Subsidized Apartments: A Great Alternative

Answer 1

Subsidized apartments can offer people with low incomes a great alternative to traditional housing. This type of housing is the ultimate type of bargain. Many people that sign lease agreements through federal programs are able to land luxury apartments at up to 80% off of the regular price tag. So, how does one get subsidized apartments? Well, the key is to understand the laws regulating subsidized housing. Understand what the requirements are and whether or not you qualify for partaking in a subsidized housing deal. Many people are able to land some of the finest apartments in New York City because they simply take advantage of opportunities available to them.

Under Section 8 of the Housing Choice Voucher Program, people can sign up for receiving vouchers that cover part of their rent. In states like New York, this means people can pay for a majority of their rent in cities like Manhattan that often feature very expensive apartments. Very few people know about the 80/20 rule as it is often called in New York. This rule forces new apartment buildings to offer 20% of its rooms and spaces to lower income individuals. These individuals have to apply for a spot in the apartment building through a lottery system that is often very competitive. Rarely are there enough spaces in these luxury apartments for the lower income individuals that seek to live within them.

Typically an individual needs to earn an income that is within one of the lowest brackets in a city. The trick to this is that for expensive cities like Manhattan or Los Angeles, a person’s lower income in these cities may be something along the nation’s average salary. This means that ordinary individuals can pay very cheap rent rates to live in elite housing situations.

Many people are able to end up living in apartments that cost $5,000 in Manhattan in New York through Section 8. Ultimately, these people may only pay a few hundred dollars to live in apartments fit for royalty. These apartments often feature the best amenities and security too.

Overall, it is worth researching whether or not one qualifies for subsidized housing. You never know what you can get!