Senior apartments that advertise the word "affordable" are generally tax credit apartment communities. You may also often see advertised words such as “Income Restrictions Apply" or "Income Guidelines Apply".
Each senior apartment community has different income requirements and guidelines so it's important to ask when contacting them. Age restrictions for properties may vary from 50 – 62+ depending on the property.
Housing intended and operated for occupancy by persons 55 years of age or older (55+). This is housing in which at least 80% of the units are occupied by at least one person aged 55 or older. In addition, the property must comply with HUD rules regarding verification of such occupancy by reliable surveys and affidavits and publish and follow policies and procedures demonstrating an intent to provide housing for persons 55+.
This provision was amended in 1995 to require all advertising, programs, and policies to clearly state that the property is for older persons. The 1988 law required that such housing provide “significant facilities and services specifically designed to meet the physical and social needs of older persons.”
You Can Find Affordable Senior Apartments Above Using the Pull-Down Menu.
As now written, though, the rule requires only that a property have policies and procedures demonstrating an intent to provide housing for this age group. While this is much less restrictive than the requirements for 62+ housing, this exception places more requirements on a property. However, any property intended for older people will certainly meet these requirements, and the 55+ test is generally recommended. Verification that this threshold test has been met is required, which is achieved through reliable surveys and affidavits.
About Texas Tax Credit ApartmentsThe Texas tax credit program is one of the primary means of directing private capital toward the creation of affordable rental housing. The tax credits provide investors of affordable rental housing with a benefit that is used to offset a portion of their federal tax liability in exchange for the production of affordable rental housing. The value associated with the tax credits allows residences in HTC developments to be leased to qualified families at below market rate rents.
Income Guidelines vs. Variable Pricing Structure
apply to affordable housing which can vary from 30 – 40 -50 - 60% of
the area median income in the specific city in which to property is
built. You need to determine which
property and then that city has
its federally established guidelines, for which your monthly income
cannot exceed a certain amount, based on HH of 1 person or 2 persons
or 3 persons.
Variable Pricing Structure meets the needs of BOTH affordable housing and MARKET RATE apartments that are offered on the same property. Market Rate units have no maximum income guidelines, and usually have upgrades (marble counter, upgraded sinks, tubs, hardware etc..) Be sure to check with the property you're considering as they can give you the specific guidelines for "affordable" or determine if market rate is your best option.
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DISCLAIMER: Links to other websites or references to products, services or publications do not imply the endorsement or approval of such websites, products, services or publications by Elder Options of Texas. The determination of the need for senior care services and the choice of a facility is an extremely important decision. Please make your own independent investigation.