How to Qualify for Affordable Housing in Alabama

Are you an Alabama resident wondering if you and your family qualify for affordable housing?

In Alabama, any housing assistance you might qualify for is largely determined on where your income falls in comparison with the area median income (AMI). For example, if your household makes around 30 percent of the AMI, it is very likely that you will qualify for a federally funded housing voucher program. Make more than 30 percent AMI? Households with incomes as high as 80 percent AMI can usually qualify for income-restricted rentals, such as the ones offered by Olympia Management.

Alabama’s primary affordable housing program is the federally funded Housing Choice Voucher Program. To apply for the Housing Choice Voucher Program in Alabama, you must visit a Public Housing Agency (PHA) in your area. A list of PHA offices in Alabama can be found on the HUD website — select “Alabama” and you will be redirected to a list of contact information of all Alabama PHA offices. If you apply at a PHA with an extremely long waiting list, HUD recommends submitting an application at more than one PHA office.

How to Find Affordable Housing Complexes in Alabama

Once you’ve determined whether you qualify for affordable housing, it’s now time to begin looking for an affordable place to live. A good place to start is HUD’s Resource Locator Tool, which will help you find rentals in your area that charge reduced rents to qualified tenants.

Looking for income-restricted housing? Don’t miss these outstanding affordable housing complexes in Alabama managed by Olympia Management:

To schedule an appointment to tour one of these affordable Alabama rental properties, call Olympia Management today at 256-894-2382.

How to Qualify for Affordable Housing in Georgia

Not sure if you qualify for affordable housing in Georgia? When determining whether a household in Georgia qualifies for affordable housing programs and income-restricted rentals, the household’s size and income is compared to the area median income (AMI).

Generally, if your household makes around 30 percent of the AMI, there is a good chance that you qualify for housing assistance such as Section 8 vouchers. Make more than 30 percent AMI, but still having trouble making rent? Individuals and families can usually qualify for income-restricted housing — such as the rental units offered by Olympia Management — with an income as high as 80 percent AMI. AMI thresholds may vary state to state, which is why it’s important for low-income Georgians to familiarize themselves with housing programs on the state and local level.

Affordable Housing Programs in Georgia

In Georgia, qualified individuals and families may apply to the Housing Choice Voucher (Section 8) Program, which is administered by Georgia’s Department of Community Affairs (DCA). To apply to the program or check the waitlist status, visit the DCA Applicant Portal.

Keep in mind that if you’re located in any of the 10 metro counties surrounding Atlanta (including Fulton and Dekalb counties), you must visit a housing authority office in your area to submit your Section 8 application. A list of all housing authority offices in Georgia can be accessed here on the HUD website. In addition to administering Section 8 vouchers, Georgia’s largest housing authority, Atlanta Housing, manages several other affordable housing programs for Atlanta residents.

How to Find Affordable Housing in Georgia

Ready to begin your affordable housing search? You can use HUD’s Resource Locator Tool to find housing options in your city or town that offer reduced rents to qualified tenants.

If you qualify for income-restricted housing, check out these outstanding affordable housing complexes in Georgia managed by Olympia Management:

To schedule an appointment to tour one of these properties, call Olympia Management today at 256-894-2382.

Tips for Affordable Housing Renters

You have gone through the process of qualifying for affordable housing, and you’ve just signed the lease on your new home. Congratulations — you’ve just crossed two of the largest hurdles in obtaining an affordable place to live. But that’s just the beginning. Once you’ve moved in, you need to set up some good practices to ensure you have a long, pleasant experience in your new home. Whether you’re first-time affordable housing renter or not, the following tips will help you make the most of the opportunity.

Know Your Lease Inside and Out

Your lease agreement is a binding contract between you and the landlord. It details your rights and responsibilities as a tenant. If you violate the terms of the agreement, the landlord has the right to terminate the lease. The lease also gives you recourse if your landlord fails to meet his/her obligations — for example, making timely repairs or making sure the home is safe. Read your lease carefully and make sure you’re okay with the terms before you sign. For more guidance, here are 11 questions you should ask before signing the lease.

When You Move In

For many renters, the move-in process comes with a lot of unnecessary stress. Get off to a good start in your new place by planning ahead, unpacking smartly and pacing yourself. We’ve put together a guide for what to do in the first 24 hours after move-in to help you get settled quickly and easily.

Keeping Safe and Secure

Once you’re settled in your new place, establish a set of practices to keep you and your household safe and secure. Keep doors locked, especially when you leave the apartment. Check your smoke detectors and have an escape plan in case of fire. Take steps to keep safe and warm during the winter months when there’s an increased risk of fire and other hazards. And since your landlord’s insurance doesn’t cover your belongings, make sure you purchase renter’s insurance. You can find more apartment safety tips here.

Watch Your Budget

Even with affordable housing, it’s important to maintain a smart household budget to make sure your rent and other bills get paid on time. There are plenty of cheap ways to decorate your new apartment without putting a strain on your finances, for example. The holiday season can be a real budget buster, so follow these tips to keep your holiday budget in check. The goal of affordable housing is to help you live comfortably without financial strain. A bit of planning can go a long way to keep it that way.

Keep Open Communication with Your Landlord

Bringing home a new pet? Taking on a roommate? Notice signs of mold? These are examples of things that you need to discuss with your landlord right away. Keeping secrets from your landlord can lead to unexpected fines, strained relationships and even termination of your lease. Make sure any maintenance issues are reported right away, and bring your landlord into the loop with any significant changes to your living situation.

By following these tips for affordable housing renters, you can make your new living experience, safe, enjoyable and relatively stress-free. If you’re looking for affordable housing in the Southeastern United States, we can help. Call Olympia Management at 256-894-2382.

6 Secrets You Shouldn’t Keep From Your Landlord

We understand the temptation. Once you’ve signed your lease, moved into your new apartment and settled in, all you want to do is get on with life and not do or say anything to “stir the pot.” But open communication with your landlord is key to a long, mutually beneficial relationship, especially when it comes to life changes, safety issues or changes that could affect your lease. Let’s look at six secrets you might be tempted to keep from your landlord — but definitely shouldn’t.

1. Getting a Pet

Different apartment communities have different rules concerning pets, and it’s not usually an arbitrary thing. Some properties house people with allergy issues, for example, while others might not have insurance that covers pet damage. Whatever the case, adopting a furry friend without notifying your landlord could be a violation of your lease, possibly even grounds for eviction. If your lease doesn’t allow pets, feel free to ask. (The worst the landlord can do is say no.) In other cases, the landlord may simply ask for an extra deposit or a few extra dollars of rent, as well as an addendum to the lease. Keep things above board with pets, and save yourself a lot of trouble down the road.

2. Taking on a Roommate

For insurance and liability purposes, most lease agreements require you to specify each resident of the apartment. Other leases have certain rules against subletting. Bringing on a new roommate might help with rent, but it could cause trouble with your lease unless you let someone know about it. Read the terms of your lease to know the rules, and always ask before bringing on anyone who stays longer than a few days.

3. Signs of Water Damage or Mold

Water damage and signs of mold can cause serious health and/or structural issues in the building, including making you and your family sick. It’s the landlord’s responsibility to address such issues, but they can’t if they don’t know and if you don’t tell them. Letting these issues go unaddressed could make your home uninhabitable, so report even small leaks before they turn into big problems.

4. Maintenance Issues

Some tenants don’t report things like leaky faucets or broken appliances because they are afraid it will cause the rent to go up. Sometimes they just don’t want to deal with management entering their apartment for whatever reason, and sometimes they are afraid they will have to foot the bill. In reality, your landlord anticipates some routine maintenance costs, and these calls won’t make your rent go up. You may have to pay for repairs that were directly your fault, but if you allow a small problem to escalate into a big, expensive one, you could be held responsible for not reporting it in a timely manner. Help the landlord take care of the property — after all, it’s your home.

5. Problems with Your Neighbor

No one likes to “rock the boat” when it comes to reporting noisy/inconsiderate neighbors, neighbors who are doing damage or neighbors who make you feel unsafe. But here’s the thing: You don’t have the authority to deal with your neighbor, and your landlord does. Don’t be afraid to get your landlord involved, especially when your comfort and safety are at stake.

6. Moving Out

Failing to notify your landlord of your intent to vacate is a serious breach of your lease. It can result in losing your deposit, along with hefty additional fines and even legal liability in some cases. No matter what circumstances might be forcing you to move out early, it will always go better if you let your landlord know.

At Olympia Management, we encourage open communication with our tenants at all times, whether it’s a life change, a question or a complaint. If you need us, give us a call at 256-894-2382.

Benefits of Investing in Affordable Housing

While real estate development investment opportunities abound these days, most of them seem to be based in high-rent luxury developments geared only for the top earners. However, there are surprising advantages to be gained by investing in affordable housing developments, as well. While this type of investment may not seem as flashy or exciting as other parts of one’s portfolio, the fact is affordable housing provides reliable revenue streams for investors while also serving to build community. Let’s take a look at some of the benefits of investing in affordable housing that you might not have realized.

Tax Credits

According to Bisnow, the Low-Income Housing Tax Credit (LIHTC) now helps to fund approximately 90 percent of all affordable housing developments across the United States. Depending on the particular credit, investors can get between 30 and 70 percent in subsidies through the LIHTC. This benefit creates a lot more value for investment dollars spent.

Reliable Revenue

Despite the restrictions on rent increases that accompany affordable housing, investors can expect consistent, reliable revenue streams from these developments. This can be attributed to a couple of key factors:

  • Government subsidies. Rent subsidies like Section 8 provide reliable income streams for investors while keeping tenants’ rents affordable for them.
  • Steady/increasing demand. Given today’s high rent market rates, there are considerably more people who qualify for affordable housing than there are properties to accommodate them, and most properties retain wait lists for prospective tenants. This results in high, consistent occupancy rates and easy-to-fill vacancies.

Recession-Proof

During times when the economy is shrinking, vacancies in conventional or upscale rental properties become harder to fill as consumer incomes are affected. However, in a recession, the demand for affordable housing goes up, not down. With demand consistently high in a good economy and even higher in a bad economy, affordable housing can be one of the most consistent and stable investments whether the market is up or down.

Building Community and Local Economies

When the people of a community can afford their rent, they are also better able to afford other things like groceries, clothing, healthcare and entertainment. These dollars get injected back into the local economy, helping to fund additional community services and creating more prosperity in general. By investing in affordable housing, you aren’t performing a social service or “doing good;” you are also investing in the greater community and economy in general, which can eventually have a positive impact on other investments in your portfolio.

Between high demand, predictable ROI, immunity to market fluctuations and the general benefits to the economy, investing in affordable housing developments can be a smart addition to any investment portfolio. To learn more about opportunities to invest in affordable housing developments throughout the Southeast, call Olympia Management at 256-894-2382.

Need Affordable Housing in Port Allen, Louisiana? Try River West

Situated in Port Allen just minutes away from the western bank of the Mississippi River, the River West community provides comfortable, affordable housing for individuals and families in the West Baton Rouge area. Close to shopping, restaurants and Interstate-10, this community offers both comfort and convenience in the suburbs of one of Louisiana’s most vibrant cities.

About River West

Unlike the standard multi-unit apartment complex, River West consists of single-family dwellings for maximum space and privacy. Available in 3- or 4-bedroom floor plans, each unit includes a refrigerator with ice maker, range, dishwasher, microwave, washer-dryer connections and central heat and air for comfortable living. The property itself is laid out much like a suburban neighborhood, with sidewalks, landscaping and plenty of wooded green space. Property amenities also include a community room, a playground area for the kids and picnic areas for gathering with family and friends. The complex is situated near the busy intersection of I-10 and State Highway 415, where you’ll find a selection of dining options. Grocery stores can be found about two miles east in West Baton Rouge. Easy access to I-10 connects you with more shopping, dining and attractions in Baton Rouge itself, just across the Mississippi.

About Port Allen

Home to about 5,000 people, Port Allen serves as the parish seat of the West Baton Rouge Parish and is part of the Greater Baton Rouge Statistical Area. Port Allen is home to the busy Port of Greater Baton Rouge along the Mississippi, handling international import and exports amounting to about 61 million short tons of cargo per year. Every year on the first Sunday of October, the local SugarFest attracts thousands of visitors with food, live music and living history demonstrations of life as it was on the old sugar plantations of this area. A short drive brings you to a wealth of shopping, dining and things to do in Baton Rouge, from the USS Kidd Museum to Louisiana’s Old State Capitol, to family fun at Blue Bayou and Dixie Landin’.

Port Allen is an income-restricted that provides safe, comfortable housing to qualifying individuals and families. If you’d like to tour this property and see for yourself what life can be like at River West, call Olympia Management today at 256-894-2382.

A Recession-Proof Investment? Affordable Housing

Regardless of what the Federal Reserve does or which political party happens to be in power, the next economic recession is not a matter of if, but when. Despite the recent economic growth markers, current indicators put the risk of recession at a six-year high, according to Fortune — and 75 percent of surveyed CEOs expect a recession within the next two years.

While recessions are considered a natural part of the ebb and flow of global economics, they can still wreak havoc on your investments. This is why some experts say it’s important to include some recession-proof investments in your portfolio. If history is any indication, affordable housing is one of the most stable investments you can have in a correcting market.

Why Affordable Housing?

What makes affordable housing a recession-proof investment? Several key factors are at play here. Let’s explore a few.

  • Affordable housing is always in demand. Regardless of the economic climate, affordable multi-family complexes usually have a wait list of qualified tenants waiting for vacancies, especially as market rent rates continue to rise.
  • Demand goes up even more in a recession. As incomes drop and more people tighten their budgets, the need for affordable housing gets even higher, making ROI much easier to attain. In addition, the value of your portfolio itself goes up due to increased demand for recession-proof properties among investors.
  • Reliable cash flow. Because most affordable housing qualifies for government subsidies in the form of tax credits or Section 8, rental income is more stable for affordable housing during a recession. By contrast, luxury rentals often struggle to fill vacancies and experience higher rates of rent defaults during a recession.

What Types of Affordable Housing Should You Invest In?

While occupancy rates are reliable with nearly any form of affordable housing, some investments may still be more profitable than others. You may have no trouble keeping tenants in a Section-8 qualified single-family home, for example, but the upkeep and maintenance for a home housing only one family might not always be cost-effective.

In a recession environment, there are generally two types of affordable housing that offer the best value for the cost:

  • Affordable housing for seniors (55+). As more and more of America’s population enters the Golden Years, the need for affordable senior housing is only set to increase in the coming years — and even more so in a shrinking economy.
  • Multi-family housing. In times of recession, more individuals and families gravitate toward affordable apartment and multi-family units, not only for the lower rents but also to escape the cost and labor of upkeep. From the investor perspective, this is a win-win because the cost of upkeep for one property with multiple tenants is much more cost-efficient than upkeep for a dozen single-family dwellings on separate lots.

For best results, the time to seek out recession-proof investments is before recession hits. Olympia Management manages and maintains attractive, comfortable affordable housing complexes throughout the Southeastern U.S. To learn more about opportunities to invest in affordable housing, give us a call at 256-894-2382.

Division Manager Position – Excellent learning environment with great opportunities.

Come work as a Division Manager at a growing company in Albertville, Alabama, that offers great benefits with opportunities to learn alongside accomplished business leaders in the affordable housing industry.

The Company:

Olympia Management, Inc. began in September 2014 and exists to meet the needs of the affordable housing community by providing top quality living conditions, excellent management, compassionate interaction with tenants, and consistent security. There is over 35 years of experienced affordable housing professionals on the Olympia team. As a Division Manager you’ll be working with cutting edge software and technology and some of the best leaders in the industry.

The Position:

We’re looking for a full-time Division Manager to work in our Albertville, Alabama office. Experience in accounting, budgeting, bank polices and federal guidelines in the affordable housing industry is a plus. Knowledge of Yardi Voyager and the ability to guide and coach property managers is favorable.

Interested?

Simply click here to be taken to our Careers page to submit a resume.

 

5 Tips for First-Time Affordable Housing Renters

When you first qualify for affordable housing, it can feel like a great relief — like a burden has been lifted from your shoulders. Indeed, it should feel that way — but it’s only the beginning of the process. Now that you’ve qualified, what should you be looking for when selecting an apartment, and how do you live comfortably once you move in? Here are five tips for first-time affordable housing renters to help you take the next steps.

1. Do a thorough walk-through of any unit before finalizing the lease.

When you are looking for affordable housing, ask to do a careful walk-through of the actual unit where you’ll be living — not just a model apartment. Pay careful attention to the condition of the unit. Is it clean? Are there signs of roaches or rodents? Does it need paint? Use your ears, as well — do you hear noisy neighbors? If you’re viewing a unit before it’s ready to move in, your landlord should tell you about any repairs/cleanings that will be made. If so, do a second walk-through before move-in to make sure those things were done. You also want to make note (including pictures) of any minor damage that exists in the unit before you move in, and point them out to the landlord.

The walk-through is very important for two reasons: First, this is where you will be living, and you don’t want any unwanted surprises. Second, you don’t want any pre-existing damaged to be charged against your security deposit when you eventually move out.

2. Read your lease carefully.

Your lease is an official agreement between you and the landlord. It tells you the landlord’s responsibilities as well as your rights and responsibilities, and it lays out the rules of living in that space. Make sure you know the rules about late fees, noise, periodic inspections, pets, subletting, taking on roommates, etc. before signing, and be sure you’re okay with those terms. Failure to abide by those rules can jeopardize your lease.

3. Ask questions.

If there is anything that you don’t understand about the lease, the rules, maintenance issues or anything else about the unit — don’t be afraid to ask the management company or landlord. Likewise, if you plan to make any changes to your living situation, like take on a pet or a roommate, be sure to ask management how that should work. Open communication is key to good tenant-landlord relationships, and a landlord would rather you ask than assume incorrectly.

4. Make a budget and stick to it.

Don’t assume that because you qualified for a lower rent, that means you’ll automatically have no trouble paying it. You qualify for a certain rent level based on your financial situation, but that’s still based on an assumption of what is affordable for you. You can still face late fees and even eviction for non-payment of rent, no matter how low the rent is. Take advantage of this affordable rent and increase your peace of mind by making a budget and staying with it.

5. Get renter’s insurance.

The structure of your apartment is covered under your landlord’s insurance, but your belongings are not. Renter’s insurance usually costs only a few dollars per month, and it can save you from financial ruin in the event of theft or natural disaster. (Many landlords require you to have renter’s insurance, anyway.)

Olympia Management is dedicated to providing clean, comfortable, affordable housing for qualified individuals and families throughout the Southeast. For more information, call us 256-894-2382.

6 Apartment Safety Tips for Renters

Apartment living definitely comes with a set of advantages, such as community amenities, free maintenance and overall affordability. Living in a community with others also comes with a few additional responsibilities — for example, being mindful of noise and taking a few extra steps to maintain safety, both for oneself and one’s neighbors. Safety hazards can come from many different sides, whether from intruders or from careless behavior — and in an apartment setting, your actions can affect the well-being of more people than just you or your family. If you’re moving into an apartment, the following seven apartment safety tips for renters will help ensure a comfortable, safe living experience in your new home.

1. Don’t leave doors unlocked.

The vast majority of burglaries occur simply because doors were left unlocked. No matter how friendly or mindful your neighbors seem to be, thieves always look for the easiest entrances. For additional safety, keep your doors locked even when you’re inside.

2. Leave lights on when you leave.

If you go out for the evening (or for a few days), a light in the window suggests that someone is home. Thieves and burglars don’t like light, and if they think you might be home, they’re more likely to try someplace else.

3. Check carbon monoxide and smoke detectors regularly.

Most cities now require smoke and CO detectors in every unit — and even if not, a good apartment manager should have them installed. Test your smoke/CO detectors at least once a month, and change the batteries at least once a year.

4. Have a “fire escape” plan.

In case of fire, your family and you should have a pre-determined plan of action for getting out of the apartment safely. If you live in a multi-story apartment building, ask your landlord about fire escapes or exit routes.

5. Avoid “daisy chaining” electrical connections.

In today’s age of gadgets and electronics, it seems like there is a constant need for more electrical outlets, and renters get tempted to plug in multiple power strips and extension cords to get electricity where they want it. These “daisy chains” can be fire hazards, however. To stay safe, use only power strips and surge protectors with a high joule rate, and avoid plugging one extension cords or power strip into another. If necessary, talk to your landlord or apartment manager about installing additional outlets.

6. Buy renter’s insurance.

Many landlords require this anyway, but anytime you rent, you should have renter’s insurance. Your apartment community’s insurance won’t cover your belongings in the event of damage or disaster — it only covers the unit itself. Renter’s insurance is typically cheap and it will protect your belongings against theft and damage.

At Olympia Management, we are committed to helping all our tenants live comfortably and safely. To learn more, give us a call at 256-894-2382.

Tight Supply Makes Affordable Housing a Smart Investment

When investors look at real estate as a potential investment, they’re often tempted by the lure of the numerous luxury developments currently going up across the nation. However, some who’ve done the homework are actually moving in the other direction, turning their investment dollars toward the affordable housing market. With tight supplies, increasing demand and reliable ROI, affordable housing makes more sense as a smart investment than many people realize. Let’s explore some of the reasons why this is so.

Increasing Demand

In almost every city across the United States, rents are climbing, even skyrocketing. The imbalance is such that a worker earning full-time at minimum wage can no longer afford rent anywhere in the country, according to the Washington Post. While fewer people can actually afford the high rents of new luxury developments, the demand for affordable housing is very much on the rise, and this trend looks to continue for the foreseeable future.

Low Supply

As we write this, there are already many more people in the market for affordable housing than there are units to accommodate them. The reason is two-fold, both of which we’ve already alluded to:

  1. Higher rents are driving more people toward affordable housing
  2. Real estate investors these days tend to gravitate more toward luxury properties.

As a result, the affordable housing sector has become something of a “hidden gem” for investors — something in short supply that few investors are paying attention to, adding up to more opportunities and better returns on investment.

Recession-Proof Investment

The affordable housing sector is one of the few investments you can make that is either unaffected by recession or will grow because of it. The reason is simple: a shrinking economy naturally brings a higher demand for affordable housing. (By contrast, an investment in luxury property may yield great returns in a good economy, but may become vulnerable in a recession.)

Reliable Return on Investment

While affordable housing may not seem as sparkly-shiny to investors as other opportunities, there are few markets that yield more consistent ROI. For one thing, when people can afford their rents, they are more likely to pay them. For another, many affordable housing complexes qualify for government subsidies and tax credits of various types, resulting in a more reliable revenue stream. Finally, when tenants do default, vacant units are very easy to fill due to the demand (usually in the form of a wait list).

Strengthening Community and Economy

As if all of the above reasons weren’t incentive enough, when investors put their dollars into affordable housing, they are helping stabilize and strengthen communities by giving average Americans a clean, affordable place to live. As a result, they become less transient and more able to spend their dollars locally. Not only is this a socially responsible thing to do, but it strengthens the overall economy, making things better for everyone (including the investors).

Olympia Management offers a number of investment opportunities in affordable housing across the Southeastern United States. To learn more about these opportunities, give us a call at 256-894-2382.

Warm Wishes to John Reeves

On May 16, 2019, Olympia Management enjoyed a surprise farewell luncheon for our Manager of Operations, John Reeves.

Many of John’s “cousins” showed up for the luncheon.John Reeves and "cousins"John Reeves Line of Cousins

The “cousins” surrounded the room surprising John with smiling faces, his face. A few of the invited cousins weren’t able to show up for John. Their faces were remembered for John’s cake.

 

John Reeves farewell cake

Video of John’s Surprise John’s Surprise entrance

John Reeves reading cardHey Guys and Gals,

It is with a sad and heavy heart that I must say farewell to OMI. I am pursuing a great opportunity outside the Affordable Housing Industry. I have been blessed to have been a part of this for many years and I will miss each and every one of you. Tracey Reyes will be taking over my position. So keep up the good work and again, I will miss you all.
Sincerely,
John N. Reeves

Olympia Management, Inc., bids a fond farewell and warm wishes to John. John has over 21 years of experience in the Affordable Housing industry and has been with Olympia Management since its inception in September of 2014. John’s hard work and dedication were an important part of our team. From friendship to mentorship to leadership, he has given this company warm kinship in every possible form. As he turns the page in his life’s story, we join together in wishing John every success in future endeavors.