![]() ![]() Incomes for section 42 must be less than fifty percent of your county’s average mean income, also known as AMI. ![]() Legal residents, permanent residents, and naturalized citizens are eligible for section 42 housing. In addition to family size and income, eligibility can also be affected by residency status and if you have a criminal record. A new dependent may open up more affordable housing options, for example. You should notify your landlord or property manager immediately if your income changes.īecause eligibility depends on your family composition, you’ll need to send a written notification if your household size changes. You’ll also need to recertify your eligibility yearly, as the subsidy is an annual tax credit. Your assets must be under the threshold defined by HUD for your area, which include checking and savings accounts, certificates of deposit, money market accounts, stocks, bonds, mutual funds, and retirement accounts.īecause these qualifications depend on your income and assets, you’ll need to submit financial statements, including income verification, to qualify.Your income must be no less than 30 percent and no greater than 50 percent of your area’s median income limits as defined by HUD.If you want to live in section 42 housing, you must meet the income and asset qualifications based on the size of your family. Ready to learn more? Here’s our comprehensive guide to section 42 living and how to qualify for an affordable apartment. Plus, they must comply with special requirements and submit to regular screening to ensure the home is well-maintained. Your landlord receives the credit by earmarking the unit as affordable housing and renting it for less than market rate. The subsidy comes in the form of a tax credit given to your landlord. Section 42 housing was created as part of the Tax Reform Act of 1986. To qualify for a Section 42 apartment, you must meet income requirements, namely, you must make less than a percentage of your county’s average mean income (AMI) as defined by your local Department of Housing and Urban Development (HUD). Section 42 housing is a type of subsidized housing intended to assist renters with low income get safe, affordable housing.
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