Navigating the differences between Section 8 Housing and Low Income Housing in Idaho can be tough – the terms are sometimes used interchangeably in casual conversation, which can be confusing for tenants on the search for housing.
Basically, Section 8 Housing refers to HUD-subsidized housing programs where residents benefit from rents that allow them to pay a percentage of their monthly adjusted income as rent whereas the Low Income Housing Tax Credit Program (LIHTC), sometimes referred to as Section 42, allows residents to pay lower rents in LIHTC communities because the developers of those communities received federal tax credits when creating the communities.
Today, we’re going to dive a little deeper into the differences between Section 8 Housing and Low Income Housing, how they work specifically in Idaho, and how Syringa Property Management can help you find the perfect place for you and your family to live.
Section 8 Housing
Section 8 of the Housing Act of 1937 authorizes the payment of rental housing assistance to private landlords on behalf of low-income households in the United States. Section 8 programs are managed by the U.S. Department of Housing and Urban Development. Section 8 Housing falls into both what is known as “tenant-based” rental assistance, which allows tenants to move from one unit of minimum housing quality to another, and “project-based” rental assistance which is specific to a particular development and can’t be used at another property. Landlords are not required to participate in the voucher program, but some states have laws that prevent landlords from discriminating against tenants based on ‘source of income.’
If you live in a Section 8 subsidized housing unit, a portion of your rent is paid for by the government or housing program based on an income cap, meaning you can’t make over a certain amount of money to qualify. Section 8 housing can be a great option for families that are looking for affordable housing and meet the income and household criteria in their state.
Low Income Housing
The Low Income Housing Tax Credit Program (LIHTC), sometimes referred to as Section 42 housing, refers to a section of the Internal Revenue Tax Code that provides tax credits to investors and companies that build affordable housing. These investors receive reductions in their tax liability for building and maintaining affordable housing for tenants with fixed or lower incomes. Like Section 8 Housing, the tenants who live in Section 42 housing must be income and program eligible. However, the rent that Section 42 tenants pay is capped at a fixed amount and includes utilities that the tenants are responsible for. This kind of Low Income Housing is not a government-subsidized rental program.
There are many benefits to living in Section 42 housing. Most buildings in these communities have high maintenance standards so that the investors ensure they keep their tax credits. This often means that there are regular checks to ensure appliances are in working order and that things like bathroom and kitchen tiles are well maintained and in working order.
Low Income and Section 8 Housing in Idaho
Idaho is full of affordable housing opportunities, especially in the Treasure Valley. If you are looking to apply for Public Housing and Housing Choice Vouchers that fall under Section 8 housing, you’ll have to visit your local Public Housing Agency (PHA). There can be long waiting lists for some PHAs, so it can be a good idea to apply at more than one PHA. Once you are in contact with your PHA, they can also give you a list of locations that your voucher can be used at.
For Low Income Housing in Idaho, you will need to contact or visit the management office of the apartment complex that interests you. There are plenty of affordable housing units all throughout Idaho for you to choose from and apply for.
Syringa Property Management Can Help
Are you looking for the perfect Low Income or Section 8 Housing in Idaho for you and your family? Contact Syringa Property Management today, we’d be more than happy to help you find the perfect housing community to settle down in.
Syringa was formed when the Low Income Tax Credit and other programs were relatively new; and has always had the goal of being the management company most knowledgeable in federal housing programs in order to provide excellent management fairly to it’s clients.