Affordable Housing – What Is It?

 

Here at Wisconsin Management Company we’ve made it a priority to ensure that we are ready and able to offer housing to people of all income levels and because of that, we manage everything from affordable to high end housing. But what do we mean when we use the term “affordable housing” and what is it used for?

There are a number of federal programs that provide financing for the development of affordable housing such as HUD, RD and Section 42 Tax Credit. When we use the term “affordable housing”, we are referring to properties that fall under those programs. What this means is that if individuals or families meet the income qualifications for housing built under these programs, they will often get a discount on their rental rate, or maybe even a contribution towards their payment every month. Most often, affordable housing is awarded when an income level is below the average sum a household would usually earn in a certain time period, OR it would be awarded to those who are only able to pay a max of 30% of their income towards their rent payments. You can also gather more information on affordable housing, by visiting the Affordable Housing Website Guide.

Here at Wisconsin Management we have an in-house compliance team and over 40 years experience in the industry, so make sure to reach out to us on 608.258.2080 to see how we can help you with finding your next apartment! 

–    Wisconsin Management Company