Millions of people are currently searching for affordable housing. Whether you know a low-income senior who’s looking for housing or you, yourself, are a senior, you’ve come to the right place.
Current projections show that the total population of older adults is expected to grow exponentially in the next few decades, which is why we need to ensure that there are housing options available for seniors when that happens.
By moving into affordable housing, you can begin the process of having a more manageable and stress-free life. Below, we’re going to go over our favorite housing options for low-income seniors.
#6 – Senior Co-Op Housing
Co-Op is becoming an increasingly popular housing option for low-income individuals, including seniors. The first time a senior co-op opened was in 1978; however, since then, more seniors have been warming up to this idea. The main benefit of co-ops is that it provides you with the opportunity to own a home for middle-market rates and reduced prices. More than 100 senior co-ops currently exist within the U.S., and they contain nearly 11, 000 people.
Co-ops are ideal for seniors who crave their independence and who don’t require community resources. Not only this, but seniors will be required to pitch in for operational tasks, which could include things like cleaning or answering phones. As such, seniors living in co-ops will need to have their mobility to navigate the home.
#5 – Public Housing
These complexes tend to be large buildings or high-rises owned and operated by a city or county housing agency. According to some studies, more than 30 percent of those living in public housing are seniors.
A primary reason for the popularity of community housing is that seniors have a place to live for a significantly lower cost. Not only this, but seniors can also remain in these homes while they wait for a place to open up in a long-term care facility.
#4 – Retirement Communities
While this isn’t a physical space to live, virtual retirement communities allow you to live at a significantly lower cost. These communities are online spaces that provide seniors with low-cost living services. Some examples of these services include home repairs, transportation, housekeeping, and more.
#3 – Housing Choice Voucher Programs
Several thousand public housing agencies manage housing Choice Voucher Programs (HCVP). This program aims to provide low-income people with a place to live at a lower cost. It’s designed for those who aren’t disabled and who can live independently without assistance.
If a senior’s application is approved, they are then provided with a rental voucher to find an apartment that suits their needs. Of course, the PHA will have to look over the apartment to ensure it meets housing standards.
#2 – Section 202 Supportive Housing
This was established by HUD and aimed to give seniors rent-assisted housing. This program also provides services to disabled individuals. This program is especially for independent seniors who may need help with daily activities, for example, bathing, getting dressed, etc.
Seniors aged over 62-years-old can use the Section 202 program. To qualify, they have to be living 50% below the area’s median income. The community senior life will determine which services they get, but many can expect transportation, meals, and housekeeping.
#1 – Low-Income Housing Tax Credit
The Low-Income Housing Tax Credit isn’t just made for seniors. However, it can be used to benefit this population. The federal government is funded and aims to ensure that low-income housing demand is being met. Since it first began, the housing program has hundreds of thousands of units for low-income individuals.
With this program, unit and building owners can set aside a specific number of low-income housing units. The owners then receive a fixed amount of rent that is specific by HUD.
If you’re interested in this program, the application process is relatively simple. All you have to do is visit the housing website for your district or county and apply on the LIHTC section of the website.
If you’re a low-income senior who’s tired of income insecurity, you’re not the only one. Plenty of seniors are going through this exact struggle, and, as such, many programs have been created to help reduce the impact of poverty on low-income seniors. If you have any questions that we haven’t answered thus far, please contact us today!