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FINDING AFFORDABLE HOUSING
Finding Affordable Housing
MANY ROADS CAN TAKE YOU THERE.... Affordable housing represents public and private sector efforts to assist people with low and moderate-income to lease or purchase housing. As a guide, a person should not spend more than 30% of their income for housing. Affordable rental housing generally charges low cost rents at or below the HUD’s published Fair Market Rents. Fair Market Rent (FMR) is an amount determined by the U.S. Department of Housing and Urban Development (HUD) to be the cost of modest, non-luxury rental units in a specific market area. Generally, an “affordable” rent is considered to be at or below the Fair Market Rent. Public housing refers to housing units constructed for people with disabilities, of low-income, and the elderly. Generally, local public housing authorities administer these rental units. The purpose is to provide decent and safe rental housing for financially eligible tenants. Public housing comes in all sizes and types, from scattered single-family houses to high-rise apartments. For more information visit WWWPORTALHUDGOVHUDPORTAL (5$ SRC PROGRAM?OFlCESPUBLIC?INDIAN? HOUSINGPHACONTACTSNJ Subsidized housing means housing that has supplemental funding from federal, state, county or local government to assist people of low and moderate incomes. The rent paid by the tenant is often based on a percentage of the person’s income and the subsidy pays the balance. New Jersey has several rental assistance programs.
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