Income-based housing benefit: Difference between revisions
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An '''income based housing benefit''' (note: term coined by YIMBYwiki) is a government program which provides some type of financial or tax support for housing use to individuals who qualify on the basis of low income. By contrast, other major housing programs provide benefits to homeowners, typically regardless of income (e.g. mortgage interest deduction), or help fund development of housing, or help fund housing-related service providers (e.g. homelessness programs). |
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An '''income based housing benefit''' is a government program |
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In the United States, the largest income based housing benefit is the Housing Choice Voucher program, which is one of the programs authorized under [https://en.wikipedia.org/wiki/Section_8_(housing) Section 8 of the Housing Act of 1937], commonly known as Section 8. It pays a large portion of the |
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== Housing Choice Voucher Program == |
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which pays a large portion of the rents and utilities of about 2.1 million households. The U.S. Department of Housing and Urban Development manages Section 8 programs.[2]<br/> The Housing Choice Voucher Program provides "tenant-based" rental assistance, so a tenant can move from one unit of at least minimum housing quality to another. It also allows individuals to apply their monthly voucher towards the purchase of a home, with over $17 billion going towards such purchases each year (from ncsha.org analysis).[citation needed] The maximum allowed voucher is $2,000 a month. |
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In the United States, the largest income based housing benefit is the Housing Choice, one of the programs authorized under [https://en.wikipedia.org/wiki/Section_8_(housing) Section 8 of the Housing Act of 1937], commonly known as Section 8. Managed by the U.S. Department of Housing and Urban Development, it pays to landlords a large portion of the rents and utilities of about 2.1 million lower-income households which have been issued a voucher, on an ongoing basis as long as they remain eligible for the voucher. Housing Choice vouchers are "'''tenant-based'''," as opposed to "project-based," so a tenant with a voucher may apply the voucher benefit for any apartment meeting minimum standards whose landlord will accept the voucher. Housing Choice also allows individuals to apply their monthly voucher towards the purchase of a home. |
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Section 8 also authorizes a variety of "project-based" rental assistance programs, under which the owner reserves some or all of the units in a building for low-income tenants, in return for a federal government guarantee to make up the difference between the tenant's contribution and the rent in the owner's contract with the government. A tenant who leaves a subsidized project will lose access to the project-based subsidy. (Wikipedia). <br/> |
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== FAIR (Federal Assistance In Rental) Credit == |
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(proposed <br/> |
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Revision as of 09:15, 1 May 2017
An income based housing benefit (note: term coined by YIMBYwiki) is a government program which provides some type of financial or tax support for housing use to individuals who qualify on the basis of low income. By contrast, other major housing programs provide benefits to homeowners, typically regardless of income (e.g. mortgage interest deduction), or help fund development of housing, or help fund housing-related service providers (e.g. homelessness programs).
Housing Choice Voucher Program
In the United States, the largest income based housing benefit is the Housing Choice, one of the programs authorized under Section 8 of the Housing Act of 1937, commonly known as Section 8. Managed by the U.S. Department of Housing and Urban Development, it pays to landlords a large portion of the rents and utilities of about 2.1 million lower-income households which have been issued a voucher, on an ongoing basis as long as they remain eligible for the voucher. Housing Choice vouchers are "tenant-based," as opposed to "project-based," so a tenant with a voucher may apply the voucher benefit for any apartment meeting minimum standards whose landlord will accept the voucher. Housing Choice also allows individuals to apply their monthly voucher towards the purchase of a home.
Section 8 also authorizes a variety of "project-based" rental assistance programs, under which the owner reserves some or all of the units in a building for low-income tenants, in return for a federal government guarantee to make up the difference between the tenant's contribution and the rent in the owner's contract with the government. A tenant who leaves a subsidized project will lose access to the project-based subsidy. (Wikipedia).
FAIR (Federal Assistance In Rental) Credit
(proposed