Low Income Living Accommodations Not Only Accommodating For Recipients!
12:07 AM
The stimulus money the feds have released into the economy has had a huge impact on the real estate market, including allowing cities to use the fund to purchase low income housing. The purpose for this is simple, it is designed to help the real estate market while supporting the poor in the communities.
With the economy sinking so low and unemployment engulfing the job market, for the government to do this is a step in the right direction. Cities have to buy up some kind of buildings, homes or apartments to help the poor people find places to live.
Without the recent changes, a city would have to contract for a certain agreed upon payment for the rental property and then, reluctantly, property owners may agree to allow the poor families to rent from them.
Some of the occupants of this kind of housing are disabled and need special care, or they may just be people who are unemployed and need help getting back on their feet. Residence in this type of housing is typically short term so that people do not overstay their welcome, unless conditions demand a longer stay.
The owners of the low income housing can qualify for special tax exemptions for agreeing to allow their property to be used to house the poor. To add to the incentive, rent rates for people who qualify for low income housing tend to be backed by the government, so if you have a problem collecting rent the fact that you are on the indigent program will make sure you get your rent payment.
As a strategy, some beginner real estate investors locate low income housing programs to help fill their properties because it is a predictable income which helps them plan their investing strategies. This furthers the notion that everyone involved will come out ok when participating in low income housing programs.
With the economy sinking so low and unemployment engulfing the job market, for the government to do this is a step in the right direction. Cities have to buy up some kind of buildings, homes or apartments to help the poor people find places to live.
Without the recent changes, a city would have to contract for a certain agreed upon payment for the rental property and then, reluctantly, property owners may agree to allow the poor families to rent from them.
Some of the occupants of this kind of housing are disabled and need special care, or they may just be people who are unemployed and need help getting back on their feet. Residence in this type of housing is typically short term so that people do not overstay their welcome, unless conditions demand a longer stay.
The owners of the low income housing can qualify for special tax exemptions for agreeing to allow their property to be used to house the poor. To add to the incentive, rent rates for people who qualify for low income housing tend to be backed by the government, so if you have a problem collecting rent the fact that you are on the indigent program will make sure you get your rent payment.
As a strategy, some beginner real estate investors locate low income housing programs to help fill their properties because it is a predictable income which helps them plan their investing strategies. This furthers the notion that everyone involved will come out ok when participating in low income housing programs.
About the Author:
The author enjoys writing articles about boise id real estate & boise homes. Click on the above links for more information about these topics!
You can leave a response, or trackback from your own site.