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What you Need to Know About the Categories of Affordable Housing

The cost of living has been on a steady rise for a long time no. This implies that a lot of people struggle to survive on a budget that is very low. One of the hardest needs for people to meet is affordable housing. The main aim of affordable housing is to offer all low-income earners a viable option to meet housing costs. Before we get into what the different types of affordable housing are, we should first understand what it is. Here, you will be able to read more about what affordable housing is and the different types available. We shall start with the meaning of affordable housing before looking at the categories.

the meaning of affordable housing is the amount of money in housing cost that an individual can be able to pay for housing. Industry leaders in housing say that the amount of money you pay for housing should be only 30% or less of the income that you get. It is people that are at very great risk of housing insecurity that get offered these affordable housing options. You will therefore find that the affordable housing options are very wide. Identifying the various types of affordable housing categories is the task that is hard. Discussed below are the various choices for affordable housing that are being offered.

The first affordable housing option to be looked into is the section 8 housing choice voucher. Here, the assistance comes in form of rental assistance. The policy here is that the renters of this type of affordable housing only pay a small percentage of the rent depending on what their income is. The other portion of the rent will be paid by a public housing agency. The housing unit that the renter lives in is chosen by him or her. This is one of the most notable affordable housing options.

Public housing is the next type of affordable housing that we shall be looking into. There are public housing agencies that are in charge of the homes meant for low-income families. There are so many public housing units spread all over the country. The thing being offered here is rental assistance. The only downside with the option is that there is a very low waiting list. Another affordable housing option is subsidized housing. Low-rent housing units that are privately owned are referred to as such. The owners of these units receive subsidies from the government so that they offer low rent.