Housing Alternatives for Families

Long-term traditional mortgages that require substantial down payments and stellar credit ratings aren’t within the range of many low income families. Other housing choices are available to families in such financial situations. Local municipalities, nonprofit organizations and the national government all provide different housing options for low-income families.

Public Housing Developments

The national government provides entire buildings across the United States that are specifically for low-income people and families. According to the U.S. Department of Housing and Urban Development (HUD), there are approximately 1.2 million households living in public housing units. Over 3,300 housing authorities manage the components. You will find high-rises filled with hundreds of apartments as well as low-rise developments that have hundreds of components spread out in four- to six-unit buildings. Most public housing developments include play areas and space for children. So as to be deemed qualified for an apartment in a public housing development, families must be U.S. citizens and meet income requirements (limits vary by region and public housing authority). The lease in public housing units is greatly subsidized so the tenant pays a fraction of the actual market value of the unit.

Mixed Income Developments

Mixed-income developments are residential websites that include housing for people in various income brackets. A diverse economic spectrum will be reflected in one construction, typically via a mixture of public capital, government programs and nonprofit agencies. Some local agencies, including New York’s Department of Housing Preservation and Development, utilize lottery systems to offer the non – and middle-income housing units fairly. In New York people who win the lottery must still meet certain residential and income requirements prior to receiving a unit. According to the Association of Bay Area Governments, mixed-income developments help to reduce the negative impact of concentrated poverty.

Property Taxes

A property contract is a legal arrangement between a buyer and a seller that doesn’t involve a mortgage or large down payment. The buyer buys the property through a series of payments that are agreed upon in a written contract. A property contract is a viable option for home ownership for those who don’t have enough money or charge to get a large down payment, but can afford monthly payments, according to Standard Legal.

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