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INCOME BASED HOUSING
Income based housing (sometimes known as project based voucher or public housing) was established to provide quality and safe rental housing opportunities for eligible extremely low-income families, seniors, and persons with disabilities. In income based housing, residents generally pay about 30% of their income for rent and utilities. Regularly, the housing provider determines how much your rent will be based on your income and certain deductions and exclusions you are eligible for. If you report a change in your income or deductions during the year, your rent will usually be adjusted so that you pay the same percentage of your income for rent.
Workforce housing encompasses apartments that are affordable to most working households, but are not subsidized through a government program. In workforce housing, rents may be set at a fixed amount, based on the number of bedrooms, which is lower than market rate rents. In this type of housing, your rent remains consistent, even if your income changes.
MARKET RATE HOUSING
In some Mixed-Income properties, there are often apartments rented at unsubsidized rent seen in the market for typical apartments of that age. There are no upper income limits or program requirements for those units.
Mixed-Income housing provides a wide array of housing types in desirable neighborhoods throughout Charlotte to families of all income levels. Some developments are considered “Mixed-Income” which means there are units provided for a variety of income levels, serving households at a variety of income levels and often integrating “Market Rate” apartments which are not subsidized at all. In most Mixed-Income communities, residents in the income-based units will be required to participate in the Self-Sufficiency program.