Finding affordable Senior Apartments

I thought about applying for HUD housing when I fully retire. When I stop working, I would be considered low income but the money I have in the bank would put me over the assets limit.
 
YodaRules in NC said:
I have lived in an LIHTC (low income housing tax credit) senior apartments. Years ago I sold my house and built a 360 sq ft apartment on friends house (17 acres and beautiful grounds). Then came a developer wanting to buy friend's land so I began looking into other arrangements. Didn't know a thing about low income living and figured I would not be eligible. However, decided what the hell, all they can do is say no. Started researching in my area (Raleigh, NC) and learned a new complex was being built close by and got on the waiting list to apply once construction was almost completed.

Was one of the first people to apply (application waiting list was over 100) as applications were accepted in order of the list. Notice these apartments are INCOME based NOT what you have in assets. My actual income came to a little over $2K monthly BUT, had about $450K in assets (CDs, funds, etc) and was accepted coming in at 60% medium income bracket with a monthly rent of $975 for a 2 bedroom. They did multiply my asset total by a small percentage and applied it to my monthly income.

Lived in the apartments for 1.5 years before moving back out to my place at friend's farm. The apartments were great -- absolutely loved the lay out and options. There were 68 units in the building but the property management company didn't handle/resolve situations between residents. Out of 68 units there were maybe 4 or 5 that continued breaking rules and didn't care -- add public drinking and being argumentative didn't go well. It was an easy decision for me as my friend decided not to sell to the developer -- back I went (until she gets a better offer later on down the road).

Bottom line.... wanted to see if I could live in an apartment atmosphere and my conclusion is I would move back there if management changes. Made great friends that I continue to keep up with. Most were single women, several were still working (apartments are 55+) and enjoyed living there.

It never hurts to keep up with future planning in your area. Low income housing is something all areas are dealing with and staying on top of your particular area is crucial. Those units go fast when word gets out - it's better to be on a list and not need it than to need it and not be on the list.
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YodaRules in NC said:
I have lived in an LIHTC (low income housing tax credit) senior apartments. Years ago I sold my house and built a 360 sq ft apartment on friends house (17 acres and beautiful grounds). Then came a developer wanting to buy friend's land so I began looking into other arrangements. Didn't know a thing about low income living and figured I would not be eligible. However, decided what the hell, all they can do is say no. Started researching in my area (Raleigh, NC) and learned a new complex was being built close by and got on the waiting list to apply once construction was almost completed.

Was one of the first people to apply (application waiting list was over 100) as applications were accepted in order of the list. Notice these apartments are INCOME based NOT what you have in assets. My actual income came to a little over $2K monthly BUT, had about $450K in assets (CDs, funds, etc) and was accepted coming in at 60% medium income bracket with a monthly rent of $975 for a 2 bedroom. They did multiply my asset total by a small percentage and applied it to my monthly income.

Lived in the apartments for 1.5 years before moving back out to my place at friend's farm. The apartments were great -- absolutely loved the lay out and options. There were 68 units in the building but the property management company didn't handle/resolve situations between residents. Out of 68 units there were maybe 4 or 5 that continued breaking rules and didn't care -- add public drinking and being argumentative didn't go well. It was an easy decision for me as my friend decided not to sell to the developer -- back I went (until she gets a better offer later on down the road).

Bottom line.... wanted to see if I could live in an apartment atmosphere and my conclusion is I would move back there if management changes. Made great friends that I continue to keep up with. Most were single women, several were still working (apartments are 55+) and enjoyed living there.

It never hurts to keep up with future planning in your area. Low income housing is something all areas are dealing with and staying on top of your particular area is crucial. Those units go fast when word gets out - it's better to be on a list and not need it than to need it and not be on the list.
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Do you mind if I ask the name of that development in Raleigh, NC? I might apply (I'm not going to retire for two more years but it doesn't hurt to get on the list). Is it in a walkable part of Raleigh. I understand, though, that now even LIHTC housing has an assets limit. In two more year, my assets will most likely (baring any emergencies) top out at $450,000 or thereabouts.
 

jujube said:
I'll see ads for "affordable" senior apartments and have to question "affordable for whom????"

If you can actually "afford" them, you usually have "too much income" to qualify. What?

Any program like Section 8 has waiting lists that are years long or closed to new applicants.

In the Fiction and Fantasy section at the library: "Affordable Housing for the Elderly"
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I see apartments I could afford based on what my income will be when I fully retire but my excess assets disqualify me. It seems we are punished for saving money over our working years.
 
Candi1 said:
I see apartments I could afford based on what my income will be when I fully retire but my excess assets disqualify me. It seems we are punished for saving money over our working years.
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It's not a punishment. It's a lack of enough housing. It is right for you to take second place to someone with nothing, given the lack. You have more options.
 
MarciKS said:
I would like to find affordable senior apartments where there are other seniors to possibly be around. But I have noticed that most of them cost more than I make in a paycheck to rent. Does anyone here live in an affordable senior apartment? If so, how did you go about finding it?
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I am really sorry that you find yourself in this situation. There is no easy answer, not in 2024. We're in a housing crisis that isn't unique to the US. Global economies have edged so close to the edge for plain old working folk, that there's now a practically insurmountable gap.

In the UK we have the concept of social housing, which is another way to say housing that is owned by local government and allocated based on strict criteria. But the waiting list for even these are long - as in people often need to wait years. And yes, the amount of help you can get is means tested - if you have more than (I think) 16K in the bank, you're pretty much on your own.

Add in no fault evictions, lax laws around rent increases, and so on - and you have a real mess that you, unfortunately, are having to face. You're not alone, but that will be of no comfort.

I'm not entirely sure where you are, but I'd speak to some charities to see if they can help. Sadly, trying to fix this issue on your own may be too much. I wish I could send you a happier message.
 
MarciKS said:
I would like to find affordable senior apartments where there are other seniors to possibly be around. But I have noticed that most of them cost more than I make in a paycheck to rent. Does anyone here live in an affordable senior apartment? If so, how did you go about finding it?
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Excactly the same problem exists here in Germany. Good senior appartments are way too expensive. But our government instead pays for bikeways in Peru and other nonsense. It's a shame.
 
i was on the HUD website andI seen where they now have besides section 8 also section 202 which is especially for seniors. Im trying to decide wether i should move into an apartment? Hard decision right now im leasing a property outside of town which i enjoy but downside if your car needs repairs your stuck and have to depend on someone to take you to appt. etc
 
Randmgirl31 said:
i was on the HUD website andI seen where they now have besides section 8 also section 202 which is especially for seniors. Im trying to decide wether i should move into an apartment? Hard decision right now im leasing a property outside of town which i enjoy but downside if your car needs repairs your stuck and have to depend on someone to take you to appt. etc
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I lived in the country and as much as I loved it moving here to a HUD apartment was the right move for me. I also chose not to have a car due to the expense and having to move it for the snow plow in the winter. If I had a car my budget would be tighter than it is. I live pretty good here.
 
I live in subsizised apts. I have been here 6 yrs. It has its ups and downs, there are no mice, or bugs as some places have, and the one maintenance man really does a good job trying to keep us all happy. It is a one bedrm, one bath, 425 sq ft apt. There is a laundry room down the hall but I have my own portable washer.

There is a community room which is rarely used. It is a secure building and no smoking is allowed which is enforced. The pet rules are the usual. Parking is great. There is a good entrance room where the mailboxes are. It is a safe building and I feel very comfortable here. The manager is rarely here, and now that there has been a trunover in the residents in the last 6 mo or so it is a lot more quiet.

Most of the people are ok, but there are some that look very down and out.
I am single, 78, and very healthy. I don't mix with too many of the new people but have friends among the older ones.

The base rent here is 879 a month but it is a 'over 55, or disabled' place.. So after you get approved, the rent for you will be 30% of your income either social security or whatever. So if you make 1000 you will pay roughly 300 or so depending on factors that are yours alone. I most likely will stay here as the town is good and I am very close to all I need.

I urge you all to continue to keep hunting for this kind of place. Yes, there are wait lists and they can be long but apply for everyplace you think you might want to live. There are a couple apts open here.

Good luck, don't give up!
 
dusty said:
I live in subsizised apts. I have been here 6 yrs. It has its ups and downs, there are no mice, or bugs as some places have, and the one maintenance man really does a good job trying to keep us all happy. It is a one bedrm, one bath, 425 sq ft apt. There is a laundry room down the hall but I have my own portable washer.

There is a community room which is rarely used. It is a secure building and no smoking is allowed which is enforced. The pet rules are the usual. Parking is great. There is a good entrance room where the mailboxes are. It is a safe building and I feel very comfortable here. The manager is rarely here, and now that there has been a trunover in the residents in the last 6 mo or so it is a lot more quiet.

Most of the people are ok, but there are some that look very down and out.
I am single, 78, and very healthy. I don't mix with too many of the new people but have friends among the older ones.

The base rent here is 879 a month but it is a 'over 55, or disabled' place.. So after you get approved, the rent for you will be 30% of your income either social security or whatever. So if you make 1000 you will pay roughly 300 or so depending on factors that are yours alone. I most likely will stay here as the town is good and I am very close to all I need.

I urge you all to continue to keep hunting for this kind of place. Yes, there are wait lists and they can be long but apply for everyplace you think you might want to live. There are a couple apts open here.

Good luck, don't give up!
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Sounds really nice, Dusty; if I were alone that'd be right up my alley. They say, though, that the average wait time in most of the U.S. for that kind of place is about 8 years. (Which in my town means more like 10 years since all the places like that in a nearby town are gone since the town burnt to the ground impacting this town too, sigh.)
 
dusty said:
There are wait lists here as well as all around the city and state. Can't be avoided due to a huge lack of apts. I have not heard of a wait more than a few years, tho. I live in NYS and there was recently built a huge new sports dome for more money than football needs. Our governor should have put that money towards improving homelessness.
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I felt similar here. Football stadium renovations are predicted to cost 1.25 B ... yes billion. Just renovations, to a barely 20 year old stadium .

It was reported that about 95% of the cost the taxpayers will bear, only 5% will be @ team cost ?!

and yet many seniors have no place to live, as well as some folks have nothing to eat.
 
rgp said:
I felt similar here. Football stadium renovations are predicted to cost 1.25 B ... yes billion. Just renovations, to a barely 20 year old stadium .

It was reported that about 95% of the cost the taxpayers will bear, only 5% will be @ team cost ?!

and yet many seniors have no place to live, as well as some folks have nothing to eat.
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Sacramento plans to start construction on a new sports arena next spring. We've got hundreds of thousands of homeless people living under freeway overpasses, on sidewalks...there's even a huge tent-city full of homeless people in the very field this arena will be built.

We have a severe housing shortage, the highest rent, gas prices, and sales and property taxes, and probably the highest annual state deficit this side of the Mississippi, and the city is yelling "Play ball!" at taxpayers.
 
dusty said:
How do the powers that be anywhere justify that?
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With rhetoric that we like to hear.

State legislators create laws that make it legal to do what they do. Maybe the only way to change that is to elect regular working folks instead of career politicians. Almost every state election, I see one or two teachers, farmers, construction workers, attorneys, small business owners and other such people who've never held office or ever run for one on the Calif ballot.

I research them before I vote, but I usually vote for them. And a few of them have actually won.

The more regular people we can put in office, the more they'll get done, because the career politicians make it next to impossible for the inexperienced ones to succeed even when they have excellent, totally workable for-the-common-good ideas (especially then, actually).
 
dusty said:
How do the powers that be anywhere justify that? Must bring in a lot of revenue to ignore the homeless.
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It does bring a lot of revenue , plus it feeds the football frenzy that has 'plagued' our society in the last couple of decades. Ad to that the fact that so many are just hooked on, on-line betting of the games , they will support just about anything for the game.
 
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