How to Qualify for Low-Income Apartments, Home Guides, SF Gate, income restricted apartments.#Income #restricted #apartments
How to Qualify for Low-Income Apartments
Many types of rentals are available to low-income families.
If you are a resident of San Francisco and are having a difficult time finding an affordable rental, you may be eligible for low-income housing, also called affordable housing. It is important to have housing that is safe, clean and large enough for your family, no matter your income level. Housing that is considered affordable is no more than 30% of your monthly income. There are rentals all over San Francisco that qualify as affordable housing, including houses, apartments and duplexes. People who qualify for affordable housing must fall within the income guideline chart for their area.
Look at the income limit chart established by the federal government (see Resources). For example, a family of four in San Francisco making $54,650 or less per year qualifies for many low-income rentals. This income is 55 percent of the Area Median Income for San Francisco. Families with incomes lower than 55 percent of the Area Median Income will qualify for more rental homes, since their need is greater.
Go to the Mayor s Office of Housing website to look for available homes and apartments. The inventory of available homes may vary month to month, so check often for new postings. Each rental listing will state its income limit.
Meet the qualifications for renting a “below market rate” home. Your income must fall within the income guidelines for that particular rental. The number of people renting the home must match or exceed the number of available bedrooms. No one living in the rental can own a home while renting.
Download an application form on the website. Make copies of last year s pay stubs, current bank statements and asset forms of every adult in your household, and include them with the application. Fill out the form, and send it in to the address of the rental agent whose home you want to rent. The name and number of the landlord is found in the online listing.
Wait to hear back from the rental agent. When he gets an application, he submits it to the Office of Housing, which draws out a random application like a lottery system. The rental agent will contact you if you have been selected.
Consult with the rental agent of the property to make sure your income falls within its guidelines. Some homes are only available to people who make 20 percent of the Area Median Income, while other landlords will take tenants whose incomes are higher.
Read the terms of the lease before you sign anything. Make sure you understand the rules against subletting or buying property while renting.