Apartments for Low Income

Questions and Answers

Your Questions About Income Based Apartments

June 30, 2012

Sharon asks…

im looking for a based on your income apartment in toledo ohio?

my parents are on disability and they want to move up here in toledo ohio so they want to know where do they have rent only and every thing else paid for

Administrator answers:

Http://www.areaofficeonaging.com
This is the homepage of the Area Office on Aging (NW Ohio).
They are headquartered in Toledo…type in a variety of zipcodes for apartment complexes. The contact info. Is:

The Area Office on Aging Northwestern Ohio, Inc.
2155 Arlington Avenue, Toledo, Ohio 43609
Tel. (800) 472-7277
jmoor@areaofficeonaging.com

Good luck to your parents!! LadyPhoenix

Michael asks…

Do income based leasing offices usually do background checks?

Do income based (tax credit property) apartment leasing offices normally do background checks? Are there ways for them to access your bank account information to see how much money you have to your name and do they usually call your school to see whether your a full time student or not? Or do they usually disregard it if you have a clean record and you’ve payed rent on time and never been evicted?
Shipwreck- I know that, I already live in one because I’m a poor college student. You never answered my actual question…

Administrator answers:

Section 8 apartments mean you have to have a voucher to get them. To get the voucher they will check your income and assets. They have a limit to giving them so they go first to handicapped, elderly and families. Single healthy adults can find a way to support themselves even if they need to work two or three jobs or couch surf.

Jenny asks…

income based housing?

i live in michigan, and am getting ready to move out of my parents house for the first time. i just put in an application at an income based apartment complex. im not really sure how any of this works, so if anybody could explain this whole income based thing, i would really appreciate it. thanks!

Administrator answers:

It really depends on what kind of program they are using. A little more information would help.

The property may be a Section 8 property, in which case you would have to have a housing voucher and pay only a portion of rent based on your income. I don’t think that is what’s going on here.

I believe you may be renting in a Tax Credit or Bond property. The tax credit program is an affordable housing program for people that do not make the median income of a certain area. The median income for most people that live in a big city would be much higher than someone that lives in a small town, for instance, because salaries are higher and the cost of living is higher.

The IRS is the governing body for the tax credit or bond program, and it is overseen by a state housing authority. Basically, the community has been granted either money to build the property or money to remodel it, and that money never has to be paid back. Also, the community gets a tax break for the first 10 years or so. In return, the community promises to hold a certain number of the total units (or sometimes the entire number of units) aside for people that make less than the median income of the area.

There are two major requirements of the tax credit program. Residents cannot be full time students (unless there are two who are married and filing jointly) or make over a certain amount per year. They will verify how much you make based on information from either your paycheck stubs or a 3rd party verification sent to your employer. They will look at any assets you have (checking, savings, stocks, bonds, trust funds, IRA’s, etc) and determine your income. If you fall below the requirement, you get a great apartment at a lower than normal rate, and most of the time utilities are included (depends on the state). Also, most of the time the leases have to be exactly 1 year long, no more, no less.

Your taxes are not affected, so don’t worry that you will have to claim something next year. There’s just a lot of paperwork and you have to always remain in compliance with the terms of the program. You can’t just move someone in with you because they may make enough money to send you over the limit, for instance.

You still have to qualify on background and credit check, however. But it’s a great program and I’m happy to have it at my community in downtown Denver, because the rents are really high and some people who are part time students working at hotels or restaurants simply can’t afford to live near where they work. This program allows them to.

Congratulations! I hope you get the apartment.

Daniel asks…

Income based rent question.?

I’m looking to rent at an income based apartment complex. Ok so I make 1,280 and my rent would be $384 which is 30% of my income. However, my fiance makes $880 part time a month and then it would mean we’d have to pay $648 a month. Would we be considered that we make too much money? Do I have to list his source of income if I’m the only one on the lease?

Administrator answers:

If you don’t, you will be committing fraud and the Housing Authority (that’s usually who handles these low income houses/apartments and who provides the funds and who is GOVERNMENTAL AGENCY) will usually find out. If you’re lucky, all they will do is terminate the lease; if you’re not, they will turn their evidence into the police department and YOU and YOUR FIANCE could be prosecuted for FRAUD!

Also, the lease/terms with the HA will usually specify that only YOU can live on the premises, which means if they do an inspection (it could be a surprise inspection) and find your fiance there, you could be terminated/evicted.

Also, the application you sign usually says that you are declaring under penalty of perjury that all the information you provide is true (so if they find out you lied, you could also be prosecuted for perjury).

John asks…

where do i find apartments that do income base?

i’m just starting to become independent and mature, so i’m looking to move out. i was hoping to find apartments that do income base so it would balance everything out. i would really appreciate any info. or advice towards my situation. thanks

Administrator answers:

Call your town housing authority or social services department. They can let you know where to find income-based housing in your town.

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