If you are a senior and you are looking to move into a home or apartment, there are many services available to help you find affordable housing.
These programs can help you remain in your own home longer, find a senior living facility, assisted living facility, senior apartment or condominium to live in. The kind of living facility you choose is based on the level of assistance you need to live comfortably on a daily basis.
Because there are several programs that are available to help seniors move into apartments or homes, there are different eligibility requirements for each program. All programs require that you be a senior to participate. Other than that, it is important to check the specific program for other requirements that are necessary to participate in the program. You can do this by checking the program website or calling your local public housing authority for more details.
Many dwellings and residences specifically cater to seniors. If you are on a limited income, there are also programs that serve seniors with little income. There are many resources to find apartments or housing that is both suited for your needs as a senior and affordable based on your income. Many directories are organized by city, state and zip code for convenience. You can choose to look for housing that is close to necessary services.
There are many types of low-income senior housing. Many of these homes are available through programs that are sponsored by the U.S. Department of Housing and Urban Development, which is also known as HUD. For more information on specific low-income senior housing programs, refer to the sections below.
The purpose of the Low-Income housing tax credit is to help create affordable housing. Through this program, developers and investors receive tax credits when they buy, rehabilitate or build housing, as long as the housing is intended for people with low incomes. In order to receive these credits, they must delegate some of the apartments to be used for people with low incomes or fixed incomes. Many properties only house people 55 years old and older or 62 years of age and older, making them senior communities and apartments. Eligibility to live in these properties is determined by the average income in the area that you live in, as well as other criteria.
If you fall into the very-low income category, there are programs that are specifically designed for you. The Section 202 Supportive Housing for the Elderly program was created to help senior citizens with very low-incomes who need help cooking, cleaning and with transportation as well. This program also services frail elderly individuals. In order for this program to run, HUD gives capital advances to sponsors to finance the dwellings. These sponsors are typically private nonprofits. In addition to providing capital advances, HUD also gives rent subsidies to the residents. To apply for this program or to find out more information, you can contact the HUD office in your area.
Public housing is available to help provide affordable housing for you if you are elderly and cannot afford other forms of private housing. Public housing units are apartment complexes or high-rises that are operated and run by the city or a county public housing agency. In order to live in public housing, you must fall in the low-income category of the area that you live in. To live in this kind of housing, you will need to pay around 30 percent of your income towards rent and utilities. If you would like to live in a public housing facility, contact your local public housing agency to find out about availability and start the application process.
The Housing Choice Voucher Program, formally known as Section 8, is designed to help the elderly afford to live in safe, sanitary and suitable housing. This program also helps low-income individuals and families, as well as disabled people. Through this program, you can move into privately owned apartments and do not have to live in public housing if you do not wish to. If you would like to participate in this program, you will have to find your own housing. You must ensure that the housing meets the standards set forth by the local PHA. You must also ensure that the owner of the home or the landlord is willing to be paid through this program. In general, tenants participating in this program will pay about 30 percent of their monthly-adjusted gross income to cover rent and utilities, if there is a difference between the amount that the PHA is willing to pay, and the total cost of rent. These vouchers can also be used to buy homes in some cases. If you would like to apply for this program, contact the public housing authority in your area. It is important to note that if you are accepted into the program, you will be put on a waiting list. The waiting list could be years long. In many areas, it takes applicants two to five years to get off the waiting list.
If you are looking to buy a home as a senior, HUD also has programs that assist first-time homebuyers. These programs can help you pay your monthly mortgage, as well as other expenses such as your mortgage principal, interest, mortgage insurance, homeowner’s insurance and more. In order to be eligible for these vouchers, you must be a first-time homeowner. If you are elderly or disabled, then you do not have to be employed to receive assistance from the program. However, you still must complete the homeownership counseling program set forth by the PHA and meet any other requirements set forth by the PHA. When using these vouchers, the PHA will not help you find a home. Much like with the Housing Choice Voucher program, you must find your own housing. The home you would like to purchase will have to pass a PHA inspection before you can buy it. An independent inspector will do the inspection.