Apartments for Low Income

Questions and Answers

Your Questions About Low Income Housing Projects

August 10, 2013

Linda asks…

What class is this yearly salary considered?

If you make $130,490 a year, are you considered poor, lower middle-class, middle-class, upper middle-class or rich? (The reason I’m asking this is because it’s an over the summer project for business class, you’re supposed to plan out your future kind of..) Thanks to everyone who answers!

Administrator answers:

Hate to say it: It depends.

Earning 130K with a ton of student loans, with dependents – probably not rich. It’s certainly a nice income, better than about 85% or so of jobs in the US, but unless you can save some of it, you won’t accumulate wealth, and won’t be rich.

If you are single, and live frugally, you could quickly save a lot of money and get rich.

Likewise, cost of living varies. 130K is middle class in Los Angeles or New York, it’s pretty rich in Columbus, Ohio, because of housing costs.

Donald asks…

How do apply you apply for section 8 in Tampa Florida?

Emergency home for a low income family.

Administrator answers:

The only *emergency home* you are going to find is a homeless shelter.

You have to understand, that you first have to wait for the application process to even be open. You can find this out by calling the local HUD office in your county. Second, if it is open, you have to apply, and then they will decide if you even qualify. Then, you have to wait on a list until your name is near the top. That is when you would get a voucher. You also need to be employed and able to pay 1/3 of the rent where you are looking to live. You cannot be unemployed and on Section 8. That type of housing is the projects.

Donna asks…

Are people in the projects allowed to go to college or any postsecondary education?

According to IRS section 42 it seems like it’s illegal to be a full time student. However, I can’t find any job at the moment and think this rule is very silly.

Administrator answers:

You don’t qualify for subsidized housing if you’re a full-time student, if that’s what you’re asking. But if you mean you are a child who has grown up in the projects, you are welcome at any college anywhere.

IRS Section 42 has nothing to do with this. That part of the IRS code refers to credits given to building owners who rent out some or all of their property as low-income housing. The section on students is meant to make sure that a landlord can’t claim that a building being rented out as student housing is actually entitled to low-income housing credits.

Nancy asks…

how can i relocate to san diego, ca on low income are there any housing programs?

I have two kids and a grandson and i’m trying to relocated San Diego, Ca, But i’m on welfare and don’t have a job, i have been living in Victorville, Ca been here for 8 years and i’m not going anywhere in life out here, so my question is if your trying to succeed in life and is willing to start your way from the bottom to the top what would you do or start with help, with programs and resources on jobs and housing thanks so much…….

Administrator answers:

You can’t apply in San Diego unless you live or work there.

There are housing projects you would qualify for, but the wait will be several years.

Jenny asks…

How have monetary and fiscal policies affected the employment rates for the housing industry?

How have these policies affected the growth of the industry?
How have these policies affected the prices of the product the industry produces? Also I need sources if used. Thanks in advance!

Administrator answers:

Monetary policy is the process by which the government, central bank, or monetary authority of a country controls (i) the supply of money, (ii) availability of money, and (iii) cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy. Monetary theory provides insight into how to craft optimal monetary policy.

Monetary policy is generally referred to as either being an expansionary policy, or a contractionary policy, where an expansionary policy increases the total supply of money in the economy, and a contractionary policy decreases the total money supply. Expansionary policy is traditionally used to combat unemployment in a recession by lowering interest rates, while contractionary policy involves raising interest rates in order to combat inflation. Monetary policy should be contrasted with fiscal policy, which refers to government borrowing, spending and taxation.

Fiscal policy, taking the scope of budgetary policy, refers to government policy that attempts to influence the direction of the economy through changes in government taxes, or through some spending (fiscal allowances).

Fiscal policy can be contrasted with the other main type of macroeconomic policy, monetary policy, which attempts to stabilize the economy by controlling interest rates and the supply of money. The two main instruments of fiscal policy are government spending and taxation. Changes in the level and composition of taxation and government spending can impact on the following variables in the economy:

* Aggregate demand and the level of economic activity
* The pattern of resource allocation
* The distribution of income.

Economic effects of fiscal policy

Fiscal policy is used by governments to influence the level of aggregate demand in the economy, in an effort to achieve economic objectives of price stability, full employment and economic growth. Keynesian economics suggests that adjusting government spending and tax rates are the best ways to stimulate aggregate demand. This can be used in times of recession or low economic activity as an essential tool in providing the framework for strong economic growth and working toward full employment. The government can implement these deficit-spending policies due to its size and prestige and stimulate trade. In theory, these deficits would be paid for by an expanded economy during the boom that would follow; this was the reasoning behind the New Deal.

During periods of high economic growth, a budget surplus can be used to decrease activity in the economy. A budget surplus will be implemented in the economy if inflation is high, in order to achieve the objective of price stability. The removal of funds from the economy will, by Keynesian theory, reduce levels of aggregate demand in the economy and contract it, bringing about price stability.

Despite the importance of fiscal policy, a paradox exists. In the case of a government running a budget deficit, funds will need to come from public borrowing (the issue of government bonds), overseas borrowing or the printing of new money. When governments fund a deficit with the release of government bonds, an increase in interest rates across the market can occur. This is because government borrowing creates higher demand for credit in the financial markets, causing a higher aggregate demand (AD) due to the lack of disposable income, contrary to the objective of a budget deficit. This concept is called crowding out. Alternatively, governments may increase government spending by funding major construction projects. This can also cause crowding out because of the lost opportunity for a private investor to undertake the same project. Another problem is the time lag between the implementation of the policy and detectable effects in the economy. An expansionary fiscal policy (decreased taxes or increased government spending) is usually intended to produce an increase in aggregate demand; however, an unchecked spiral in aggregate demand will lead to inflation. Hence, checks need to be kept in place.

ROLE OF FISCAL POLICY- ITS SIGNIFICANCE TO BUSINESS ECONOMY IN DEVELOPING COUNTRIES

• The main goal of the fiscal policy in developing countries is the promotion of the highest possible rate of capital formation. Underdeveloped economies are in the constant deficit of the capital in the economy and thus, in order to have balanced growth accelerated rate of capital formation is required. For this purpose the fiscal policy has to be designed in a way to raise the level of aggregate savings and to reduce the actual and potential consumption of people.

• To divert existing resources from unproductive to productive and socially more desirable uses. Hence, fiscal policy must be blended with planning for development.

• To create an equitable distribution of income and wealth in the society.

• To protect the economy from the ills of inflation an

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