| FireSignFemme |
08-25-2019 10:19 AM |
For years I had no idea what all of these different programs were about but now it all makes sense. Sort of. Sharing in case anyone else could use the info.
What is the difference between a HUD subsidized, tax credit and market rate apartment?
HUD subsidized: The rent is based on income and the remaining portion is paid by the local Housing Authority or HUD. A resident pays 30% of their monthly income for rent. Each resident in a subsidized unit must be re-certified annually to determine continued eligibility for the program. If a residents income changes, they are required to let HUD know so they can adjust the rent amount.
Tax Credit: If income eligible, rent is a fixed-rate rent which differs based on site and size of unit, but is lower than rent at market rate apartments. Rent for the low-income tax credit program apartments is not based on the resident's income and does not change if the resident's income changes. All households are re-certified annually to verify continued eligibility. Income limits are listed in description of available apartments. Projected rent and utility payments must be under 50% of household gross annual income to be considered affordable.
Market Rate: These apartments are the same as renting an apartment through a private landlord. The rents at market rate units are fixed-rate but may differ based on site and size. There are no income limits to rent these units. Income and assets are not verified annually. If you are a current section 8 housing choice voucher holder, you may use your voucher at a Tax Credit or Market Rate apartment.
Source - Champlain Housing Trust http://www.getahome.org/app-faqs/wha...rate-apartment |
