A Guide to the types of Affordable Housing
As the years go by, so does the cost of living rise. This implies that a lot of people struggle to survive on a budget that is very low. Among the hardest needs to be met by a lot of people in housing. With affordable housing options, low-income earners can get housing at prices that are very low. It is very important to have a good grasp of what we mean when the term affordable housing is used before we delve deeper into the many types. In the event you want to get more information about what affordable housing is and any other relevant information, you should read here. We shall start with the meaning of affordable housing before looking at the categories.
The cost of housing that an individual can be able to afford is what affordable housing refers to. What most experts recommended is that the cost of housing should be lower than half your income. These affordable housing options are mostly offered to the people that are facing housing insecurity. It is for that reason that there are very numerous affordable housing options that one can be able to choose. What is hard here is finding out the areas where the affordable housing options areas will as what they are. Below are some of the most known types of affordable housing options.
To start with, take a look at section 8 housing choice vouchers. Here, the assistance comes in form of rental assistance. People with low income are only required to pay 30% of the rent based on the income that they get. The other portion of the rent will be paid by a public housing agency. The housing unit that the renter lives in is chosen by him or her. This affordable housing option is popular.
The other affordable housing option is public housing. There are public housing agencies that are in charge of the homes meant for low-income families. The total number of public housing units nationally is very high. It is rental assistance that is also begin provided here. The main disadvantage of this type of affordable housing is that there are waiting lists that are very long. Another affordable housing option is subsidized housing. Low-rent housing units that are privately owned are referred to as such. The way that the owners can charge low rent is because they are given subsidies by the government.