent and simply need housing that is affordable and designed around their needs. This is the need senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More seeks to address.
How Do I Qualify for Affordable Senior HousingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More?
While certain restrictions may apply according to property or government projectAll of the buildings included in a group at a housing development for compliance purposes, as indicated on each building’s form 8609 line 8b. The default is that each building is a separate project ... More, you may qualify for affordable senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More as early as age 55, provided you meet the minimum income requirements.
HUDEstablished in 1965, HUD's mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will em... More essentially categorizes seniors in two low income brackets based not on actual dollars, but on the median income of the local area as well as the rent market valueMarket Value is the value of the asset on the open market. More. The goal is for rent not to exceed 30 percent of your monthly householdAll the people who occupy a housing unit. A household includes the related family members and all the unrelated people, if any, such as lodgers, foster children, wards, or employees who share the hous... More income. The two income brackets are:
- Low income: Seniors whose income is 80 percent or less of the area median income (AMI); and
- Very low income: Seniors whose income is 50 percent or less of the AMI.
Of course, the median income can vary widely according to location, so if you are on a fixed incomeFixed Income is periodic payments at reasonably predictable levels from one or more of the following sources:
• Social Security, Supplemental Security Income, Supplemental Disability Insurance... More, you may qualify more easily for senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More in some cities than you would in others.
How Do I Find Senior Assistance Programs in My Area?
The Department of Housing and Urban DevelopmentEstablished in 1965, HUD's mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will em... More has created a useful interactive tool that can help you identify senior assistance programs in your local area. From there, you can call the local field office to find out what kind of documentation you need to prove your income, as well look for affordable senior housingA property that is reserved for people who are seniors. Please Note: the definition of "senior" may vary. As always, it is important to talk with the property manager and visit the property prior to m... More options in your area.
As part of our ongoing commitment to provide affordable housingIn general, housing for which the occupant(s) is/are paying no more than 30 percent of his or her income for gross housing costs, including utilities. Please note that some jurisdictions may define af... More options, Olympia ManagementOlympia Management, Inc. exists to meet the needs of the affordable housing community by providing top-quality living conditions, excellent management, compassionate interaction with tenants, and cons... More oversees a number of properties specifically catering to the needs of low-income seniors aged 55 and up. We can also provide more information on how you can qualify to live in one of these properties. To learn more, contact us today.