Low Income Housing

Fouye Real Estate > Information about Real Estate > More Real Estate Resouces In order to understand the term low income housing it is important to understand the definition of "low-income", something your hear quite often amonst the housing organizations. There is an interesting article I read online about Low income housing, the article is "LOW-INCOME HOUSING AS A CHARITABLE ACTIVITY" written by Robert Louthian and Marvin Friedlander This article is available for download as a PDF File Here is an interesting clip from this article" The definition of "low-income" most commonly cited by housing organizations finds its genesis in the U.S. Housing Act of 1937, as amended (the Act). The Act, which is enforced and implemented by the Department of Housing and Urban Development (HUD), defines "low-income families" as families whose incomes do not exceed 80 percent of the median family income for the area, as adjusted for family size. The Act defines "very low-income families" as families whose incomes do not exceed 50 percent of the median family income for the area, once again, as adjusted for family size. The major active, low income, HUD-assisted housing programs are the Public Housing program and the Section 8 certificate and voucher program. There is also an elderly/handicapped Section 202 program. HUD's Public Housing and Section 8 programs require, in general, that for buildings placed into service after 1981 all of the available dwelling units must be occupied by "very low-income families" (those earning 50% of the area's median income) unless an exception is granted. Generally, exceptions are limited for any project to a maximum of 25% occupancy by persons at the low income levels. The Act's purpose in permitting a broad economic cross-section of families can be explained by the following reference to Senate Report No. 93-693, U.S. Congressional and Administrative News, 4311 (1974), which discusses the Housing and Community Development Act of 1974, Public Law 93-383: While it is expected that public housing assistance will continue to give particular attention and priority to very low income families, the Committee expects that in the long run we would have more housing developments which are not occupied solely by the very poor, but by a cross-section of lower income households, representing a variety of household types. Experience has demonstrated that a cross-section of occupancy is an essential ingredient in creating economically viable housing as well as a healthy environment. Source: http://www.irs.gov/pub/irs-tege/eotopicd92.pdf REPLY to this article Share this: Twitter  Facebook  More Also read these articles Homeowners Insurance Real Estate Appraisal FSBO - For Sale By Owner Real Estate - Trailer Parks Real Estate Tax - Income   Leave a Reply Name (required) E-mail (will not be published) (required)   <<   Enter code Return from Low Income Housing to More Real Estate Resouces