What is the reality right now:

In today's market, the reality of renting is that it can be increasingly difficult to afford, with many people struggling to find rentals that fit within their budget, particularly in major cities, due to rising rent prices and limited housing availability.

Key points about renting today:

·       High Rent Costs: Rent prices have risen significantly in many areas, making it challenging to find affordable options, especially for lower-income individuals. 

·       Large Portion of Income Spent on Rent: A significant number of renters are now spending more than 30% of their income on rent, considered financially burdensome. Most renters want your income to be 1/3 more than the rent (for a 2000 monthly rent you need to make 6000 a month).

·       Competition for Rentals: Due to high demand and limited supply, finding a suitable rental can be competitive. 

·       Limited Flexibility: While renting offers more flexibility than owning a home in terms of location, frequent moves can still be costly and disruptive.  Factors to consider when deciding to rent:

·       Location: Rent prices vary widely depending on the location, so consider the cost of living in your desired area. 

·       Income level: Your income should comfortably cover rent payments while still allowing for other expenses. 

·       Job stability: If you expect frequent job changes or relocation, renting may be a better option. 

·       Future plans: If you plan to settle down in a particular location long-term, buying a home might be more beneficial.

Why is this important to me:

Life4Real wants to work with you to find stable housing. Renting at this time is difficult and we are aware it may take some time to find an appropriate affordable location. Our goal is to make a short term and long-term plan that looks at your budget, employment, and the area to find your housing solution. This may take us being creative for short periods to save money and collect the resources you may need.

A Few Tips When Searching For Apartments:

·       Use keywords to search for housing on a browser:  Examples: “low-income housing”, “income-based apartments”, “low rent housing”

·       Look through the resources/links you find and begin contacting places to ask questions.

Remember to ask:

1.     Do you have a waiting list? If so, ask if you can be added.

2.     How will you contact me if one becomes available?

3.     What do I need to verify income? (job pay stubs,  tax forms, bank accounts, drivers license, etc.)

4.     What is your deposit requirement (do you have a fee for application and how much for a deposit?)

5.     Are any utilities included (water, trash, sewer, etc.)

6.     Ask about pets if this is important (do you allow pets, is there a pet deposit?)

7.     Do you have a credit limit or requirement?

8.     Do you have an income requirement or limit?

***Make sure you write everything down. Take notes so you can remember the places in which you are interested and the associated costs of each.

A Few Additional resources/links:

https://www.lowincomehousing.us/

https://www.rrha.com/housing/public-housing/

https://www.virginiahousing.com/en/renters/housing-choice-voucher-program

https://disabilitynavigator.org/program/12156/homelink-low-income-housing-persons-disabilities

https://www.apartmentfinder.com/Virginia/Richmond-Income-Restricted-Apartments

Types of Housing:

There are several types of housing that are available to low-income individuals through government programs, including: 

• Public housing: Government-owned rental units that are managed by Public Housing Authorities (PHAs) 

• Homeownership Program: A Section 8 program that helps participants use vouchers to buy a home 

• Project-Based Voucher: A program that provides rent assistance at specific properties 

• Community Development Block Grants (CDBG): Grants given to local and state governments to support affordable housing development 

• USDA Farmworker Housing: A program that provides affordable housing to farmworkers who are US citizens or have been legally admitted for permanent residence 

Program #1: Section 8 Voucher Program

A Section 8 Housing Choice Voucher is a type of housing assistance that will pay a portion of the rent that is charged on a unit.  The Voucher is awarded by the local Housing Authority to a qualified applicant and can be used at any rental property that accepts Section 8 Vouchers.

Who Qualifies for the Section 8 Voucher Program? 

There are income and household composition requirements that must be met to qualify, but the applicant should contact the local housing authority for more information on those requirements.

Program #2: Project-Based Section 8 Housing

Project-Based Section 8 properties have an agreement with HUD (U.S. Department of Housing and Urban Development) that HUD will pay a portion of the contract rent (the rent rate that HUD has established for the property) for qualified residents. 

The resident will pay 30% of his or her adjusted gross monthly income and HUD will pay the difference between the rent paid by the resident and the contract rent on the unit. Project-Based Section 8 Housing is a little bit different than the Voucher Program. In this case, the subsidy is attached to the property, not the person. So, funding is given out based on the property, not an individual person and their income.

Who Qualifies for Project-Based Section 8 Housing?

It all depends on the property! 

Eligibility factors always include an income limit based on a percentage of the median household income. This income limit is set by the Department of Housing and Urban Development (HUD). It’s updated annually and the income limit increases for every household member living in the unit.  

Other eligibility criteria include age or disability if the property is considered an elderly property, as well as number of persons that will be living in the household. 

The best way to discover the eligible criteria for a property is to contact the Property Manager and ask what the eligibility criteria are for it.