Senior Subsidized Housing
Senior subsidized housing programs are government supported accommodation for people with low to moderate incomes. Forms of subsidies include: non-profit housing, direct housing subsidies, public housing, rent supplements and various forms of co-operative and private sector housing.
This article covers:
Overview
Subsidized senior housing are apartments that specialize in renting to seniors who have low to moderate incomes. The rent is subsidized by the government, so the seniors pay less than average rent. This amounts to significant savings to seniors.
There are several types of senior subsidized housing, including:
Co-operative Housing
Is controlled by the members of the co-op, which is run by a board of directors. There is no outside landlord. In most cases, all residents of the co-op become members and agree to follow certain by-laws. Residents pay a monthly charge that is set by the co-op in its annual budget.
Housing Subsidies
Are government funding to help low income owners and/or tenants. They are usually take into consideration the area (ie cost of living of area) and are a percentage of income.
Non-Profit Housing
Are owned and managed by non-profit organizations such as churches, ethnocultural communities or governments. They use private funding and government subsidies to support a rent-geared-towards-income program for low-income tenants.
Private Sector Housing
Are housing subsidized by the government. Usually in the form of low cost housing or supplements to the builder, owner or tenant.
Public Housing
Are real properties owned and managed by the government. Tenants must meet eligibility requirements.
Rent Supplements
Are subsidies paid by the government to private landlords who accept low-income tenants. The supplements make up the difference between rental "market price" and the amount of rent paid by tenants. One unintended effect of the supplements are increasing rents at non-subsidized units, by distorting the local supply and demand.
HUD Subsidized Apartments
HUD (U.S. Department of Housing and Urban Development) subsidized apartments are federally subsidized apartments. HUD provides the rental subsidy to the owners, individual public agencies, private for profit businesses and not for profit agencies who operate the complexes.
Subsidized apartments may be wheelchair accessible and are usually have only one bedroom. There are two or more bedroom apartments available for families and those requiring live-in caregivers.
They are mainly for the independent lifestyles of elderly, disabled and low income families. In most communities, residents pay about 30% of an adjusted (after medical bills) income for rent.
Senior apartments require residents to be 62 years of age or older. Nearly elderly apartments are for residents 50 years of age or older. Persons with mobility issues or sight and hearing issues may be younger. Some buildings are mixed and include those with a variety of abilities while other buildings are not mixed.
The senior would need to be able to live independently with some family or hired assistance. There is usually no on site assistance for activities of daily living but home support services could be provided by private home care companies if needed (at an additional expense). There may be some recreational programs available.
Contact the local housing authority for more information on local HUD subsidized housing options.
Who Should Consider?
Senior subsidized housing is designed for seniors on a fixed income and can live independently in their own apartment. If they need more care, they should consider senior assisted living communities. If they are not on a low fixed income, they will not be eligible for subsidized senior housing and will need to look at senior retirement communities.
Tips for applying to Senior Subsidized Housing:
- Be Prepared - Bring documents to support your application such as pay stubs, benefits statement, income tax returns and birth certificates.
- Waiting Lists - Expect to be put on a waiting list unless you fall under a preferential category. Preference is given to people who are homeless or living in substandard housing, are paying more than 50% of their income in rent or have been involuntarily displaced.
- Approximately 30% of Income - Rent is usually around 30% of their adjusted gross income. Under the HUD Housing Choice Voucher program, rents are not government-controlled, which means that more or less than 30 percent of your monthly pay will go toward rent and utilities, depending on the rental amount.
- Income Criteria - Subsidized housing requires you fall within certain income criteria and has rules that apply to the receiving of funds.
