Hud consolidating home ownership centers
But it’s better to plan now and initiate changes on your own rather than being forced by circumstances in the future. Department of Housing and Urban Development (HUD) creates affordable housing for citizens across the country by funding programs for rent assistance, home ownership, and assistive services for seniors and the disabled.Here are some questions to think about as you prepare for your retirement: If your current or future financial circumstances call for a drastic reduction in cost of living, HUD may have a program that can help. HUD helps more than 900,000 seniors with affordable housing through its programs.
This program funds “multifamily housing for moderate-income households, including projects designated for the elderly.” Some of the housing is designed specifically for the elderly and handicapped. Anyone can occupy a home that is insured under this program and are “subject to normal tenant selection.” There are no income limits. This purpose of this program is to enable those with disabilities to live as independently as possible in a housing environment that provides supportive services.
There are two kinds of vouchers: tenant-based and project-based. Project based vouchers (PBVs) are assigned to particular units and buildings and are not transferable. In some cases, those with low income (80% of area median) are eligible.
Income such as pensions, retirement accounts, IRAs, insurance annuities, and assets such as real estate, cars, etc. Housing Depending on your location, housing options can include single-family homes, townhouses and even apartments.
With the recent economic collapse, many older adults find themselves in an unexpected position entirely.
A recent AARP Public Policy Institute Study found that:“Another daunting issue facing retirees is the cost of senior living options.