A Guide to the types of Affordable Housing
Even as the years progress on, so does the total cost of living. That means people have to really struggle to ensure that they meet all their needs on a low budget. Housing is among the needs that many people find hard to meet. The purpose of affordable housing is to help people with low income to be able to get houses according to their budget. 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. Here, you will be able to read more about what affordable housing is and the different types available. The various categories of affordable housing shall only be looked into after dealing with the meaning of affordable housing.
the meaning of affordable housing is the amount of money in housing cost that an individual can be able to pay for housing. At the end of the month, the rent that you have to pay should not have to cost you more than 30% of the income you have made. It is people that are at very great risk of housing insecurity that get offered these affordable housing options. You will therefore find that the affordable housing options are very wide. Identifying the various types of affordable housing categories is the task that is hard. Outlined here are the names of the most known affordable housing types.
To start with, take a look at section 8 housing choice vouchers. This is an affordable housing option that is meant to help when it comes to renting. The policy here is that the renters of this type of affordable housing only pay a small percentage of the rent depending on what their income is. It is the public housing agency that will cover the remaining rent. It is the renter that will decide the housing unit to live in. This is one of the most notable affordable housing options.
The other affordable housing option is public housing. All the homes that have been designated to be for low-income renters are managed by public housing agencies. The number of public housing units all over the country is very high. It is rental assistance that is also begin provided here. The only downside with the option is that there is a very low waiting list. To end with, we should look at subsidized housing. Low-rent housing units that are privately owned are referred to as such. It is the subsidies from the government that enable them to offer rent at such a low rate.