Low Income/Subsidized Private Rental Housing for Older Adults / Functional Disabilities
BH-7000.4600-450 * YB-8000 * YF-2200
Privately owned rental housing that is made available to low-income individuals and families at reduced rates based on a contract between HUD or the state housing authority and the property owner. Subsidies are paid directly to the owner of the property who then rents units to income-eligible individuals and families. Also included are low-cost or below market rate housing that is operated or sponsored by religious or charitable organizations for the benefit of low-income individuals and families; and rental housing targeted to lower income households that has been purchased, rehabilitated or constructed by developers who are receiving a federal income tax credit under the Low Income Housing Tax Credit (LIHTC) program or are participants in other similar affordable housing incentive programs. Some privately owned rental units that were developed or improved with public funds are also required to rent a designated number of units at reduced prices to people who meet low-income eligibility requirements until the federal or state loans are paid. Some complexes or housing units may be reserved for low-income older adults, people with disabilities and/or other special populations.
Individuals who are age 50, 55, 60, 62 or 65 or older depending on the minimum age for qualifying as an older adult which varies by program.
Physical, mental or developmental disabilities which pose substantial barriers to an individual's ability to maintain independent living and which place the individual at risk of institutionalization without varying degrees of community support or which may leave no other choice than institutionalization.