Affordable Senior Living Options: How to Find Your Perfect Fit
As you get older, it is harder to maintain your home. Sometimes, this means you cannot keep up with taking care of the yard, but in more serious cases, you are unable to comfortably live in your own home. There are additional challenges with owning a home as a senior. The majority of seniors in the United States are retired. While there are many benefits to retiring, it also means you have a limited budget. This limits your moving options, if you are no longer able to live in your home.
Fortunately, there are several affordable housing options for senior citizens. There are even dedicated communities built specifically for older individuals and retirees. The department of Housing and Urban Development (HUD) also offers housing options for lower income seniors.
Section 202 Housing
Section 202 housing is similar to HUD’s famous Housing Choice Voucher Program (HCVP). HCVP has stipulations built in for seniors, placing them higher on the waiting list. While this is helpful, many seniors still end up waiting for months for a potential home. The biggest difference between HCVP and Section 202 housing is the age requirement. You must be at least 62 years old to qualify for Section 202 housing, so there are significantly less applicants compared to HCVP.
Along with age, there is also an income requirement to apply for Section 202 housing. You must be at least 50 percent below the median income area to qualify. The exact income requirement changes based on location, so make sure you are applying in the correct neighborhood. Many Section 202 homes are located directly in senior communities. The homes include amenities and services for disabled assistance. Some examples include meal and housekeeping programs, as well as close access to public transit. Other homes provide non-emergency medical transit, which helps seniors attend doctor appointments. Senior homes commonly have ramps, larger elevators and grab bars.
Low-Income Housing Tax Credit (LIHTC)
LIHTC is a federal program, but it is run on a state level. As a result, the benefits and eligibility requirements may change depending on where you apply. LIHTC is a popular program, with over 100,000 homes eligible for benefits. LIHTC is mostly used for renting units, but there are some options for selling LIHTC homes.
Participating landlords provide affordable rent to low-income seniors. By participating in the program, landlords are eligible for significant tax benefits, to make up for setting their rental costs so low. To qualify, you must be at least 120 percent below the federal poverty limit for your state. The HUD website has a list of LIHTC homes. You can also request a list from your local public housing agency.
Unlike other housing options, LIHTC does not provide specific homes for seniors. It is a good option for seniors who are comfortable living on their own, but do not have the necessary income to stay in their current residence.
Senior Public Housing
Both of HUD’s programs are helpful, but there are many seniors who do not meet the income requirements, but are still unable to afford their own homes. If you need to move, your next option is senior public housing. Senior public housing are small communities, typically made up of apartments or condos, but there are some with townhouses. Senior public houses are either run by public housing agencies or the state. There are some communities with income requirements meant for lower income seniors, but most allow any senior to move in.
Senior public housing focuses on both providing a safe place for seniors to live, as well as opportunities to socialize with other seniors. Some seniors only stay in the communities for a short period while looking for other housing options, while others settle down.
Each community offers different living amenities. Some only include housing units, while others also have restaurants, pools or gyms in the community. Many senior public housing groups partner with other groups in the area to provide additional services, such as offering transportation or housekeeping assistance.
Assisted Living Communities
Assisted living communities are similar to senior public housing, but they offer more amenities. In these communities, you have access to a caregiver. The caregiver shows up throughout the week to help you in your home, but he or she does not live in the community. How often you see your caregiver and what assistance you receive depends entirely on your living situation.
Assisted living communities use two billing methods. The first is an all-inclusive package. This package covers your rent as well as meals, utilities and access to any amenities in the community. The other option is fee-for-service. This is a customizable plan, where you only pay for the services you want. Your insurance may cover some or all of the costs of an assisted living community. If you live in an assisted living community, you own the house, condo or apartment in the complex.
Co-Op housing communities are also available to seniors. These are similar to assisted living communities, but are meant specifically for lower-income seniors.
