Year: 2017

Broadway Manor Brings Affordable Living to Brownsville, TN

Posted on by Alex Beaver

Located on the north side of town just off Tibbs road, the community of Broadway Manor offers affordable living in Brownsville, TN. Specifically geared for seniors aged 55 and older, this apartment community offers a selection of well-appointed one- and two-bedroom apartments minutes away from shopping, dining, medical services and more.

Amenities On-Site

The apartments at Broadway Manor are created with the needs of seniors in mind, available in floor plans ranging between 658 and 808 square feet of living space. All units are equipped with central heat and air, as well as range/oven and refrigerator. The clubhouse offers a community room with an equipped kitchen that is perfect for parties and community events, while the grounds also feature a covered picnic area complete with an outdoor grill for family gatherings. The complex is also just a 5-minute drive from downtown Brownsville, providing easy access to shops, restaurants and other services, including the Food Giant just south along Tibbs Road.

About the Area

Located along Interstate-40 in west Tennessee about an hour east of Memphis, the town of Brownsville is a national Main Street community of about 10,000 people—an excellent sized community to enjoy the perfect blend of city conveniences and rural charm. As part of the delta plains region of west Tennessee, Brownsville is the town mentioned in Tanya Tucker’s classic country hit “Delta Dawn.” Located in the heart of “cotton country,” the town is proud of its historic and cultural heritage, offering numerous community events year-round. Tourists and residents alike enjoy the local celebration of art and culture at the West Tennessee Delta Heritage Center, as well as communing with nature at the nearby protected Hatchie National Wildlife Refuge.

Broadway Manor is an income-based apartment community dedicated to providing comfortable, affordable housing to our residents. If you are 55 or older, live in Brownsville, TN or are thinking about moving here, we’d love for you to take a tour of our property to see if it’s a good fit for your needs. To schedule a personalized tour, contact Olympia Management at 256-894-2382.

5 Tips for Choosing Affordable Housing Near Kingsport, TN

Posted on by Alex Beaver

Situated in northeastern Tennessee in the famed Tri-Cities area, the city of Kingsport is home to over 300,000 people, offering plenty of shopping, dining, and things to do. If you’re looking for affordable housing near Kingsport, TN, here are five things you can do to narrow your search.

Affordable Housing

Determine your budget

First things first: you need to know how much you can afford in rent. Optimally, your rent should be between 25 and 30 percent of your total monthly income (including you, your spouse, roommates, etc). Any more than this, and you could run into financial difficulty trying to make rent.

Qualify for affordable housing options

If you’re concerned about affording rent in Kingsport, don’t despair: there are a number of affordable housing options available. If your income is low (or if you’re on a fixed income), you may qualify for certain designated low-income properties or subsidized income-restricted housing, which gives you access to affordable options others might not get. Check with the Kingsport Housing and Redevelopment Authority to see if you qualify.

Determine the amenities you want or need

Once you know your budget and have qualified for low-income housing, make a list of amenities or features you want or need. (For example, the number of bedrooms, equipped kitchen, washer/dryer, central air, laundry, clubhouse, etc.) One idea is to make two lists — a “must have” list and a “nice to have” list. Look for properties that have most or all of your “must have” items and perhaps some things on your “nice to have” list. You might not tick every box on both lists, but you’ll be able to keep track of the properties that come close.

Look at different neighborhoods

What part of town do you want to live in? Do you need to be close to work, or to public transportation? Narrow your search down to a few Kingsport neighborhoods within your budget or price point.

Kingsport Accommodation

Look at apartments within your budget

Finally, narrow your search down to a few apartment complexes, go to those properties and take a tour. Get a feel for the community and note how many features and amenities tick the boxes on your lists.

If you need affordable housing near Kingsport, TN, Olympia Management invites you to check out our King’s View property at 901 Larry Neil Way. Located minutes from downtown Kingsport, this income restricted complex offers comfortable 1-3 bedroom floor plans, kitchen appliances, washer/dryer and more, and our landscaped grounds include a clubhouse, picnic area and beautiful views of the city. To schedule a tour, contact Olympia Management at 256-894-2382.

Clever Strategies for Maintaining a Household Budget

Posted on by Alex Beaver

Given the cost of living these days, establishing and maintaining a household budget is one of the keys to living comfortably. For many of us, however, budgets are tight, and one unexpected or ill-timed expense can often throw our budget off, making it more difficult to make ends meet. The good news is that there are some creative ways to make your dollars stretch further and keep track of your spending so things don’t get out of control. Here are a few strategies to help you maintain your household budget.

The “Envelope” System

A tried-and-true budgeting method, the “envelope” system is basically a cash-only system in which you keep a set of envelopes for all your itemized expenses. The cash you put in each envelope goes only for that expense, whether it’s food, bills, clothes, rent, etc., and when it’s gone, it’s gone.

Financial guru Dave Ramsey explains the process here in detail. The benefit of this system is that you can tangibly see how much money you have available for each category so you don’t overspend. If you don’t want to handle cash directly, a number of budgeting apps based on the envelope method are available for your smart phone; just make sure you have the discipline not to “dip” into other envelopes.

Add to Your Savings

Saving money is a key to any successful financial plan, for two reasons:

  1. Unexpected expenses are budget killers, and savings creates a pad to deal with them; and
  2. A habit of saving helps build long-term wealth for the future.

Anyone can save money, even those on a tight budget. One creative way to get into the habit is the 52-week money challenge, in which you save $1 the first week, $2 the second week, and so on. By the end of a year, you’ll have $1378 in savings, and you’ll be surprised at how easy it was to do!

Reduce Your Debt

For many of us, debt is the bane of our existence. For all intents and purposes, debt is money you could be using that goes to the banks instead to pay for all the stuff you bought on credit. Reducing your debt, therefore, puts that income back into your pocket.

One method to kick off your debt reduction strategy is to try the “snowball” method of reducing debt. That is, target any extra money to pay off one credit card, then use the money you’re no longer paying on that card to pay the next card off, and so on.

Cut Up the Credit Cards

Credit cards are the quickest and easiest way to throw off a budget — not to mention the last thing you want to be doing is adding to your debt. If your credit cards are a source of temptation for you, cut them up to keep them from threatening your budget.

With a bit of discipline and these helpful tips, it’s possible to maintain a household budget so you and your family can live with peace of mind. For information on affordable rentals, contact Olympia Management at 256-894-2382.

3 Tips for Decorating a Rental Apartment On a Budget

Posted on by Alex Beaver

You’ve filled out the application, paid your deposit and signed the lease, and you’ve just unloaded your stuff into your new rental apartment. Congratulations! Now comes the fun part — decorating! If you’re not paying attention, the cost of furniture and decorations can get out of hand very quickly. How do you make it home without breaking the bank? Here are 4 cost-saving tips for decorating your new rental apartment on a budget.

1. Hit the yard sales

If you’re up for a little “treasure hunt,” those weekend yard sales, estate sales, and garage sales are some of the best places to get a bargain on things you need to decorate. Not all of it is junk, either — often people are getting rid of some great things because they’re downsizing and don’t want to move them. Grab some cash and make a day (or two of it). You might be surprised at how many decorative items and furniture pieces you can pick up for pennies on the dollar.

2. Hit the thrift stores and flea markets

Secondhand stores, flea markets and thrift shops aren’t just great for finding cheap clothing. A lot of times you can find terrific used furniture, along with a variety of other decorative odds and ends that would be perfect for filling up the shelves or the mantle. You might even find something you didn’t even know you needed!

3. Check online to fill in the gaps

After all your yard sale rummaging, thrift shopping, and flea market junketing, you might still have some key pieces that you’re looking for. To finetune your search while still getting a bargain, look no further than your favorite social media network! Local online “yard sales” have risen in popularity over the past several years, which makes shopping for a new dining table or toaster oven as easy as simply scrolling through your newsfeed. Hitting up online classified and auction sites is also a great option, but remember to be wary of scams. Whichever route you choose, chances are there is someone on the internet who is selling an end table, bookshelf or armchair that would be perfect for completing the look of your rental apartment.

There’s no reason to go broke or into debt while trying to decorate your new rental apartment — of for that matter, while trying to rent an apartment. To learn more about affordable apartment rentals in your area, contact Olympia Management today at 256-894-2382.

Affordable Apartments Just Minutes from the Montgomery Zoo

Posted on by Alex Beaver

If you love nature and animals, or if living close to the Montgomery Zoo appeals to you, then Chase Park might be the apartment community for you! This affordable complex is located in north Montgomery, Alabama just minutes from the zoo, offering an excellent combination of comfort and convenience as well.

On-site AmenitiesMontgomery low income housing

Chase Park is an excellent choice for individuals or families, with floor plans ranging between one and three bedrooms. Each unit is equipped with central heating and air, kitchen appliances and washer-dryer hookups. This family-friendly complex features a playground for the kids to enjoy, along with a community clubhouse and on-site laundry facilities.

About the Area

At Chase Park, you’re never more than 15 minutes away from some of the best shopping and dining in town. Head east and south along US-231 for about 10 minutes to reach Eastdale Mall, with a wide range of great shops and restaurants. Or head the same distance in the other direction to reach downtown Montgomery, with the Riverwalk, the Performing Arts Center, State Capitol and even more dining options. Enjoy one of several parks, or take some time relaxing near the water along the Gun Island Chute. It’s all just minutes away.

About the Montgomery Zoo

Located just 5 minutes south of Chase Park, the 40-acre Montgomery Zoo is one of Alabama’s most popular attractions, featuring approximately 750 animals from over 140 species. It’s also home to the Mann Wildlife Learning Museum. With an ever-changing array of exhibits and plenty of educational opportunities, it’s a great year-round place to take children for a day of fun!

Chase Park is an-income restricted community reserved for those who qualify. To schedule a tour of this property, contact Olympia Management at 256-894-2382.

Convenient Living for Low-Income Seniors in Wayne County, GA

Posted on by Alex Beaver

If you live in Wayne County, GA, are age 55 or older, and are looking for affordable rent, we’d love for you to consider Maria Senior Gardens. Located in Jesup just off Waycross Highway, this comfortable complex offers the best living for low-income seniors in Wayne County, GA.

On-Site AmenitiesMaria Senior Gardens

Designed with seniors in mind, this apartment community boasts a perfect blend of comfort and convenience. Enjoy your morning coffee from your private patio or balcony, and stay comfortable indoors during the hot summers and cold winters with central heat and air. All four of our 1-bedroom and 2-bedroom floor plans is pre-wired for cable and includes a range, refrigerator, microwave, dishwasher, garbage disposal and washer/dryer hookups.

The complex itself offers many additional conveniences as well. Stay in shape using our on-site fitness center. Get to know your neighbors at scheduled events like arts & crafts in the activity center, or invite the family over for a picnic in the covered gazebo. If you don’t have a washer/dryer of your own, community laundry is available on-site as well.

About the Area

A town of about 10,000 people, Jesup is the county seat for Wayne County, GA. Maria Senior Gardens is located on the west side of town, just off US-84. Nearby, you’ll find several great dining options, like Habaneros, Pepperoni’s, or Western Sizzlin’ steakhouse just at the corner. You’ll also find a Harvey’s Supermarket nearby, as well as a Beall’s Outlet across the street. For additional shopping, dining, banking and more, US-84 heads straight into the heart of Jesup, which means everything you need is never more than a few minutes away. If you want to get out of town for awhile, Amtrak’s Silver Meteor passenger train makes regular stops in Jesup.

Maria Senior Gardens is a rent-restricted community designated for low-income seniors age 55 and up. If you’re in need of affordable, convenient living in Wayne County, we’d love to hear from you. To schedule a tour of this property, contact Olympia Management at 256-894-2382.

What Is Tenant-Based Rental Assistance (TBRA)?

Posted on by Alex Beaver

Tenant-Based Rental Assistance, or TBRA, is a program funded by the U.S. Department of Housing and Urban Development (HUD) to help low-income families pay their rent and related housing expenses. These funds are administered at the local level by designated organizations and non-profits in Participating Jurisdictions (PJs) who use the funds to provide help to qualified individuals and families in a number of ways. This can range from rent subsidies to grants and loans for security deposits to help with utility bills and more.

How does TBRA work?

Apartments Rental AssistanceThe criteria for qualifying for TBRA, as well as the ways in which the funds are distributed, vary by city/state, location and the discretion of the local agencies who disburse these funds. This enables each locale to determine the ways in which TBRA can provide the greatest benefit. However, in most cases, TBRA is used to offset the cost of rent, making it more affordable for the tenant. (Section 8 is one common application of TBRA.) The amounts of assistance available depends on several factors, including the cost of housing in the local area and the financial need of the applicant. Also, Tenant-Based Rental Assistance may be designated for use only in specific qualifying housing in the area.

Once you qualify to receive this assistance, TBRA differs from other types of housing assistance in the following ways:

  • Payment is made directly to the landlord, effectively reducing your rent and/or other expenses.
  • TBRA directly benefits the tenants, as opposed to subsidies that directly benefit the housing development (for example, the Low Income Housing Tax Credit).
  • Your TBRA benefits move with you, rather than staying with the landlord. If you have to move, you can use your benefits to help with expenses at the next property you rent.

Who can receive Tenant-Based Rental Assistance?

TBRA is designed to help people with a variety of needs, but it is especially focused on groups of people most prone to difficulty—for example, the disabled, the elderly, families with children and families who are currently facing eviction.

How can I apply to receive TBRA?

If you need help with housing or rent and think you might qualify to receive TBRA, the best place to check is your local HUD counseling agency. For a list of available programs in your area and where to apply, contact Olympia Management today at 256-894-2382.

What is the Low-Income Housing Tax Credit (LIHTC)?

Posted on by Alex Beaver

The Low-Income Housing Tax Credit (LIHTC, sometimes pronounced “LIE-tech”) is a special tax credit offered by the federal government to investors as an incentive to create affordable rental housing for low-income families. For housing developments that meet certain established criteria, investors can claim a tax credit equal to a percentage of their costs in creating affordable housing.

Generally speaking, to qualify for LIHTC, a developer must designate a certain number of apartment units within the complex as low-income rentals, as well as maintain ongoing compliance. (In other words, low-income housing must remain available only to eligible low-income families.) Since it was established as a law in 1986, the LIHTC has been partly responsible for the creation of nearly 2.5 million low-income rental units nationwide, allowing many low-income families to find affordable housing in rental markets where they otherwise couldn’t afford to live.

How does LIHTC affect me as a low-income renter? Can I claim the LIHTC?

As a renter, you don’t benefit directly from the Low-Income Housing Tax Credit, nor can you claim the credit on your taxes. The tax credit is for the investor/developer who builds the apartment. Instead, you see indirect benefit in the form of a certain number of rent-restricted apartments in your area where rent is kept low for qualifying low-income families.

Lo Income Apartment RentalsIs my apartment a LIHTC apartment?

If you qualified for the apartment based on having a lower income, chances are your unit exists because of LIHTC. Nearly 90 percent of all affordable housing units in the U.S. were built using this tax credit.

Are rents all the same in LIHTC apartments?

No; the rent in a low-income apartment is based on a percentage of the Area Median Income (AMI) for the area in which the apartment is located. The maximum rent cannot exceed 30 percent of the recognized AMI in that area. However, median income can differ greatly in different parts of the country. For example, a low-rent apartment in New York City will cost much more, for example, than a low-rent apartment in Mobile, Alabama.

How do I qualify for a low-rent apartment?

Your eligibility for a low-rent apartment will be based on your income and measured against the median income of the area in which you live. Olympia Management can provide more information about available LIHTC apartments in your area and help you through the process of determining your eligibility. For more information, call us today at 256-894-2382.

Why Renter’s Insurance Is Worth Every Penny

Posted on by Alex Beaver

Many landlords and management companies require their residents to carry some sort of renter’s insurance.

Renters InsuranceHowever, according to a recent poll by the Insurance Information Institute, while 95 percent of homeowners carry homeowner’s insurance, only 40 percent of renters carry renter’s insurance. This is disturbing news considering that apartments and rental properties are just as susceptible to damage as any other property. Many speculate that tenants wrongly believe their belongings are covered under their landlord’s insurance; others simply feel they can’t afford the premiums. Whether your management company requires it or not, here’s why renter’s insurance is worth every penny you spend on it.

Your belongings aren’t covered in your landlord’s policy.

Your landlord or management company likely carries insurance, but this policy typically only covers damage to the structure itself. If your belongings are destroyed in an apartment fire, for example, your landlord’s insurance will cover repairs and rebuilding of your unit, but it will do nothing to cover the belongings contained in it. Renter’s insurance fills this gap, making sure that no matter where you rent, your belongings are covered in case something happens.

Renter’s insurance is surprisingly affordable.

The national average for renter’s insurance rates comes to around $200 per year, breaking down to less than $16/month. Depending on where you live, this number could get as high as $30 a month, but even that is highly affordable when you consider that the amount of coverage at that price typically meets or exceeds the actual value of your personal property. (The average renter owns about $20,000 worth of stuff.)

Renter’s insurance covers a wide range of mishaps.

Renter’s insurance is designed to cover a huge array of possible events, including theft, vandalism, smoke and fire damage, roof cave-ins from snow and ice, and even an airplane crashing into your home. The only events that aren’t commonly covered are earthquake and flood, and you can usually purchase an additional rider to cover these, if you wish.

Liability insurance is included.

Most rental insurance policies include an average of $100,000 in liability coverage so if someone gets injured in your apartment and sues you for damages, you’re covered. This is also useful because the landlord is not liable for mishaps that occur inside your unit unless you can prove gross negligence was involved.

More can go wrong in a rental unit.

While standalone rent homes are just as “safe” statistically as any other home, apartment complexes and apartment buildings may be more susceptible to damage. When you have more people living under the same shared roof or next to each other with shared walls, there are more opportunities for someone to make a mistake or have a lapse in judgment. Since you don’t have control within your building over who might be smoking in bed or running a space heater in an unsafe manner, it makes sense to carry renter’s insurance so your belongings can be replaced if something goes wrong. Ask any renter who has had to file a claim on the insurance, and they’re likely to tell you it truly was worth every penny.

To learn about rental properties in your area or to discuss more about the benefits of carrying renter’s insurance, contact Olympia Management today at 256-894-2382.

Understanding the Difference Between Section 8 and HUD Housing

Posted on by Alex Beaver

Those in need of government assistance to find an affordable home need to understand the differences between the available programs, including Housing and Urban Development (HUD) housing and the Section 8 Rental Certificate program. By becoming aware of what differentiates each plan, families can apply for the right option to meet their needs.

Section 8 Housing

Private Property or Public Housing

Renters in the Section 8 Rental Certificate Program rent from private landlords after applying to a regional public housing authority, or PHA. The government agency then pays the difference between the cost of the unit and 30 percent of the renter’s income through a voucher. That means only a portion of their rent is paid by the PHA.

In contrast, families accepted into the HUD program live in public properties owned by the housing authority. While a private company may be hired to manage the building, it is still controlled by the PHA.

Qualifying for HUD Housing or Section 8 Housing

Renters can choose to apply for the Section 8 Rental Certificate Program through any municipalities that offer it. Once accepted into the program, participants look for a home available in the private market, whether they are searching for a single-family house or an apartment. They may also have to pay up to 40 percent of the cost of their monthly rent if their home’s rent is higher than what the Section 8 voucher covers.

To apply for HUD housing, applicants must meet certain income requirements. Families choosing public housing must earn between 50 and 80 percent of the median income for the area surrounding the chosen public housing complex. Because income levels vary by location, low-income earners may qualify in one area but not another. Prospective participants should apply for HUD housing in the area they want to live.

Learn More About HUD and Section 8 Housing and Which Option is Right for You

If you want more information about HUD housing or Section 8 housing options, please contact your local housing authority.

If you have questions regarding a particular property you are interested in, please check our our property search page or contact Olympia Management, Inc. at 256.894.2382.

5 Things To Know About Income-Restricted Rentals

Posted on by Alex Beaver

The U.S. Department of Housing and Urban Development does a wonderful thing by allowing those with limited incomes to afford to rent suitable apartments at reasonable prices. This is more commonly known as a Section 8 Lease, although there are other programs that are similar. It’s a great housing initiative that can help those who work hard but need a little extra help. Here are five things to know about income-restricted rentals.

EligibilityAffordable Housing Lease Agreements

Keep in mind that eligibility can differ depending on the location, but in most cases, you will be eligible for an income-restricted rental if your household income is less than 50% of the median income in an area. You will have to show proof of your income on a yearly basis to make sure that you remain eligible, but as long as your income checks out, there’s no reason why you won’t be able to stay in an income-restricted rental long term.

Neighborhood

Many people may be surprised to hear that income-restricted apartments can often be found in good neighborhoods. This is by no means a guarantee of where you’ll end up with an income-restricted rental, but the odds are good you’ll be in a safe neighborhood that’s close to public transportation, allowing you to get to work, school, and grocery stores without too much hassle.

Searching

Income-restricted rental programs are more common than many people realize, so it’s not that difficult to search for one and find a listing of potential apartments in your area. It is common for rental companies to offer both conventional and income-restricted properties, as the rental units are often in close proximity to one another. Many apartment guides will show income-restricted options, and so they are not hard to find if you know what to look for.

Not For Emergencies

It’s important to keep in mind that income-restricted rentals are not for emergency situations in which a person needs a place to stay right away. Most programs are designed for low-income families who are looking for a long-term place to stay, and because of this, there are often waitings lists for rentals. It can sometimes take months, or even years, to get to the top of the waiting list, so don’t expect to always be able to move in right away.

Utilities Included

This can change depending on the area or the renter, but utilities are generally included in the price of rent for an income-restricted rental. You should always check to see exactly what is covered, as you probably won’t be able to receive the most expensive cable package with your rent, but the basics like water and gas should be covered.