Affordable housing units

posted 3 years ago in Home
Post # 3
Member
11772 posts
Sugar Beekeeper
  • Wedding: May 2013

I was heartbroken when I found the world’s most gorgeous apartment complex (in a horrible, scary area just outside of Boston), and it wound up being “affordable housing” that we don’t qualify for.

So I don’t know the rules, but I’ve seen it before!

Post # 4
Member
2627 posts
Sugar bee
  • Wedding: November 1999

@Laurenplusalex:  I am not positive, but when you are approved for affordable housing or section 8 and you sign the lease you are OK to live there for the duration of the lease. You may have to reprove your status at renewal time however to continue living there.

With affordable housing you have a lease with the landlord and the landlord oversees the lease, so read the lease carefully to see what rights he/she is reserving themselves. If it is section 8, you sign a lease with the landlord, but the government overseas the lease itself.

Post # 6
Member
2627 posts
Sugar bee
  • Wedding: November 1999

@Laurenplusalex:  If your buying then you need to find out the details from your state/town. Different jurisdictions will have different rules.

There will be resale restrictions on what you can sell it for and who you can sell it to.  So you may forgoe and large appreciation (but can recoup some improvements) on the property and have trouble finding buyers to buy it because it will still be deemd an affordable housing property upon resale.

Have you been approved for the affordable housing or just think you will be based on your income? While income is a large basis for being approved, its not the only one. Its possible if your income potential in the near future is higher they may not approve you for the loan.

Post # 9
Member
10384 posts
Sugar Beekeeper
  • Wedding: September 2010

We have those below market rate places here, too (for sale, not rent, like you said). I think as long as you qualify at time of purchase, it doesn’t matter. You just have to meet the other terms. Here, you have to use it as primary residence for 5 years (aka you can’t rent it out until after the 5 year mark). It’s a pretty good deal in that it lets people get into the market, but less of a good deal in that the value doesn’t rise as fast as the other homes/units around it, and it’s much harder to find a buyer when you are ready to sell since fewer people qualify/know about it.

The units by us are still $350,000+ which kind of blows my mind. The fact that subsidized housing exists for a family of 3 making $105,000/year max and a family of 4 making $115,000/yr max just seems like something is wrong, haha. When we were looking we seriously considered getting pregnant and me quitting my job so that we would qualify and safe $125,000 on a house.

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