“I want to take advantage of an affordable rental housing program. Do I qualify?”
Possibly, but it all depends on your circumstances and financial details, because the programs depend on income levels and, often, the number of people in the household as well. Here’s a brief snapshot of two programs:
Below Market Rate (BMR) Programs: These are run by cities and counties, and are offered to people with very low, low and moderate levels of income. Units in a BMR program are rented out at below market levels, and rent increases are subject to certain conditions. The number of people who want to take advantage of BMR programs exceeds the supply, and as such availability is quite low, and there’s often a waiting list several years long. To learn more, contact your city or county housing assistance office.
HUD-Funded Program: This program is run by the U.S. Department of Housing and Urban Development (HUD), and is designed to help those with very low income. Apartments subsidized by HUD typically offer the lowest prevailing rental amount. To learn more, contact the HUD.
By Josh D. Simon