olympia management

How to Find Affordable Housing

Posted on by Alex Beaver

Rental rates are on the rise nationwide, and while rental properties in the Southeast tend to be cheaper than the national average, many individuals and families still have trouble affording the rising rents. If you are struggling to find affordable housing for yourself or your family, the following guide should help point you in the right direction.

Determine Your Needs and Budget

Any search for housing starts with knowing two important things: what you need in a living space, and what you can afford to pay. Start by asking yourself the following basic questions:

  • How much space do I need? In other words, how many bedrooms/bathrooms? How much square footage? What are your storage needs?
  • What kind of amenities do I need or want? Do you need a washer/dryer in the unit, or will community laundry suffice? Do you need central heat/air? Is a clubhouse or fitness center important to you? Do you want to live in a newly constructed complex? Do you have a disability that requires accessibility features?
  • What kind of location do I need? Is there a particular neighborhood you’re looking for? Do you need to be close to work, dining or shopping? Do you need access to public transportation?
  • How much can I reasonably afford in rent? Typically, your rent should be no more than 1/3 of your household’s total monthly income.

Lease agreement document with calculator

Qualifying For Assistance

Federal and state government agencies offer a number of programs to help low-income individuals and families afford their rent. Some rental properties designate some or all of their units as income-based or income-restricted, receiving government subsidies to cover the portion of the rent that you may not be able to afford. If you are a veteran, there may be additional programs available to you. To see if you qualify to receive assistance, the best starting point is to check with your local housing authority. (Check the HUD website to find contact information for local agencies.) For more information on how to qualify for assistance, click here.

Once you have qualified, your local agency should be able to direct you to rental properties in your area that participate in these subsidized programs.

Search for Housing and Resources in Your Area

If you have Internet access, one of the easiest ways to find affordable housing is to do a simple Google search to find available resources in your area. For example, if you’re looking for a place to live in Alabama, you can type in “Affordable housing in Alabama,” or even be more specific: “Affordable housing in Jackson, Alabama.” Many apartment communities and rent management companies now have an online presence. Once you find a property you’re interested in, you can look at floor plans, rental rates, and qualifying programs before visiting them in person to see if they have what you’re looking for.

Olympia Management oversees many high-quality affordable housing properties throughout the Southeast. If one of them suits your needs, we’re happy to talk with you about your options. For more information, call us today 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.