Income Property
Income Property
What is an income-restricted rental/housing community and how is a property determined to be such a community?
There is an apartment complex near where I work, and it is an "income-restricted" housing community where in order to be a tenant, your income cannot *EXCEED* a certain (i.e. there is a maximum to how much your income can be).
I am not sure I understand the purpose of having such a community, especially when the rental rates are as high as, or higher than, rental rates in comparable properties nearby - as is the case for this place.
What is the purpose of having an income-restricted rental property like this one, who decides that a property is income-restriced (and what is taken into account to do this) and who is benefiting from them?
Income restricted housing is determined by the city or state. THe purpose of having such communties is to provide people with low income or people who have government assitance the ability to live in a nice affordable location.
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