Questions and Answers
Your Questions About Low Income Housing Projects
Does the federal govt have a program which subsidizes mortgage payment?
For instance, take people on section 8 they have their rent subsidized, so do they also have something where they subsidize mortgage payments to help people to be able to buy houses and afford their mortgage payments, reason i ask is i see all these new developments popping up where there used to be housing projects, are they giving these new houses to these idiots and subsidizing mortgages for them??
ok thanks, but does these programs to buy houses include subsidizing a mortgage for them too or reducing the price of the home? both?
Those are probably still the project houses there.
But, yes, HUD does have programs for the low income to buy specific houses (not any house) in areas that they are trying to improve via home ownership. All of those houses are in “bad” neighborhoods. I have seen them buy up blocks in CA and build new houses for the low income.
Do the families on Extreme Makeover-Home Edition have to pay taxes on the improvements/ gifts they receive?
I was just wondering because most of the families are low or no income. Does the show cover everything? Including the taxes that would be owed?
I would say technically YES.
Here is an article from NEWSWEEK:
Television: Tax Trouble for ABC’s ‘Extreme’ Winners?
May 17 issue –
Last fall Trent Woslum, a National Guardsman who was deployed in Iraq, got an e-mail from his wife. She’d been contacted by a new TV show called “Extreme Makeover: Home Edition,” which wanted to do a big renovation of their southern California home—free of charge. By mid-December the family had new furniture, appliances and even a backyard baseball diamond. Estimated value: as much as $250,000.
The production company gave the Woslums a letter saying its accountant believed the family didn’t have to pay taxes on their windfall, but when the family’s own accountant read it, he grew wary. “I’m living in fear and trepidation,” says accountant Brett Porter. If the IRS looks closely, he worries, the family could owe thousands in taxes. “There’s no way I’d be able to pay,” says Woslum, whose savings ran dry during his deployment.
It’s common knowledge that lottery or TV game-show participants must pay taxes on their winnings. On “This Old House,” homeowners routinely pay taxes on donated products. But the producers behind ABC’s “Extreme,” which picks cash-strapped families for a seven-day home renovation, think they’ve found a way around the taxes. According to documents obtained by NEWSWEEK, the show leases participants’ homes, paying $50,000 for 10 days’ rental. Instead of cash, the show gives the family flat-screen TVs and appliances. Since the IRS allows tax-free rentals of less than 15 days, the homeowners don’t owe taxes on their new goodies. And by renting the home from the family, producers apparently believe the renovations are tax-free under a “leaseholder improvement” loophole.
But NEWSWEEK ran that logic by a half-dozen outside tax professionals. While some called it clever—even “elegant”—most scoffed at the show’s approach, saying the IRS would be highly unlikely to agree with all aspects of it. “When you look at the big picture, these provisions were not meant for this,” says Jim Seidel of RIA. The result: if audited, the “Extreme” families could be hit with huge tax bills. The IRS, ABC and the show’s producers and accountant declined to comment. For Woslum, the problems go beyond taxes. He describes leaky bathrooms and cracked stucco. One of the snazziest additions—a carwash shower—has never worked; he claims producers used air compressors to make it appear functional for the show. Rivals aren’t surprised. “You can’t do a quality job in one week,” says Norm Abram of “This Old House,” which spends up to 12 months on projects. He worries that the “Extreme” winners are really “victims of the program.” As for the taxes, if the Woslums are audited they may sue the producers. Sounds like the makings of a great reality show—for Court TV. —Daniel McGinn
Is it possible to move out with low income?
Well I live in London and I’m 28. Have very little income….I can’t see myself sharing with anyone and I don’t even know where to start if you know what I mean.
Yes it is possible to move out on your own. You need to find some information about getting help with from a local council office as you may qualify for support depending on the amount of hours that you work. You can also apply to be on a waiting list for housing with the council and other social housing projects/association’s, You are unlikely to get anything for a very long time though if ever.
You could rent a room for yourself in shared accommodation. This is what I have done as I was in the same situation as you. Don’t be shy about asking for a reduction in the asking price of rent. If you think the rent is high then ask about a reduction. It would be best if you mentioned that you will be a long standing tenant and be able to pay this amount regularly. The real thing that landlords want is a tenant that pays and keeps the place reasonably and has no complaints from others.
In the mean time safe some money for a deposit and the first months rent.
What are the requirements to qualify for rent stabilized housing in New York City?
I’m a college senior moving to NYC in July for a job at an investment bank and need to know how to structure my income for 2010 so that I qualify for rent-stabilized housing. How low do I have to go? Are there any special requirements other than a maximum gross income? Do dividend, un-realized swap payments and un-realized long-term gains count?
Rent stabilized apartments are not income dependent. Section 8 vouchers for subsidized apartments are no longer being issued. Housing projects have long waiting lists, and no one who’s not actively homeless really wants to live in them. Rent controlled apartments stop being classified as such as soon as the current tenant leaves.
How does the switch from section 8 to low income housing work?
I just recieved a promotion and don’t think I will qualify for section 8 any more. However, I know I will qualify for low income housing. Will I have to move to a new place?
It depends on if you are already living in a housing project or not. If you are there will be no move.
You need to contact your case worker about this immediately.
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