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the rent on these apartments depends on income...

 
 
theceo
 
Reply Thu 11 Aug, 2005 11:35 am
these apartments that i might move into early next year say that your rent depends on your income. the only problem is that im going to finish highschool this fall, and by then end of the year my total income will probably only be around 8 or 9,000. now of course once im out of highschool ill get a better job(hopefully), and work alot more. but has anyone ever heard of apartments deciding their rent on an income basis? and if so, how much do you think i would have to make in a year to be able to qualify for an apartment, or basically what do you think the minimum income is that theyll accept?
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mac11
 
  1  
Reply Thu 11 Aug, 2005 11:53 am
Hi theceo, welcome to a2k.

I think my apartment complex has a rule that the rent should be no more than 30% of your income.

How much will the rent be?
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theceo
 
  1  
Reply Thu 11 Aug, 2005 12:02 pm
well im not exactly sure, im not even sure if they will let me get an apartment there because my income for this year is going to be so low, thats howcome im wondering if alot of apartments that decide rent on an income basis will let me get an apartment, especially since i didnt even make 10k last year.
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Noddy24
 
  1  
Reply Fri 12 Aug, 2005 12:51 pm
I'm sure the rent in those particular apartments is subsidized to some extent.

Pegging rent to income is common in public housing.
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theceo
 
  1  
Reply Fri 12 Aug, 2005 02:36 pm
but do apartments with subsidized housing usually have a minimum income that theyll accept?
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Heeven
 
  1  
Reply Fri 12 Aug, 2005 03:22 pm
Yes. The income has parameters and your wages/salary must be within those parameters.

For example, a developer could build a block of apartments (using low-income tax credits from the government) and then rent these apartments to low-income families. Those families however must apply to go on a list, and provide evidence of their annual incomes and earnings in order to be eligible to rent one of these apartments. The decision who to rent to can vary, depending on who is on the list ahead of you (they will favor a family with children before a single or childless couple), and various other factors.

It is not a case of 100 apartments are built and each are rented to 100 families for $100, $200, $500, $600 per month - varying depending on the families income. No, the apartments are the same rent for everyone. The requirement is that the families have earnings of (let's say) $20,000 to $30,000 per annum. Then this would mean the family is eligible to apply for one of these apartments. If one family earns $20,000, they pay $200 per month in rent. If another family earns $28,000, they pay $200 per month also.

Ignore the numbers since I am using figures to show you examples only.

The only way to find out that information is to contact the leasing agent for the apartment building, or HUD, or whatever the government entity is that provides the low-income credits within the state you live.

See sample of HUD income limits for the State of Washington.
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