Some housing is more affordable than regular market rent because there is some form of financial assistance or subsidy provided to the landlord or the tenant. Financially assisted rental housing in the City and County includes subsidized/rent-geared-to-income housing; ‘Affordable’ housing and various rent supplement programs.
True affordability is based on personal income and budget. ‘Affordable Housing’ is also a type of housing that is financed by the governmet but developed, owned and operated by private landlords or non-profit housing providers. Rent is at or below the average market rent and not rent geared to income. To be eligible for this housing your household income must fall below established levels.
Private non-profit housing, is typically owned and managed by a community organization sponsoring group. Many of the units are financilly assisted.
Co-Operative Housing (Co-Op)
If you live in a co-op, you can be actively involved in the decision making on how the co-op is run, by attending meetings or sometimes being a part of the board. There are some units with an assisted housing charge, which is generally 30% of your monthly income. If you live in a co-op without an assisted housing charge you are paying the equivalent to market rent.
Rent Geared-To-Income Housing (RGI)
Also referred to as subsidized housing, your rent is calculated by 30% of your gross monthly household income.
Support services available that will assist you in living independently. Support services that may be available are for people with physical disabilities or specialty support for youth.
A portion of the total rent is paid on behalf of the tenant directly to the landlord lowering the amount the tenant has to pay.