Feb
27
Income Qualifications for Affordable Housing in Issaquah
Written by: rebecca and filed Under Blog, Buyers, Issaquah, Issaquah Highlands, Real Estate |
Alice, a reader from Florida, recently asked a question about how income is calculated for this low income housing in Issaquah.
I would like to move to Issaquah to be close to my daughter and her family. Can you please tell me how the income is calculated for this low income housing? My main income is from Social Security, have some other income and once my home sells here in Florida will have some cash.
Any help you can give me with this matter will be much appreciated.
For all interested in knowing what HUD uses to base income off of you can refer to the official document titled "TITLE 24–HOUSING AND URBAN DEVELOPMENT, PART 5_GENERAL HUD PROGRAM REQUIREMENTS; WAIVERS" or 24CFR5.609 for short. Or you can just read the summary below.
To answer your question Alice, HUD uses all amounts and sources of income, INCLUDING SOCIAL SECURITY PAYMENTS, whether they be monetary or goods and services. There are however a few, okay quite a few, exceptions which I have listed at the bottom of this post. So yes, your Social Security income and your "other income" (assuming it does not come from one of the exceptions below, would count against you.
To determine what housing you qualify for, you would need to add up all your income, count the number of members of your household and then refer to the chart below.
For example, if your household income totaled $50,000 and you had 4 persons in your household, you would qualify for a affordable home at the 80% of median income or greater level. That would basically allow you to purchase, or rent any affordable housing units in the Issaquah Highlands.
I have helped several clients find and purchase affordable homes and most recently am in the process of helping one purchase in the Issaquah Highlands. If you would like any help with finding and purchasing affordable housing, or would just like more information, feel free to give me a call or send me an email.
These exceptions are subject to change but currently include the following sources:
- Amounts paid by a State agency to a family with a member who has a developmental disability and is living at home to offset the cost of services and equipment needed to keep the developmentally disabled family member at home.
- The value of food stamps provided to an eligible household under the Food Stamp Act of 1977.
- Incremental earnings and benefits from participation in qualifying state and local employment training programs.
- The amount by which the family’s welfare benefits were reduced, if the family was not an assisted resident at the time of sanction.
- Non-recurrent, short-term benefits that: * Are designed to deal with a specific crisis situation or episode of need
- Are not intended to meet recurrent or ongoing needs; and
- Will not extend beyond four months.
- Work subsidies (i.e., payments to employers or third parties to help cover the costs of employee wages, benefits, supervision, and training).
- Supportive services such as child care and transportation provided to families who are employed.
- Refundable earned income tax credits.
- Individual Development Accounts.
- Services such as counseling, case management, peer support, child care information and referral, transitional services, job retention, job advancement, and other employment-related services that do not provide basic income support.
- Transportation benefits provided under a Job Access or Reverse Commute project, pursuant to section 404(k) of the Social Security Act, to an individual who is not otherwise receiving assistance.
- Lump-sum benefits payable as a death benefit.
- Deferred periodic amounts from SSI benefits that the family member received in a lump sum amount or in prospective monthly amounts.
- Amounts received by a person with a disability that are disregarded for a limited time for purposes of SSI eligibility and benefits because they are set aside for use under a Plan to Attain Self-Sufficiency (PASS).
- Deferred periodic amounts from Social Security benefits that the family member received in a lump sum amount or in prospective monthly amounts.
- Child care arranged or provided under the Child Care and Development Block Grant Act of 1990.
- Amounts received by the family that are specifically for, or in reimbursement of, the cost of medical expenses for any family member.
- Payments received under the Alaska Native Claims Settlement Act.
- Income derived from certain submarginal land of the United States that is held in trust for certain Indian tribes.
- Income derived from the disposition of funds of the Grand River Band of Ottawa Indians.
- The first $2,000 of per capita shares from judgement funds awarded by Indian Claims Commission or the Court of Claims or from funds held in trust for an Indian Tribe by the Secretary of Interior.
- Payments received under the Maine Indian Claims Settlement Act of 1980.
- Payments received by the Indian Claims Commission to the Confederate Tribes and Bands of the Yakima Indian Nation or the Apache Tribe of the Mescalero Reservation.
- The first $2,000 of income received by individual Indians derived from interests or trust or restricted land.
- Payments received for the care of foster children or foster adults (usually persons with disabilities, unrelated to the tenant family, who are unable to live alone).
- Lump-sum additions to family assets, such as inheritances, insurance payments (including payments under health and accident insurance and worker’s compensation), capital gains and settlement for personal or property losses.
- Full amount of student financial assistance paid directly to the student or to the educational institution.
- Temporary, nonrecurring or sporadic income (including gifts).
- Reparation payments paid by a foreign government pursuant to claims filed under the laws of that government by persons who were persecuted during the Nazi era.
- Adoption assistance payments in excess of $480 per adopted child.
- Refunds or rebates under state or local law for property taxes paid on dwelling unit.
- Amounts specifically excluded by any other Federal statute from consideration as income for purposes of determining eligibility or benefits under a category of assistance programs that includes assistance under any program to which the exclusions set forth in 24 CFR 5.609(c) apply.
- Payments or allowances under DHHS’ low-income home energy assistance program (LIHEAP).
- Federal scholarships funded under Title IV of The Higher Education Act of 1965, including awards under the Federal work study program or under the Bureau of Indian Affairs student assistance program.
- Payments received from programs funded under Title V of the Older Americans Act of 1965.
- Payments received on or after January 1, 1989 from the Agent Orange Settlement Fund or any fund established pursuant to the settlement in the Agent Orange product liability litigation.
- Earned Income Tax Credit refund tax payments.
- Any allowance paid under provisions of 38 U.S.C. 1805 to a child suffering from spina bidifa who is a child of a Vietnam Veteran.
- Any amount of crime victim compensation that the applicant (under the Victims Crime Act) receives through crime victim assistance (or payment or reimbursement of the cost of such assistance) as determined under the Victims Crime Act because of the commission of a crime against the applicant.
For more information you can visit the King County Housing and Community Development Program website.
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What decides if you get to purchase or rent?
I am checking with ARCH, but I believe it is as simple as if someone qualifies for a home loan or not. If they can’t qualify for a loan but meet the income qualifications, then they are eligible to rent an income qualified home. I will let you all know if I find out something different from this.
Are there a specific residential apartments or townhomes that houses the low income housing residents of The Highlands? If yes is there a waiting list that one must register for?