• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Residents receiving housing support

Woodhill II Residence is a building with 36 units meant for adults who have health-related issues and could face homelessness.

The building is situated across from the NYC Health + Hospitals/Woodhill and helps those living with chronic health conditions and serious mental illness. Residents are referred through the hospital and can receive regular visits from health care providers directly from there.

Those living at Woodhill II Residence can also receive services like health care integration and case management. However, residents’ ability to stay in the building isn’t predicated on receiving treatment.

The organization that manages the building is CommuniCare and Blanca Ramirez, its CEO, says there is no time limit as to how long people can stay there. As long as residents can keep paying rent, they’re welcome to stay.

Rent at Woodhill II Residence is much lower than what you’d find in many other places. Residents could pay as low as $250 per month, or 30% of the Area Median Income (AMI).

Invest in real estate without the headache of being a landlord

Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.

The best part? You don’t have to be a millionaire and can start investing in minutes.

Learn More

How to seek affordable housing

If you’re finding it extremely difficult to afford housing, there are several options available to you. Here are the four main types of government programs that help you find affordable rental properties.

Subsidized housing

This government program will pay owners of apartments to help reduce the rent for qualifying low-income residents.

Eligibility is based on your household's annual gross income and whether you have qualifying immigration status. In general, if you make less than a certain percentage of the median income in your area, you may qualify.

To determine whether you qualify, contact your local public housing agency. If you are, you can use the U.S. Department of Housing and Urban Development (HUD) housing map to find participating apartment complexes.

Housing Choice voucher program

Also referred to as Section 8, this program offers vouchers for paying part or most of your rent at qualifying housing units.

To be eligible for the program, you need to be at or under the HUD income limit, an eligible U.S. citizen or non-citizen, be free of certain crimes, and a valid Social Security number for the head of household.

You can apply through your local Public Housing Agency. Keep in mind that there may be long waitlists because of the high demand. In the meantime, you can gather paperwork such as proof of income, documentation of any public assistance you receive and proof of citizenship.

Those that are approved for Section 8 housing assistance will need to attend a voucher orientation and tend to have from 60 to 120 days to find suitable housing.

How much rent you’ll pay depends on your Family Rent Portion, or Total Tenant Payment. At minimum, you’ll usually be on the hook for 30% of your adjusted monthly income, but it could be as much as 40%.

Public housing

Instead of renting through a private tenant, you may qualify for housing managed by your local public housing agency. Eligibility requirements are generally the same as subsidized housing.

In many cases, you may need to apply for public housing in person, though it can vary from state to state. Your local agency should help explain the process and provide you with which documents you’re expected to bring to your appointment.

Assistance for veterans and the disabled

The Supportive Services for Veteran Families (SSVF) program offers assistance for low-income veterans.

Some affordable housing solutions the organization helps with include offering financial resources to prevent eviction, get re-housed quickly if facing homelessness, and finding more suitable housing.

Typically, you’ll need to be very low-income, and a veteran or live with the head of household who is one.

Those living with a disability and under 62 years old may be able to receive a non-elderly disabled (NED) voucher. This is similar to Section 8 housing where you’ll receive assistance in paying for and finding affordable housing.

All of these abovementioned programs help to relieve the burden of living on a low income. If you still struggle to budget the money you earn, consider reaching out to local nonprofits or other relevant government agencies for assistance on necessities like food and health care.

The richest 1% use an advisor. Do you?

Wealthy people know that having money is not the same as being good with money. Advisor.com can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.

Try it now
Sarah Li-Cain, AFC Freelance contributor

Sarah Li-Cain, AFC is a finance and small business writer with over a decade of experience.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.