What Do I Need for Rental Assistance From HUD?
The U.S. Department of Housing and Urban Development -- also known as HUD -- provides rental assistance for low- to moderate-income individuals and families. Housing assistance programs are administered through state and federal agencies, which set the eligibility requirements for different programs from region to region. When applying for rental assistance, eligible applicants must meet HUD's income and asset requirements within their area's region.
HUD Rental Assistance Programs
HUD rental assistance operates through state and local government agencies under the Section 8 program, which provides tenant-based and project-based housing subsidies. Subsidies enable eligible applicants to receive reduced, or discounted rental rates based on their current income level. Tenant-based programs offer voucher subsidies to eligible applicants to use towards apartment or residential rental costs. Project-based programs work directly with apartment building owners and building complexes to provide low-cost housing for eligible program participants. Eligibility guidelines are set by state and local governments based on earnings or income levels within an area or region. Families meet certain income and asset level requirements may qualify for HUD rental assistance.
Paperwork Requirements
HUD calculates income eligibility limits for rental assistance based on an area's median income level. Individuals and families who make less than 50 percent of the median income level within their area can qualify for rental assistance. Eligible applicants must provide paperwork that shows proof of earnings income, documentation that verifies the number of people in the household and any information regarding bank accounts, property or asset holdings. Approved applicants are placed on a waiting list in order of approval. Housing agencies may make exceptions to the waiting list process in cases where an applicant has a disability or is a senior citizen.
Income Guidelines
Income level limits for HUD rental assistance varies from region to region based on annual median income levels. Income level limits mark the maximum amounts an individual or family can earn in order to be eligible for assistance. Project-based assistance programs, such as public housing complexes look at a family's gross yearly income when determining eligibility. Gross yearly income is based on before-tax earnings. Income from other sources, such as benefits received for children or income from HUD-sponsored training programs is not included. Tenant-based programs, such as Section 8 voucher subsidies look at a family's net yearly income when determining eligibility. Net yearly income is based on after-tax earnings. Income sources, such as workers' compensation benefits and income earned by full-time students living at home is not considered.
Considerations
HUD guidelines for rental assistance place limits on the amount of assets an individual or family can have in order to be eligible for assistance. Assets, or resources consist of possessions that hold value, such as property, cars and money in the bank. Since HUD bases an applicant's subsidy, or discount amount on his current income level, any assets that earn income can potentially raise an applicant's income level. Income-earning assets include rental properties, whole life insurance policies or interest-earning checking accounts. In effect, assets that raise an applicant's income level reduce the subsidy or discount amount for rental assistance, meaning an applicant will have to pay more toward his monthly rental costs.
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