Housing-What is Section 42 housing?
What Is Section 42 housing?
Section 42, also known as the Low Income Housing Tax Credit, is a tax credit that encourages apartment builders and developers to build affordable housing. These affordable housing options are often in communities that low-income families wouldn’t otherwise be able to afford to live in. As an incentive to the developers, they would receive a reduction in their tax liability in return for providing affordable housing to people with a fixed or lower income.
Unlike the Section 8 rental assistance program, where a resident pays a percentage of the rent based on their income, Section 42 residents pay a fixed amount of rent each month for their apartment rentals. Affordable rents are defined and calculated based on Median Household Income figures published annually by the U.S. Department of Housing and Urban Development (HUD).
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Most Section 42 housing, are usually full or had a waiting list. You can call the property management or landlord to check when there might be a possible open waiting list.
If approved:
You must have:
Birth certificates
Social security cards
Or any other documents they require.
