Income restrictions for an apartment?

Question

When an apartment complex says "income restrictions apply", what exactly does that mean? Does it mean that it is through the housing authority, or do you just have to show them your income from the past year, or what? I am moving to a new state, and I dont have a job there yet, but I do have a little savings to get me started. Am I eligible to apply for one of these "income restricted" apartments? Thanks very much!!

Answer 1

Usually that means they got some cash from the state, and part of the conditions of that was to rent only to people meeting certain income limits. They want low-income people.

All you can do is call and see. But until you have a new job, they can't rent to you either, because you have no income to pay the rent. I believe it's possible to get into those, take a higher paying job, and at least stay the year for cheap rent, but they wouldn't renew your lease if you were over their limit the following year.

Every state and city would have their own income limits, as they're usually based on the median incomes for that particular area. What's low income in San Francisco could be high income in Sacramento, for example.

Answer 2

Income Restriction Apartments

Answer 3

First, let me assure you that income restrictions aren't just for low income people, but also applied to the higher brackets, where they want to keep people out who can't afford the high rents (1200-4000 monthly).

What you're talking about is rent subsidies when the rent is about 30% of income. A rent subsidy does have income restriction, but it's not the same as an income restricted building, which, as I stated, keeps the poor out or those who don't make enough money according to the realtors calculations.

For instance, you might make be willing to pay 1200 for rent while earning 1800 month, take home, however, if the realtor wants you to make 3 times that, you can't rent the apartment. Section 8, the government aren't even involved in these restrictions, It based purely on the needs of the realtor or property owner.

Answer 4

Income restrictions are for low income housing. So on an apartment they may have a income restriction of 24,000 for a single person meaning that if you make anything over 24,000 you would not qualify to live there. However not having a job can also hurt you as most of these place can not rent to someone unless they have a verifiable income.

The last thing that you ever want to do is get into low income housing, then get a great paying job and not report it. Whenever you live in a low income complex and get any type of assistance you need to report any income changes as soon as they happen. If you don't you can be held responsible for any back rent........let's say you get low income housing and your income at the time is 2000.00 a year, and your portion of the rent is $50.00...market rent on that apartment may be 450.00, so that means the government is paying the other 400.00....so now you get a job and make 23000.00 a year and your rent should be 350.00 and you don't inform your complex of your income raise and it's found out about 6 months later...the complex can then charge you for that 1800.00 (300.00X6), so whatever you do, don't try and live in low income housing and play the system, cause if it catches up to you, and it normally does, you will be in trouble.

Answer 5

It means the complex just wants to make sure that you can afford the apartment without barely scraping by to make the monthly rent payments.
The standard formula is that your monthly rent payment should not exceed more than 30% of your monthly income. So for example, if you were looking at an apartment that rents for $600 per month, and your average monthly income is $2000

You would take the monthly rent and divide it by your monthly gross income

600/2000=0.3

You would income qualify because it doesn't exceed 30% of your monthly income. If you made any less than that, you would not qualify, and would then have the option of obtaining a qualifying co-signer.
You will have to provide proof that you do make what you say you do, by either providing checks stubs or a statement from your bank saying that you do in fact have (x) amount of dollars in your account.
Hope this helps!

Answer 6

What is the highest you can make to qualify for low income housing for a family of four?

Answer 7

Why are all the answers so dull and short these days?

Answer 8

Not sure