Alex Beaver

What is the Difference Between Affordable Housing and Public Housing?

Posted on by Alex Beaver

Stoneridge Estates Gazebo, Sparta, TNThe terms “affordable housing” and “public housing” are frequently used interchangeably, causing a lot of confusion in the process. They are actually two very different types of housing with different qualifying criteria.

The problem is that by confusing the terms, many people who are struggling to afford rent don’t realize they may actually qualify for help under possibly dozens of different programs. Many people mistakenly think government help is only available to the most impoverished. Let’s take a closer look at affordable housing versus public housing to try and understand the differences.

What Is Affordable Housing?

In the most general terms, the government defines affordable housing as any home, rented or owned, in which costs comprise less than 30 percent of the household monthly income. For our purposes, it defines properties that are made available to lower-income families at less than market value. There are several ways to accomplish this goal. First of all, developers may receive a tax credit from the government (known as the Low Income Housing Tax Credit, or LIHTC) if they designate a certain number of their residential units as affordable housing units. These units must be occupied by families making less than 60 percent of the Area Median Income (AMI). Secondly, families who make less than 50 percent of the AMI may qualify to receive government subsidies to keep their rental costs at 30 percent of their income. (Section 8 vouchers are the most common example.)

As you can probably tell, the cost of affordable housing and a number of rent subsidies can vary widely based on location. For example, in New York City where rents are exceptionally high, the AMI for a 3-person household is currently $85,900, meaning a family could make as much as $51,000 per year and still qualify for affordable housing.

In many cases, affordable housing subsidies follow the family and the income, not the property. In other words, if you qualify for a tenant-based Section 8 voucher, you can take that voucher with you from one affordable housing unit to another without losing your benefits.

What is Public Housing?

Public housing, quite simply, is housing that is owned and/or managed by the government for the purpose of providing housing to low-income families. Public housing projects come under the oversight of the Department of Housing and Urban Development, but they may be administered by one of over 3000 housing agencies. Unlike private affordable housing developments that may only designate a percentage of their units for lower income families, public housing is wholly dedicated to qualified low-income households and/or those with qualifying disabilities.

To determine a family’s eligibility to live in public housing, the government evaluates your income and expenses compared to the local average. Families with incomes at 80 percent or below the Area Median Income are considered “lower-income” families, while those at 50 percent or below the AMI are classified as “very low income.” In expensive cities, even lower-income families may qualify for some type of subsidized public housing.

Which Housing Option is Right for You?

The upshot of all this is that if you’re struggling to make rent or to find housing you can afford, you may have more options than you realize. Between affordable and public housing options, there is a wide range of different pathways that may get you and your family into a home you can afford. One of the best ways to find the right path for you is to go to your local housing authority to see if you qualify for some type of help.

Olympia Management specializes in managing quality affordable housing for low-income families, the elderly and disabled, and we have numerous properties in cities across the southern U.S. To learn more about our offerings and to see whether you may be eligible, contact us today.

How to Qualify for Affordable Senior Housing

Posted on by Alex Beaver

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 income or who have lessened earning capacities. The good news is that thanks to a number of government programs, affordable senior housing 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.

South Rossville Senior, Rossville, GA, sign close upWhat Classifies as Senior Housing?

Senior housing consists of any residence or development that is designated and designed to meet the needs of senior citizens. In most cases, the Fair Housing Act (FHA) prohibits discrimination based on age or familial status (i.e., families with children); however, the government exempts senior housing from this rule as long as one of the following 3 criteria are met:

  1. All occupants of the development are age 62 and older; OR
  2. 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
  3. HUD 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 housing available for those who need it. In particular, HUD 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 8 Housing Choice Vouchers: 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 housing, senior housing 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 housing seeks to address.

How Do I Qualify for Affordable Senior Housing?

While certain restrictions may apply according to property or government project, you may qualify for affordable senior housing as early as age 55, provided you meet the minimum income requirements.

HUD 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 value. The goal is for rent not to exceed 30 percent of your monthly household 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 income, you may qualify more easily for senior housing in some cities than you would in others.

How Do I Find Senior Assistance Programs in My Area?

The Department of Housing and Urban Development 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 housing options in your area.

As part of our ongoing commitment to provide affordable housing options, Olympia Management 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.

How Do I Know if I Qualify for Low-Income Housing?

Posted on by Alex Beaver

If you’re having trouble finding a rental property you feel you can afford, you may be on the lookout for low-income rental options. But how do you know whether you qualify for low-income housing?

This question doesn’t have a simple answer because “low income” is based on a wide range of factors, including the cost of living in your local area, rent market values and median income ranges. Also, there may be state and local housing programs in your area in addition to federal (HUD) programs, and each of these may have different criteria in determining low income brackets.

What Is Considered Affordable?

Morristown, TN Chloe Lane building front closeBy government guidelines, “affordable housing” is any situation in which your rent and utilities does not exceed 30 percent of your family’s monthly income. If you’re paying more than this amount, you are considered cost burdened and may be eligible for certain programs designed to reduce this burden, depending on the cost of housing in your area and your income limits.

What Is “Low Income?”

The Department of Housing and Urban Development (HUD) has established several tiers of need, based on the Median Family Income (MFI) and the Fair Market Rents (FMR) of the local area. Here’s a general breakdown of tiers:

  • Households making 80 percent of the local Median Family Income are considered “low income.”
  • Households making 50 percent of the MFI are “very low income.”
  • Households making 30 percent or less are considered “extremely low income.”

Each tier makes you eligible for certain programs. In most cases, families must be at least in the “very low income” category to qualify for Section 8 housing, for example. The HUD Exchange offers a searchable database telling the actual income limits for households in each state, and even each county, so you can get an idea of where you land.

Many states also have additional affordable housing programs for which you may qualify, even if you don’t meet the federal guidelines. For example, in New York City, where housing is extremely expensive, there are local programs available for families making 100 percent or even 130 percent of the MFI.

Learn more about qualifying for low-income housing

The best way to find out whether you qualify for low-income housing in your area is to visit a local field office or organization in your area. Check out the HUD website for more information, or click here to locate state and local agencies. To find out whether you qualify for one of our own affordable rental properties, contact Olympia Management at 256-894-2382.

4 Reasons to Invest in Affordable Housing

Posted on by Alex Beaver

Developing and managing affordable housing for low-income families is both a challenging and highly rewarding endeavor. Because many families in today’s housing market cannot afford the high cost of real estate or market value rents, affordable housing gives these families a chance to live comfortably and safely with an improved quality of life. Developers often rely on investors to build and manage these complexes. Here are four reasons why it might make sense for you to invest in affordable housing.

Stoneridge Estates Gazebo, Sparta, TN

Reliable return on investment

Because the demand for affordable housing is so great, developers generally have little trouble filling their properties once they are built. This trend has been constant for many years and should continue for the foreseeable future. This means investors assume the relatively little risk and enjoy reliable ROI.

Consistent cash flow

When families qualify for affordable housing, their rents are subsidized by federal, state and local agencies. This translates to a fairly steady stream of cash flow for investors in these properties. Also, due to the high demand, if a family is still unable to afford their rent, newly vacant properties are easy to fill, keeping the risks low and the income stream constant.

Affordable Housing

Generous tax incentives

The US government offers a whole array of deductions and tax credits for those involved in building affordable housing for low-income families. These tax savings are obviously passed on to investors.

Building healthy communities

Beyond the benefits mentioned above, perhaps the most important reason to invest in affordable housing is the overall benefit to the community itself. By creating housing options for families and individuals otherwise could not afford it, you have the opportunity to change many lives for the better in a tangible manner. These people in turn often end up enriching their communities in unexpected ways.

Olympia Management has many years of proven experience in developing and providing safe, comfortable living options for individuals and families who need extra help. For more information on how to invest in affordable housing, call us today at 256-894-2382.

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.