With the cost of housing continuing to climb nationwide, the need for affordable living situations has never been greater. 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 are available in every state in the union, but figuring out how to qualify for these properties can be genuinely confusing. Who actually qualifies for 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, and what criteria need to be met? Let’s unpack these questions to demystify the process a bit.
Understanding Area Median Income (AMI)
To understand how people qualify for 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, you must first become familiar with the term “Area Median Income” (or AMI). The AMI is essentially the midpoint number between the highest and lowest income earners in a given area. This number will be different in every city or region, and 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 determines the AMI annually for every region in the country.
Categories of Low-Income Housing
The reason the AMI is important is that local housing authorities basically use it as a measuring stick to determine your eligibility for 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 in that area, comparing your income level as a percentage of the AMI. Most areas categorize low-income households in three categories:
- Households with an income of 80 percent of AMI or lower are considered low-income;
- Households making 50 percent of AMI or lower are classified very low income; and
- Households making 30 percent of AMI or below are considered extremely low income.
How Low-Income Housing Eligibility Is Assessed
Determining who qualifies for 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 is typically decided by a local housing authority 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 office, based on such factors as how many properties are available, the volume of applicants and sometimes even the cost of living. Generally speaking, extremely low income families or individuals (30 percent AMI or below) are given top priority on waiting lists for HUD’s Section 8The housing assistance payments program that implements Section 8 of the United States Housing Act of 1937. More or income-based housing options, but many areas also make income-based housing available to families making 50 percent or less of AMI. Some income restricted-housing (including many properties managed by 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, Inc.) have income limits to ensure they are available to households in the low-income bracket (80 percent of AMI or below). And in certain cities where rents are particularly high, even families making more than 80 percent of AMI may qualify for certain types of 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. (In New York City, for instance, it is possible for you and your family members to make a combined 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 of more than $100,000 per year and still qualify for some 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 units.)
Affordable Housing Waitlists and Availability
Meeting the eligibility requirements and qualifying for an 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 program doesn’t automatically mean you’ll get housing assistance. Some housing authorities and 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 offices have a high demand and long waitlists for a limited number of properties, and priority is usually given to low-income individuals and families. If you find yourself on a waiting listA formal record of applicants for housing assistance and/or assisted housing units that identifies the applicant's name, date and time of application, selection preferences claimed, income category, a... More, don’t despair. You may still meet the qualifications for income-restricted rental housing without having to go through the HUD’s Section 8The housing assistance payments program that implements Section 8 of the United States Housing Act of 1937. More or public housing channels.
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, Inc. manages a number of affordable apartment communities across the southern U.S. We’d be glad to explore some excellent 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 opportunities with you. Call us at 256-894-2382 to learn more.