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Affordable Housing Options For Low-Income Seniors
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Many of these options could either be government initiatives or affordable alternatives to traditional housing.
Examples of affordable options for seniors include:
Many of these options could either be government initiatives or affordable alternatives to traditional housing.
Examples of affordable options for seniors include:
1.Virtual Retirement Communities
If you love your current neighborhood and don’t want to move out, you can always apply for the services of virtual retirement communities.
These are organizations that provide the same type of treatment you’ll get in traditional retirement homes.
They offer services such as:
● Transportation services
● Pet care
● In-home repairs
● Housekeeping.
● Meetings with trained health professionals
● Grocery store trips
Although this is not a direct way to get discounts on your housing expenses, it helps you enjoy all the benefits of retirement homes without paying the exorbitant fees that come with it.
You can get these services for as low as $600 for one year.
2. Housing Choice Voucher
This federal program is designed for low-income families and seniors to receive assistance in paying their monthly rent.
This program is not limited to public housing and lets you choose where you want to live.
To qualify for this voucher, your income must not exceed 50 percent of the median income in the area you reside in.
The voucher you’re given will vary from senior to senior.
Your local Public Housing Agency will determine the maximum amount of housing assistance available. Landlords will have to agree for seniors to rent under this program.
3. Co-op Housing
Co-op housing is a form of housing that’s becoming more popular among seniors. Property owners are looking to enhance the lives of seniors living in these establishments.
Buying into a co-op home can be cost-effective for seniors. By purchasing shares in the corporation that owns the building, residents can lease a specific unit and gain access to common areas.
Your share could end up growing one to two percent annually and potentially lead to a small return later on.
Some additional perks to living in co-op housing include being able to apply for a membership that gives senior residents voting rights into how the building is managed.
Plus, you’ll be able to save money by utilizing shared amenities instead of buying your own.
4. Public Housing
Seniors who qualify as low-income individuals are eligible to apply for public housing.
With over 1.2 million households living in public housing units, these homes can be in the form of many different residences, from single-family houses to high-rise apartments.
As long as you comply with the lease, you can stay in public housing for as long as you want.
Being in public housing allows seniors to remain living in their home communities.
Seniors occupy around 31 percent of public housing units. It’s more budget-friendly compared to retirement communities, as your annual income determines costs.
To learn more about public housing, contact your local Public Housing Agency.
These workers are responsible for the management and operation of these local housing programs.
With any of these options above, you should be able to get an affordable housing option that will fit perfectly into your budget.
This will save you a lot of money that can be diverted to other expenses.
