Senior apartments that advertise the word ‘affordable’ are generally tax credit apartment communities aka Texas affordable senior apartments. You will also often see the words “Income Guidelines Apply or "Variable Pricing Structure.” Each tax credit senior apartment community has different income requirements so it's important to ask when contacting them. Age restrictions for properties may vary from 50 – 55+ depending on the property.
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.