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(Print Version)
Subsidized housing, through the Section 8 Housing or Section 236 Housing Programs for low and moderate income households uses federal or state resources to build or renovate affordable housing. Households contribute no more than 30 percent of their income towards rent. The units are only available to people who meet specific income limits. This housing is either publicly owned and managed by a local housing authority or privately owned and managed but publicly subsidized. Many subsidized housing developments are exclusively for people over age 62 or for the disabled. The United States Department of Housing and Urban Development (HUD) has administered the Section 8 Program since 1968. This rental assistance program provides rent subsidies to low income households. This enables eligible households to live in privately owned housing while paying no more than 30 percent of their monthly income in rent. The rental assistance goes directly to the landlord from the administering program. LOW INCOME HOUSING TAX CREDIT PROPERTIES, Housing Authorities and US Department of Agriculture – Rural Development also serve as resources for the construction of housing for low and moderate income individuals.CONTINUING CARE RETIREMENT COMMUNITIES (CCRCs) Continuing Care Retirement Communities (CCRC) allow seniors to "age in place," with flexible accommodations that are designed to meet their health and housing needs as these needs change over time. Residents entering Continuing Care Retirement Communities sign a long-term contract that provides for housing, services and nursing care, usually all in one location, enabling seniors to remain in a familiar setting as they grow older. Seniors who invest in a Continuing Care Retirement Community have adequately planned for housing and care for the remainder of their life, and have the financial means to support it. Continuing Care Retirement Communities are also known as: Continuing Care Retirement Communities offer service and housing packages that allow access to independent living, assisted living, and skilled nursing facilities. Seniors who choose to live in a Continuing Care Retirement Community find it reassuring that their long-term care needs will be met without the need to relocate. Nonprofit organizations sponsor many Continuing Care Retirement Communities. These nonprofit agencies may set up communities that cater to affinity groups, such as religious organizations, fraternal orders, and ethnic groups. |
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| Last Updated: 11/6/2008 | |