Houston is one of the most populated cities in the state, with nearly 2.3 million people residing here. Therefore, finding affordable housing in Houston can be tricky, particularly if you’re not familiar with housing programs or community resources in Houston.
Initially, finding affordable housing in Houston can be overwhelming, but you can develop a decent plan to find it with a basic understanding of housing options and some work. In this article, Maxwell Drever of drever capital management will talk about four ways to find affordable housing in Houston.
4 Ways to Find Affordable Housing in Houston
ere are four ways to find affordable housing in Houston:
1. Houston Public Housing Program
We’ll start with the most obvious and common option: applying for the public housing program. The local housing authority manages this type of housing, and it typically features apartments.
People who live in these apartments under the public housing scheme include:
- Veterans
- Individuals with disabilities
- Low-income families
- Seniors on a fixed income
Those who live in public housing tend to pay thirty percent of the rent every month. If you want to apply for this program, you’ll need to reach out to the Houston Housing Authority for more information about their housing programs.
2. Low-Income Tax Credit Apartments
This is another affordable housing option in Houston for families with low incomes. In this housing program, the apartment landlord gets a tax credit in return for renting the apartment at a discounted price to low-income families.
This discount depends on how low your income is. Typically, it’s between forty to sixty percent of your regular rent. The primary objective of this scheme is to provide low-income residents with affordable, safe, and decent homes in Houston.
3. Rooming Houses
This is one of the best and most affordable options to consider if you’re a single adult. This program provides low-income individuals with a single room on rent to live in on a weekly or long-term basis.
Though the average weekly rent of these houses varies, it is mostly around $100 per week. Rooming houses are perfect for those with bad credit, a criminal record, or no rental history.
4. Section 8
Another common way to find affordable housing in Houston is to apply for the Section 8 program. In this type of housing program, the residents are not restricted by the local housing authority, unlike the public housing program.
If you apply for this scheme and receive a Section 8 voucher, you’ll only need to pay thirty percent of your house rent, and the federal government will pay the remaining seventy percent. If you want to apply for this program, you’ll need to contact the Houston Housing Authority.
Final Words
With nearly 2.3 million calling it home, Houston is one of the most populated cities in Texas. At the same time, it’s one of the most expensive places to live in. However, that does not mean finding affordable housing in Houston is impossible.
In this article, Maxwell Drever has discussed four ways you can find affordable housing in this city. Check them out and if you found them helpful, let us know in the comments section.
What It Takes to Deliver Affordable Workforce Housing
Workforce housing is a category of residence that offers a choice for people looking for a reasonable accommodation in the city center. These are typically those houses that cater to the requirement of medium-income families. These households earning between 80 to 120% of the area median income depend upon national and state governments for their housing requirement. There are multiple definitions of workforce housing available on the Internet.
Understand the details of affordable housing
Housing that serves families below 60% of the area median income in the real estate industry is affordable. These housings meet the specific requirement of government programs and local municipalities. Moreover, they get support from higher officials because they are for the average individual. Since these are low-cost housing, they provide an alternative to other properties available in the market. The real estate industry also plays a vital role in settling this demand for affordable housing.
Investment in affordable workforce housing.
One best way of delivering affordable workforce housing is by increasing the investment in this sector. Maxwell Drever of drever capital management expresses that proper planning and execution are vital to providing this avenue with the much-needed boost. Workforce housing is a broad segment that includes reasonably priced residences in the market. These low-cost homes can reduce the gap between free enterprise and government-assisted living. Remember that workers and laborers qualify for these homes because they do not have the resources to pay high rent.
Investment in affordable workforce housing is advantageous because housing demand never goes down. Homeownership has become the buzzword since the population is improving considerably. Developers, investors, and real estate players prioritize building workforce housing and curtailing the gap between demand and supply. Along with this, various regulations are getting altered to support these initiatives. Government-sponsored properties help in conversion to residential institutions to settle the demand.
What about tax credit?
Unfortunately, the tax credit does not have anything to play in terms of workforce housing. New initiatives help medium and moderate-income families flourish in this sector. However, various housing policies and programs come under the federal government to support affordable residential units. It is a very crucial concept that needs immediate attention.
• By introducing new zone provisions, tax incentives are finding their way into these real estate projects.
• Along with this, various private players are taking interest in constructing affordable residential units.
• It’s because they understand the significance of higher revenues these projects can provide.
The need of the hour is a combined effort of the public and private sectors to ensure that the gap between demand and supply reduces. Along with this, more and more public support is necessary so that you can establish a community feeling to encourage this real estate initiative. Of all the basic amenities, housing is the fundamental one. Hence, every individual in the community must understand the significance of a residential unit and the role that the workforce population plays in society. Without them society and economy will suffer.