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Section 8 (housing) Section 8 of the Housing Act of 1937 (42 U.S.C. § 1437f), commonly known as Section 8, provides rental housing assistance to low-income households in the United States by paying private landlords on behalf of these tenants. Approximately 68% of this assistance benefits seniors, children, and individuals with disabilities. [1]
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The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
Finally, your 2020 income level can’t exceed 80% of your area’s median income, though states might have different income requirements. See: A Look at the Direction of Home Interest Rates in 2021
Weinberg, Conrad and Teare. Lakeview Terrace is a set of row houses, apartments, and a high-rise residential building in the Ohio City neighborhood of Cleveland, Ohio. Established in 1935, the project culminated in the opening of a 1973 high-rise building called Lakeville Tower. [1] The apartment tower is 208 feet tall and contains 19 stories. [2]
For low-income families, affordable housing has been difficult to find, as for every 100 low-income households, only 80 affordable units exist. [7] Furthermore, the median price for a house in 2019 was 2.4 times the median household income, pushing home ownership out of reach even for middle-income individuals. [7]
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