Anyone doing "low income" housing? - Posted by Kaity

Posted by CA on April 04, 2005 at 24:14:01:

How much ROI will an investor(more or less) versus regular housing?

Anyone doing “low income” housing? - Posted by Kaity

Posted by Kaity on October 05, 2003 at 09:54:59:

Hello,

I created a 501©(3) nonprofit in 2002 hoping to help low income families. (We have donated foods, clothing, etc…)

I want to purchase/build small apartment complexes and rent the apartments to low-income families.

My trouble is, I do not have experience in this area and HUD’s/HPD information is hard to decipher.

Anyone on this forum involved with this kind of investing who can give me some pointers?

Is there a school or course that I can take?

Sheesh, you think the government would make it easier to help people! :slight_smile:

Thanks in advance.

Re: Anyone doing “low income” housing? - Posted by Bob

Posted by Bob on October 07, 2003 at 13:25:45:

Kaity:

I invest in single-family houses and rent to Section 8 tenants. You should be able to find Sec. 8 info on HUD’s website, and also your own city should have a local housing authority with a web site if it is a large city at all. Or check out any large city’s Sec 8 web site, as they all administer these programs similarly under HUD’s guidelines.

Re: Anyone doing “low income” housing? - Posted by Ann

Posted by Ann on October 05, 2003 at 13:30:28:

Kaity:
There are a number of programs for the development of affordable housing offered by the government. I’m a development consultant for affordable housing been in the business for more than 20yrs. First start at your local and state level (I don’t know what city or state you live in so I can’t be real specific) because the Feds give money to the state through the Block Grant program for the development of affordable housing. The city and the state decide how they will spend the money based on the need for affordable housing in that state and city. On a city level the money is given out through the HOME Program or the programs to meet the cities need. Anyway your first step would be to know what your city offers for the development of affordable housing. Many cities offer new construction, rehab, homeownership and other programs based on city defined need for use of the money. The state also from Community Develoment block grant money provides development of affordable housing. All monies from HUD are given to cities and states and not grants to individuals, agenices or programs. So, again get to know the programs offer by your city and state. Most cties and states have an Office of Community Development. Next, write down clearly what you want to do, new developement vs Rehab (maybe you can identify a building in need of repair but would fit for you program) that will determine what kind of money you are looking for. Sorry, the first question I have is do you have a board of Directors. If not as a nonprofit that where you have to start first anyway. These are the areas you have to start with first. Good Luck
Ann Maxwell