Income-restricted apartments are rented units limited to tenants earning below certain total household income thresholds
. They are typically privately-owned planned developments designed for low or moderate-income tenants and can be funded by local or national governments, nonprofit agencies, or housing associations
. Some key features of income-restricted apartments include:
- Eligibility : All of the units in an income-restricted community are designated for low-income tenants, with eligibility based on household size and total income
- Rent Determination : For income-restricted housing, the apartment home's monthly rent is based on a percentage of the area's income
- Housing Types : Income-restricted apartments can be part of apartment complexes where 20-40% of units are income-restricted, or they can be standalone properties such as duplexes, townhouses, or single-family homes
- Application Process : Income-restricted homes are often applied for through a housing lottery system, and applicants must submit proof of income and proof of residency for their entire household
Income-restricted housing differs from income-based housing, which is owned by individual landlords who must meet specific criteria for eligibility
. Income-restricted apartments are generally more affordable than income-based apartments, as they are designed for renters with low or moderate incomes
