Low-income Housing


Definition of "Low-income housing"

Eric Aronson real estate agent
Eric Aronson, Real Estate Agent The RE/MAX Collection

Housing specifically intended for those people living below a specified income level. Low-income housing qualifies for tax credits up to a percentage of cost. Specific guidelines must be followed in qualifying as well as obtaining housing financing. Urban homelessness has become a major problem in the 1980s and 1990s. Providing shelter for the poor, particularly in urban areas, is a major national concern. While the Federal Department of Housing and Urban Development has provided assistance including rent supplements and loans to developers, it is declining. As the government withdraws from active participation in housing financing and production, the amount of housing built for or filtered down to low-income households is increasingly inadequate.

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Comments for Low-income Housing


Karen Karen said:

A village near me is looking for a Real Estate Agent that can sell a low-income housing apartment building. Will it be different than selling a normal multi-family building?

Aug 08, 2019  16:06:24

 
Real Estate Agent

Hello, Karen! The sale process shouldn't be different. You simply have more units to sell than in a triplex or fourplex. If you have to sell the whole building, and not each unit separately, then the buyer will most likely secure a commercial loan instead of a residential mortgage. You have to evaluate the performance of the building, the maintenance costs, and the necessary improvements to make the units rentable or move-in ready. So, it shouldn't be too hard, just a little bit more complex. If you need more help, don't hesitate to contact other real estate agents from Wisconsin and ask for advice. 

Aug 13, 2019  06:46:14
 
John Jarvis John Jarvis said:

I'm looking for a real estate agent specializing in low-income apartments like Section 42 etc.

Jul 02, 2019  14:01:40

 
Real Estate Agent

Hello, John! Please contact one of the real estate agents in Phoenix, AZ. You may also be interested in finding ways to save more money for a down payment. No matter how low is your income, you can become a homeowner. 

Jul 04, 2019  03:48:50
 
Adna Oles Adna Oles said:

How do I get qualified & also find money to put down on a home?

Aug 24, 2018  10:52:38

 
Real Estate Agent

Hey Adna,
You mean to low-income housing loans and such? If so, you need to apply with the Federal Housing Administration (FHA) within the US Department of Housing and Urban Development. Now, if you were asking in general, the first thing you need is to start working on your credit score, an integral part on acquiring loans. Do you know what is credit score and how does it impact real estate? You better. From there, you start looking at the best options for loans with banks and other loans institutions and close the deal with the one who gives you the best conditions. Good luck!

Aug 27, 2018  10:56:00
 
Charles Stewart Charles Stewart said:

I'm on a fixed income and would like to buy my own home and want to get on the process of eventually becoming a home owner

May 04, 2018  15:12:46

 
Real Estate Agent

Hey, Charles
That's great to hear! Congratulations on this important moment of your life!

Feel free to enjoy our many resources on the blog,  the buyer advice page and the real estate glossary. It's good to be well-informed when doing the whole home buying process.

And whenever you feel ready to go out there home hunting, find a real estate agent in Philadelphia, your hometown.
The best of all of this: completely free!
Once again, congrats and good luck!

May 04, 2018  15:56:12
 

 

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