Finances are one of the biggest concerns when moving to a new home. Housing is the most expensive factor to pay, but it is necessary. If you have struggled to afford your rent payment, you are not the only one, especially not in more expensive cities such as Las Vegas, New York, San Francisco, etc. Rent is getting higher every year and wages are pretty much the same. But, luckily for you and other people who can’t afford rent, there are affordable housing options.
Affordable housing programs
The government has programs that helps elder people, disabled and low-income renters so they can rent a home at an affordable price. If you are considering buying a house in Las Vegas or renting, but you are not financially stable, research other options. Two main programs are Section 8 and Section 42. Research both of them and try to apply, you have nothing to lose.
Section 8 is a kind of a voucher program that allows participants to search for their own housing. You will get a subsidy to help pay for rent but you need to pay up to 30%.
- You can choose a house you like, wherever you want, but they must be safe. The PHA will inspect the property.
- Only US citizens and people that have eligible immigration status are eligible for this affordable housing program.
- You need to have certain incomes to be part of this program (national incomes don’t count).
- Local Public Housing Agency must reserve a minimum of 75% of Section 8 vouchers to people who do not earn income exceeding 30% of the area’s median income.
Section 42 is a credit program for home builders. You need to be part of some communities and in exchange, you will get a federal tax credit (a low-income credit).
- You can choose from properties that are financed under Section 42. So, first, research those areas and consider moving to one of them. Organize your moving budget and more to a more affordable place.
- The limit for earning is 60 percent of the area’s median income, but limits vary by county and state.
- To apply for this program, you need to provide income information, credit, criminal history, etc.
- You can only live in one of the houses that are under section 42, which is different from section 8.
Choosing affordable places to live
To have affordable housing, you should move to cheaper places. Avoid big cities and consider smaller towns and communities. Organize the relocation, cut moving costs, sell items you don’t need, and start a new life with less financial problems. Research those government programs and you may apply for one of them if you are eligible and if you meet all the requirements.