The “Out of Reach” report, published by the National Low Income Housing Coalition, otherwise known as, the NLIHC, indicates that housing costs are continually “out of reach” for low-income households in the United States, as the economic recession continues to push wages lower and rental rates continue to be on the rise. According to the 2010 report, the average renter is making less income than they did in 2009. In fact, it is not feasible for one working person (who makes minimum wage) to afford a two-bedroom apartment — anywhere in the United States. This fact, alone is what keeps the nation’s government working to find affordable housing options for low-income to moderately low-income families. If you are struggling to find affordable housing in the U.S. — you are not alone and there are programs that can help.
Read more about some of the national affordable housing programs for low-income Americans.
Multifamily Housing Service Coordinator Program — This housing program has been one of HUD’s most successful throughout the years. Since 1992, HUD has provided the NOFA or Notice of Fund Availability, which allows the specific allocation of funding to enable HUD multifamily housing owners, sponsors and the elderly a chance to hire a Service Coordinator. A Service Coordinator assists in offering case management and providing coordinative services to elderly individuals, especially those who are “at risk” or considered “frail”. This program allows them to stay at their current residence. The result is that thousands of senior citizens in the U.S. will have the chance to continue living an independent life, rather than living in a group facility such as, a nursing home. The American Association of Service Coordinators offers support to HUD Service Coordinators by providing training, education, advocacy and networking.
203(k) Program — This national program provides down payment loans to individuals who are living in a home, who is both owner and occupant, as well as, providing funding to nonprofit organizations that wish to purchase and renovate a house for the purpose of helping low-income families.
HUD Home Auction — According to HUD’s lending philosophy, if a HUD-insured lender forecloses, the U.S. Department of Housing and Urban Development will take possession of the home. These properties are typically, sold to the highest bidder through the HUD auction. If a buyer makes a full-price offer to HUD via an FHA-insured mortgage, financing will be eligible to make a very low $100 down payment.
The “Out of Reach” report, mentioned in the beginning of this article, concluded that housing market pressures are increasing the demand of rental units, along with tightened credit markets and the ever-increasing presence of foreclosure make owning your own home, a much more difficult option for many Americans. Therefore, while there are seemingly insurmountable challenges, in regards to making housing affordable for all Americans — HUD, the national branch of affordable housing is doing what it can to provide programs and options to low to moderately-low families who need, as much help as they can get.
