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Guide to Affordable Housing
Yes, you really can make money owning and renting affordable housing!In fact, there are many supplemental government programs available that make offering an affordable housing program a sound investment. With tax credits, tax-exempt bonds, special financing, and other opportunities available to investors in low income housing, the personal financial risk can be greatly minimized. And if you’re able to be certified to accept subsidized government housing vouchers, you’re almost guaranteed constant 100% occupancy due to the waiting lists in many areas for such properties.
When considering adding low income housing programs to your real estate investment portfolio, among the key points to consider are:
1. The need for affordable housing in your community.
2. The availability of tax breaks for affordable housing resources.
3. Your property’s ability to qualify as government housing.
Action Steps
The best contacts and resources to help you get it done
Find tax credits and tax-exempt bonds available for low income housing in your area
The government loves to promote affordable housing whenever it can do so. However, there are often limits on the amount of subsidized housing that can be in any area. So many state and local governments offer tax breaks to investors who make the rent on their properties appropriate for those tenants who need cheap homes.
I recommend:
Affordable Housing Finance is a magazine dedicated to financing housing for low income residents. They offer a state-by-state list of contact information for available tax credits and tax-exempt bonds. Fannie Mae offers information on a wide variety of financing and tax credit options on their website as well.
Offer your property to tenants using subsidized housing vouchers if possible
In many urban areas, there is a shortage of properties open to those using subsidized housing, or Section 8, vouchers. These programs therefore have long waiting lists for prospective tenants. By opening your property to these tenants, you can work towards having close to 100% occupancy due to the sheer demand for quality properties that accept Section 8 vouchers.
I recommend:
The Section 8 program is administered nationally by the U.S. Department of Housing & Urban Development (HUD). The HUD website offers a section for landlords, chock-full of information on accepting Section 8 vouchers for your low income housing.
Assess the need for affordable housing in your community
In most urban areas, there is no question as to the need for low income housing. Many families struggle to make their monthly rent and are always looking for cheap homes for rent. However, in some suburban or rural communities, the need is less great and other investors may have already met this.
I recommend:
HUDUser.org offers huge sets of data on affordable housing across the country. This can help determine appropriate rental rates as well as the quantity of need in your area.
Tips & Tactics
Helpful advice for making the most of this Guide- Most investors offering low income housing expect a decent amount of tenant turnover. Make sure you have designed your property to turn over quickly with the minimum necessary between tenant rehabilitation, such as carpet cleaning and designer painting.
