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Income Restricted Apartments | SPAOA

Get A Roof Over Your Head At A Cheaper Cost

Posted on 15. Jul, 2013 by in Financial Planning

One of the aspects of living a long and healthy life is to have a roof over your head. You cannot achieve this if you are short of cash. One way that you can have a roof over your head at a low cost is by opting for income restricted apartments. So, what are these apartments and how can they benefit you?

How Does It Work?

Developers out to offer affordable housing options to the masses usually qualify for tax credits from the government. These credits are then sold to corporations and banks that then go ahead and offer funding for the houses. The profits that come from these units usually arise from tax credits and not rentals. This makes the rent to be very low and ideal for your financial status.

How Do You Qualify?

Before you can live in an income restricted apartment, you have to prove that both you and your partner earn less than half the median income (when both incomes are combined) in the geographic region that the apartment is found. If you are not sure about this qualification, talk to the landlord to find out whether you qualify.

What Are The Benefits?

These apartments are affordable meaning you get a quality roof over your head especially if you have a large family. . Additionally, the houses are built strategically to allow you access transport routes that are close to schools, shopping malls and health facilities.

If you are a single family with limited financial abilities, you need to find a house that will suit your budget as well as give you the comfort you desire. Income restricted apartments give you exactly what you need.

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