Are you considering moving to a new apartment but can’t afford the rent? You’re not alone–in a recent survey by Harvard University, one in four renters are spending more than half of their incomes on housing. Not only that, but some renters also worry if there will be enough left from their incomes for basic necessities, like food. This sobering fact might put a damper on your search for Temecula apartments for rent.
But there is a way to afford the monthly rent and still be able to pay the other bills, and that is through the government’s affordable housing programs. However, these programs often have strict requirements. You should be aware of their pros and cons before sending in an application. Which apartments for rent in Temecula, CA will qualify you for affordable housing programs?
Here’s an overview of the affordable housing programs offered by the government.
How it’s calculated
Generally speaking, you could be eligible for affordable housing assistance if you’re allocating more than 30% of your income on rent. This percentage is called the income affordability standard for housing, and going beyond it means you’re cost-burdened by the monthly rent. However, affordability may vary depending on the location. What is considered affordable in San Francisco will be different from what’s affordable in Temecula. To be specific, the average rent for 1 bedroom apartments in Temecula is $1,658.
That’s why every year, the Housing and Urban Development (HUD) determines an Area Median Income for different areas around the country. Temecula, for instance, has a median household income of above $96,000. Those earning less than 80% of this amount is considered a low income household, while those earning less than 50% are very low income, and earning less than 30% means living in an extremely low income household.
Those from very low income households, or are earning less than 50% of the AMI, are eligible for a housing voucher through the Housing Choice Voucher Program. The program, simply known as Section 8, allows those from these households to choose their own housing, as long as it meets the requirements. The local public housing authorities are given funding by the HUD to subsidize part of the household’s rent, and the household only pays the difference.
One thing to remember is that Section 8 prioritizes applicants from extremely low and very low income households. If you’re in the low income category, you’ll need patience as you’re put into a waitlist. To apply for the program, simply send an application to your local public housing authority. The application process often takes time, and it’s advised to try getting more than one.
Property owners, on the other hand, are offered incentives to provide affordable housing to low income households under the Low-Income Housing Credit Program, or Section 42. These properties, which are usually newly-constructed or rehabilitated (or a mix of both) devote at least 20% of their units for affordable housing. In return, the state provides incentives and credits to the properties’ investors and developers. They will continue to receive these credits as long as they devote affordable housing for low income households.
It’s not impossible to get Temecula apartments for rent
Through these programs, even those from low-income families can live the dream of moving into one of many apartments for rent in Temecula. Again, remember that these programs have very stringent requirements, so it’s best to work with the right professionals with a deep knowledge of these affordable housing options if you’re looking to move to Temecula, CA in the near future.