Alex Beaver

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.

5 Questions to Ask When Searching for a Handicap Accessible Apartment

Posted on by Alex Beaver

If you have a physical or mental disability that requires special consideration with regard to your housing, the law requires landlords to make every reasonable effort to accommodate you if possible. In most cases with modern or retrofitted housing, this means a percentage of units are designated “handicap accessible” apartments with certain accessible features. However, since not every disability is the same, not every accessible apartment may be suited to your needs. Here are 4 basic questions to ask to help narrow your search for a handicap accessible apartment.

  1. Wheelchair / handicapped accesable apartmentsWhat types of accessible apartments are available?

There are two basic types of accessible apartments: barrier-free units, which are geared toward wheelchair access, and accessible units designed around other disabilities, like blindness or deafness. Advise the landlord of your disability and ask whether any apartments are available to meet that need.

  1. Is accessible parking nearby?

Accessible units should have accompanying accessible parking. While this may or may not be compliant with local rules, you need to be sure the distance from the parking space to your apartment is acceptable for your particular needs.

  1. Does the building have an elevator?

This question might be irrelevant if your unit is on the first floor, but if not, and if you can’t climb stairs, find out if there is an elevator. Also, ask to see its latest inspection certificate to make sure the elevator is kept in good repair.

  1. Can I make modifications?

Within reason, landlords are required to allow you to make modifications to your unit to accommodate your specific disability. For example, if you are a wheelchair user and cannot reach a thermostat without standing up, you may be able to reinstall the thermostat where it is reachable. If a handicap accessible apartment does not have the features you need, ask for them.

  1. What are the nearby amenities?

Handicap accessible apartments provide accessibility within the apartment community, but not necessarily within the neighborhood. If your plan is to live independently, you need to be certain your unit is close enough to services like food, transportation, laundry and so on, so that you can reach these easily. Ask your landlord about the nearest grocery store, post office or other services you might need.

Olympia Management is committed to meeting the needs of our residents with disabilities, and to that end we offer many apartments that are handicap accessible. To learn more, contact us today at 256-894-2382.

Convenient Living for Income Restricted Seniors in Oneonta, AL

Posted on by Alex Beaver

13517440_618409548317497_201697489474076783_oSeniors on a budget may struggle to find affordable housing in Oneonta, AL particularly if they have a restricted income. Opting for low-income housing offers a viable solution. However, in many cases, these homes lack the modern conveniences seniors want.

For senior citizens looking for low-income housing in Oneonta, McCay’s Senior Gardens offers spacious apartment homes that are filled with the amenities and features they need to maintain a high standard of living on a fixed income.

  • Modern Apartment Amenities for Seniors on a Budget

    Inside each home at McCay’s Senior Gardens, tenants enjoy amenities usually seen in more expensive residences. An HVAC system keeps residents warm in the winter and cool in the summer. And seniors can take in their favorite TV show or surf the Internet; every apartment is cable ready.

  • Kitchen Appliances Save Time

    McCay’s Senior Gardens apartments come with a complete set of appliances. In the kitchen, residents have a range, a refrigerator with an ice maker, a microwave, and a dishwasher. These conveniences save time and help residents enjoy a better quality of life.

  • Washer and Dryer Connections Add Convenience

    In most apartment complexes, tenants have access to a shared laundry room. But at McCay’s Senior Gardens, residents have the option of bringing a washer and dryer into their home, thanks to the convenient washer and dryer connections included in each unit.

  • Community Features for an Active Lifestyle

    Active seniors soon discover that McCay’s Senior Gardens offers plenty of community features to enrich their lifestyle. Residents can share a meal with friends and family in the clubhouse. And staying fit is easy with access to the community’s modern fitness center. Grandchildren can play on the playground, and there is a picnic area with barbecue grills for family get-togethers.

  • Convenient Location with Easy Access to Everything

    McCay’s Senior Gardens is within easy reach of the exciting shops and restaurants in Oneonta. The community also features an enclosed bus stop to provide easy access to everything the city has to offer.

If you are an income-restricted senior searching for an affordable apartment in Oneonta, contact McCay’s Senior Gardens today. Our one- and two-bedroom homes give you the amenities you want so you can spend more of your time doing the things you love. Give us a call today to see if one of our feature-rich residences is right for you and your budget.

3 Tips For A Hassle-Free Approval Process When Searching For Low Income Housing

Posted on by Alex Beaver

low income rental approval If you’re searching for low income housing, but you dread the approval process, you’re not alone. There are many people who might actually qualify for certain programs, but they are intimidated by the complications of filling out paperwork, etc. However, with a little bit of planning on your part, it’s possible to get through the qualifying process without piling on huge amounts of stress. Here are three common-sense tips for a hassle-free approval process when searching for low income housing.

  1. Know The Rules

    Every low income housing program, from the federal to the state and local levels, has its own set of criteria of qualifications. There’s no point in starting the application process unless there’s a reasonable chance you’ll be approved. Most of these programs have their qualification process spelled out clearly on their websites. You’ll save yourself a lot of time and disappointment by educating yourself on the rules beforehand, to make sure you actually qualify for low income housing under the program for which you’re applying.

  2. Get Your Paperwork Together

    To be approved for low income housing, you’ll need to prove your income. Each housing program will also post information about what paperwork counts as proof (usually your tax returns and/or pay stubs). Gather all this paperwork into a file folder before you head to the housing office to apply. If you arrive without the proper paperwork, they’ll send you home for it, and you might have to wait for another appointment opening before going back.

  3. Get Approved Before Starting Your Home Search

    Bear in mind that even when you do everything right on your end, it still might take a little time to approve you for low income housing, depending on the agency and the local area in which you’re applying for assistance. If you find low income housing in the meantime, it won’t speed up the qualifying process at all; you’ll still have to wait your turn, and that apartment or home may go to someone else. It’s a lot more hassle-free to wait until you’re actually approved before starting your search.

Olympia Management specializes in providing quality affordable housing in multiple states across the southeast. For more information on low income housing and navigating the approval process, call us today at 256-894-2382.

Don’t Fall Behind on Rent This Holiday Season: 3 Tips to Keep Your Budget in Check

Posted on by Alex Beaver

Mother and children at home on Christmas eveThe holidays are a joyous time of year. Parties, presents and time spent with family or friends all add to the spirit of the season. But something else that can happen is overspending. That can lead to trouble when you don’t have the money to make the monthly rent payment. But the good news is that by taking action now, you can keep your budget under control during this festive time of the year.

  1. Establish a Budget for Holiday Gift Giving

    Before you shop online or head to the local mall to shop for gifts, it’s important to determine how much you plan to spend. Once you decide on an overall amount, you can decide how much you want to allocate to each present. With some simple planning, you won’t need to worry about running short on cash for your rent.

  2. Take Advantage of Sales and Special Discounts

    The holidays are the perfect time to find gifts at a discounted price. Black Friday sales and Cyber Monday specials offer tremendous savings on some pretty amazing items. But if you miss these well-known seasonal promotions, don’t fret. Many stores and online merchants now extend special pricing well into December.

  3. Cut Back on Your Optional Expenses During the Holiday Season

    You might be surprised at how much you can save by cutting down on things like eating out or heading to the local coffee shop every day. Scaling back your spending on those little personal expenses can add up to a lot of savings at the end of the month.

Contact Olympia Management, Inc. to Find More Affordable Rent

With the three simple tips outlined above, you can enjoy the holiday season without worrying about coming up short on the rent. And if you are looking for more affordable housing options, contact Olympia Management, Inc. at 256-894-2382.

5 Must Haves When Searching for Low-Income Senior Apartments in Commerce, GA

Posted on by Alex Beaver

With plenty to do in Commerce, GA, a city listed on the National Register of Historic Places, this is a hot spot for seniors looking for low-income apartments with all the amenities. From staying in shape to staying social, we’ve compiled a list of the five must-have perks for your next senior apartment. Read on to learn how to have an active, happy lifestyle at an affordable price.

  1. Fitness Room

    Low Income Apartment Fitness CenterStaying active and healthy is at the top of the list for many seniors but expensive gym fees can prove to be an obstacle. Aside from strolling the historic downtown district of Commerce, GA whenever you get a chance, having a fitness room at your apartment community is an easy and free way to stay fit. Simply grab a towel and a bottle of water and head out your door for a quick walk to your convenient, communal gym.

  2. Library

    If you love to read then having a library on the premises is a must have for senior apartment living. Spend a rainy Sunday afternoon reading a murder mystery you can’t put down or grab your laptop and find a cozy table where you can work on your own novel.

  3. Private Patio or Balcony

    Having an outdoor space at your apartment is a truly wonderful perk. Decorate it with potted plants and flowers, create an outdoor grilling space and a nice place for your pets to relax and enjoy the morning sun while you breathe in the fresh air and sip a cup of coffee.

  4. Outdoor Picnic Area

    Get outside and get social at an apartment community that offers a place to entertain or meet with neighbors who may want to play a game of chess or blackjack. Sitting under a shady tree with a glass of lemonade and good conversation is a nice way to pass the afternoon in Commerce, GA.

  5. Garbage Removal

    Not having to worry about garbage removal is another perk to look for in senior housing. Most communities have designated areas where you can deposit trash and recycling. Once a week or more, a private or public garbage disposal company picks it up and hauls it away at no cost or worry to you.

If you are an income-restricted senior searching for an affordable apartment in Commerce, GA, contact Mason Manor today. Our one- and two-bedroom apartments give you the amenities you want so you can spend more of your time doing the things you love. Give us a call today to see if one of our feature-rich residences is right for you and your budget.

Benefits Of A New Construction Complex When Searching For Affordable Housing

Posted on by Alex Beaver

When individuals think of affordable housing, they think of older homes with dated fixtures, extensive structural issues, and dangerous neighborhoods. Once upon a time, that is what affordable housing was, but today, “affordable housing” is no longer synonymous with “cheap housing.” Today, affordable housing is housing that individuals and families can afford on a minimal budget, but that is relatively safe, that has easy access to good jobs and amenities, and most importantly, that is new.

the concrete pumper and the apartment complex under construction against the blue sky

Cost Benefits Of New Affordable Housing

According to the Department of Labor, the national minimum wage is set at $7.25 per hour. The national average rent for a one-bedroom apartment is $1,050 per month. If the average individual were to work forty hours a week at $7.25 an hour in a four-week month, their gross income would be $1,160. Assuming that the individual pays rent by himself or herself, they would be left with $110 for clothing, food, bills, and other necessities for the entire month.

$110 a month is not nearly enough to live off of.

Fortunately, states are taking proactive measures to combat the inequity between minimum wage incomes and average rent prices, by enacting affordable housing initiatives in their most populated and underprivileged areas.

New affordable housing complexes give residences all the conveniences of typical rental housing, but at a much more affordable cost. The rent on affordable housing is calculated based off of your earnings. According to the Department of Housing and Urban Development, your rent will be the higher of the following:

  • 30% of your family’s monthly adjusted income;
  • 10% of your family’s monthly income;
  • Welfare rent; or
  • Minimum rent of $0-$50.

Additional Benefits Of New Affordable Housing

While numerous studies highlight the economic value of new affordable housing complexes, one of the most compelling studies that demonstrate the direct benefits on lower-class individuals is the “Climbing Mount Laurel” project. Located in the upper-class suburbs of New Jersey, Ethel R. Lawrence Homes residents saw the following benefits:

  • A significant drop in traumatic experiences;
  • A marked improvement in mental and physical health;
  • Improved education outcomes for youth; and
  • Reduced exposure to environmental hazards.

Additionally, new affordable housing complexes are located near the following:

  • Transit systems, making commuting a possibility without the added burden of a car payment;
  • Good schools;
  • Medical care services; and

Olympia Management, Inc. Offers New Affordable Housing Options

If you are looking for a newly developed apartment complex or housing unit in a safe neighborhood, but you are on a restricted budget, contact the team at Olympia Management, Inc.. Olympia Management, Inc. manages new construction income-restricted apartments throughout the Southeast, each of which comes with all of the benefits mentioned above. Contact us today to learn more about our new construction affordable housing options, and to see if they fulfill your needs.

Low Income Living In Morristown, TN With Amazing Amenities

Posted on by Alex Beaver

Morristown apartment hunters with a limited budget might think that a home with modern conveniences is out of their reach. But nothing could be further from the truth. In fact, both individuals and families have discovered that a quality residence within an active community is easily within their grasp. Located in Morristown, TN, Chloe Lane is proof that those living on a restricted income can find the space they need with all of the incredible amenities they want.

20160818_090137Luxurious Apartment Amenities At A Great Price

With seven floor plans available, Chloe Lane offers two- or three-bedroom apartments. The community caters to low-income families and individuals who are thrilled to gain access to all of the amazing amenities their new apartment homes feature. Priced between just $380 and $500, Chloe Lane gives tenants exceptional value.

Each Chloe Lane apartment boasts sought-after appliances as well as washer and dryer connections. All residences feature a microwave oven, range, disposal and a refrigerator with an ice maker. Enjoying the comforts of home is easy with central heating and air conditioning. And just imagine relaxing on the private balcony or patio with friends and family.

Apartment Community Features

Chloe Lane’s community provides all of the features normally seen at more expensive apartment complexes. Tenants can get fit in the well-equipped gym or relax with a good book in the library. Gather some friends for a party and cook up some fun in the clubhouse kitchen. There’s also a grill and gazebo on the grounds for residents who appreciate a good picnic.

Get A Low-Income Apartment With Luxury Amenities

Chloe Lane understands the needs of low-income families and individuals. That’s why we offer beautiful apartments, loaded with exceptional amenities–all at a great price! Our income-restricted homes give you the features normally reserved for luxury apartment dwellers. And with rent as low as $380, our community offers exceptional value for those on a limited budget. So don’t wait! Contact us today to see if you may qualify for one of our income-restricted apartment homes in Morristown.

4 Benefits Of Low Income Apartment Living For Seniors

Posted on by Alex Beaver

EHappy Senior couple Sitting On Couchven with a pension and plenty of savings, many seniors can have difficulty maintaining their lifestyle as time goes by, as inflation keeps prices on the rise while their fixed income stays the same. One possible solution to this is low-income apartment living specifically designed for senior citizens. This may not seem like an ideal solution for some people, but there are plenty of benefits to spending one’s golden years in low-income apartments. Here are four reasons why such an option should be on the table for seniors.

Affordable Living

Obviously, this is the main benefit of a senior moving into a low-income apartment. A move to a low-income apartment can offer a significant reduction in one’s monthly living expenses, creating a lot more financial freedom. The rent at most apartments designed for seniors should be reasonable, and there’s a good chance that monthly utilities will be reduced in a smaller place as well. The lower cost of living will help seniors feel like they don’t have to watch every dollar they spend. In fact, they may be able to save up some money for a frivolous purchase like a vacation, helping them to enjoy their golden years a little more.

Privacy with Company Nearby

Moving into a smaller place doesn’t have to mean losing one’s independence. A low-rent apartment will still give a senior the privacy that they crave, but at the same time they will also be living in close proximity to other people who are at a similar point in their lives. This will allow them to make new friends and socialize if they’d like to. In apartment complexes or communities designed for seniors, there are often activities and events that promote both social interaction and an active lifestyle, which may be a better situation than living alone in a big house isolated from people their own age.

Amenities

Like any other apartment complex, low-income apartments for seniors should have certain amenities available to residents that can help replace what is lost when they move out of their own house. It is common to have a fitness center, picnic area, activity center, or even an area where residents can plant a garden. The exact amenities will vary from one place to another, but most will offer ways to help seniors keep busy and recreate the feeling of having their own home.

Home Maintenance

This may be one of the most appealing aspects of low-income apartments for seniors. At a certain age, it becomes too difficult to keep up with home maintenance. Things like shoveling the driveway, raking leaves, or mowing the lawn, become too difficult to do on a regular basis; and, paying someone else to do them just adds another monthly bill. Having all of these tasks and more included in rent can bring peace of mind to seniors. Of course, many people are stubborn and want to believe they can continue to do these types of things, but there always comes a time when doing such things yourself just isn’t worth it. At this point, a senior-living apartment becomes a great option.