Aging is an inevitable part of life, but with it comes many fears especially it comes to managing finances after retirement. A big chunk of the elderly population is living on fixed incomes, which means they could barely afford to pay for their bills and medication, let alone senior housing that takes up a huge part of their living expenses.
But the government has made efforts to provide good quality of living to all seniors through low-income senior housing that allows them to stretch their budget without compromising their homes. If you’re looking for this type of housing for a loved one, here are some tips that you can follow:
Know the different types of low-income senior housing
The federal government and the U.S. Department of Housing and Urban Development subsidize these four main programs for low-income senior housing to cater to different types of needs:
- Section 202 Supportive Housing for the Elderly. This program aims to help very low-income seniors including those who need assistance with cleaning, cooking, and transportation. HUD offers capital advances to non-profit organizations to build properties to be used as senior homes and it also offers rent subsidies to beneficiaries.
- Low-Income Housing Tax Credit Properties. The LIHTC aims to offer tax credits to investors and developers that buy, build or rehabilitate low-income senior housing
- Housing Choice Voucher Program (Section 8). This program offers rental assistance for low-income families, disabled people and the elderly who are living in market-rate apartments.
- Public Housing. These are high-rise apartments and residential areas that are run by the county or city public agencies. Only qualified tenants who spend 30% of their income on rent and utilities are allowed to stay in these public housing facilities.
Understand the needs of the elderly
There are many housing options for seniors on the market. But one of the best ways to find the right home that doesn’t cost a lot is to determine the needs of the individual who will live in it. Know the current rental rates first and consider options according to what fits the requirements of the tenant. Some of the most important things to consider include space, number of bedrooms and location.
Don’t jump on the first offer you see
Once you know the specific needs of the tenant, it’s time to search for options that fit within his budget. It’s actually not very hard to find cheap senior housing, but you should never jump on the first offer you see.
Filter out your options through their amenities including the right number of bedrooms, easy access for disabled individuals and the elderly and safety measures implemented around the residence.
Get ready to apply for senior housing
There are certain qualifications for low-income senior housing. So when the elderly are ready to apply, he should contact the local HUD office or public housing agency to know which programs he is qualified in.
The elderly deserve the chance to live a comfortable life as they enjoy their later years. This is why a lot of senior housing options are provided by the government to ensure that they enjoy the best years of their lives.
Fallbrook Assisted Living is proud to offer its services to Fremont, NE, and surrounding areas and cities: Arlington, Cedar Bluffs, Ames Nickerson, Fontanelle, Arlington, Leshara, Colon, and Hooper