Affordable Housing vs. Low Income Housing. While these two terms may seem to have the same meaning, they are different. Affordable housing would be for tenants that have three to four times the rent amount in income. The rent they are paying is affordable to them. Low-income housing would be people that barely have two times the rent in income. Your apartment is not even considered ‘Affordable’ to them, but that is all they can afford. The Federal government recommends that a family spend no more than 30% of their income in rent. If they are paying more than 30%, you will likely have trouble collecting the rent, or it will be a chore every month. Know what your market is, and then target your market. Be sure you are on your way to becoming an affordable housing market, and away from a low-income market. The low income housing market people will cause more wear and tear, and will 'eat' your building bit by bit.
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