The Ins and Outs of Senior Living Apartments Based on Income

According to the United States’ Population Reference Bureau, the number of Americans ages 65 and older is predicted to make up 23 percent of the country’s population by the year 2060. At any given time, this means there are millions of American seniors looking for housing options. For low-income seniors, those options can be difficult to understand.

Thankfully for seniors in need of lower-cost options, there are several programs that help older adults find housing options. If you or a loved one is exploring housing options, it is important to understand the guidelines for senior housing, how to qualify for low-income senior housing and how to find the best options in your area.

Senior Living Apartments Based on Income

While many senior living communities call themselves “affordable”, seniors and their loved ones must look deeper to know what that term really means. There is no reason anyone should have to sacrifice quality or make lifestyle changes in order to afford a senior housing community.

Before you can look at low-income housing options or explore support programs, you must understand what is available in your area. You can use resources, like The Senior Living Directory, to find options anywhere in the US. In the Kansas City area, you can explore the Victory Hills Senior Living Community. Victory Hills offers apartments for every budget, a wide variety of amenities and all the social opportunities you need to remain a vital, active member of the KC community.

Once you have identified a senior living community of interest, it is time to explore options for financial support. Here are six programs that support senior housing options available to low-income older adults on a fixed budget:

Public Housing
In the US today, nearly 31 percent of public housing tenants are seniors. Public housing facilities are operated by a county public housing agency or by the city. Public housing options usually have low-income requirements and older adults must be able to spend about 30 percent of their income on utilities and rent.

Virtual Retirement Communities
This virtual option for senior living allows older adults to live independently while gaining access to the social opportunities and support systems that are part of a senior living community. These services may include things like planned social outings, educational and fitness classes and coordinated transportation. Virtual retirement communities usually cost between $100 and $500 per year and these fees are generally not covered by Medicaid or Medicare.

Co-Op Housing
Senior living co-ops are growing in popularity; there are now at least 125 senior co-ops serving over 10,000 residents across 50 states. These communities offer older adults the comfort of added assistance in an independent setting. To keep costs low, many communities ask all the seniors to participate in operational tasks and daily upkeep of the facility.

Low-Income Housing Tax Credit (LIHTC)
The LIHTC is available to all Americans and is of great help to the senior population. This federally funded program makes sure there are enough low-income housing options to meet the demand. If you qualify with The United States Department of Housing and Urban Development (HUD), you can apply for an LIHTC affordable senior housing community directly.

Housing Choice Voucher Program
Once known as Section 8 housing, the housing choice voucher program (HCVP) currently serves more than 600,000 low-income seniors across the US. This program generally supports seniors who are not disabled and can live independently. If you are interested in HCVP, your income cannot be more than 50 percent of the median income in your area.

Section 202 Supportive Housing for the Elderly
The Section 202 program is the only one that provides rent-assisted housing specifically for the disabled and for seniors. This program supports adults ages 62 and over with a low household income. While services vary between communities, many senior living apartments, like Victory Hills, offer medical care, transportation, housekeeping and social events.

Finding the Right Low-Income Senior Housing

When selecting low-income senior housing, it is important to consider all the factors that will impact your lifestyle. Is the facility close to family? What services are offered? Do they offer different options for amenities and cost? In addition to these questions, here are a few of the top concerns regarding low-income senior housing:

What is the maximum income for senior housing?
The maximum income for a senior to apply for any HUD program is 20 percent of the median income. To qualify for public housing, seniors must have a low income and also be able to spend about 30 percent of their income on rent and utilities.

What are the qualifications for senior housing?
To be eligible for Section 202 supportive housing, you must be 62 years old or older with a household income of 50 percent of the area median.

How do I apply for low-income senior housing?
It is important to understand what is available in your particular area. There are different requirements depending on what type of support and what type of facility interests you.

Affordable Living for Your Lifestyle

Finding a senior living facility where you are comfortable and that makes sense financially are equally important. The apartments at Victory Hills are built to support your lifestyle. Month-to-month leases allow you to remain independent and to make life choices that make sense for you. Victory Hills also does not require a large, up-front entry free or endowment, which means your move-in costs are budget-friendly.

To learn more about the community, amenities and opportunities available at Victory Hills, contact us today!