Who is able to live in a Housing Credit community?
While each community may have additional requirements for living at the community, there are two major categories that impact a person’s eligibility for residency at a Housing Credit community:
Age. In Housing Credit communities, there are two typical age restrictions. A senior-designated Housing Credit community will have an age designation of a 55 community or a 62 community, unless combined with another housing program.
Income limits. Qualification for residency in a Housing Credit community is predicated on the applicant(s) meeting the income limits for the particular program(s) of the community. Typically this income limit is set at 60 percent of area median income, as defined by the Department of Housing and Urban Development (HUD). However, in some Housing Credit communities income limits could be any combination of 30, 40, or 50 percent of the area median income. HUD estimates the median family income for an area in the current year and adjusts that amount for different family sizes so that family incomes may be expressed as a percentage of the area median income.
What is a low-income housing tax credit community for seniors?
Affordable housing provides safe, clean living exclusively for those who qualify for the particular program represented in a community. One such program is Housing Credit (LIHTC). These communities are generally not owned by the government. Rather, they are owned and managed by for-profit or not-for-profit entities, and program oversight is provided by the Internal Revenue Service (IRS).
What if I currently own my home or have other assets?
A common misconception of Housing Credit communities is that a person is not able to own assets. Residency eligibility is determined on income and income that is generated from your assets. So if you own your home, you still may meet the income qualifications. It is important to note that your apartment must be your only residence. In other words, you can retain your home as an investment; you just can’t live there while you are a resident of a Housing Credit community.
How much will I pay in rent?
Rents are set for Housing Credit communities based on apartment mix and area median income. All apartments that have the same bedroom count, square footage, and area median income designation will have the same rent assignment. For example, a one bedroom 60% area median income apartment will have the same rent as all other 1 bedroom 60% area median income apartments with the same square footage in the community.
What do I get when I move into a Housing Credit community?
In a senior Housing Credit community, there are typically one-bedroom or two-bedroom apartments available, family communities include apartments with more bedrooms. Eligibility for these apartments is based on the number of people in your household and the occupancy standards of that community. Apartments typically include a refrigerator and stove. In many cases, your apartment utilities are included in your rent, with the exception of phone and cable television services.
What should I look for in a senior Housing Credit community?
Senior Housing Credit communities include common spaces. You should look for a community that offers opportunities for community events and social gatherings including family activities, educational opportunities, wellness programs, and other social opportunities that support the general well being and quality of life of the residents who live there.
Life in your apartment should be about more than just occupancy. A positive community will be filled with new friends and opportunities. This is achieved at a community that places a high value on the various experiences and contributions of each of their residents, recognizing that all individuals have something to offer that can have a profound and lasting impact on others.