The low Income Housing Tax Credit program is managed by the U.S. Department of Housing and Urban Development. Through the program, owners of multi-family homes designated as tax credit properties, to low-income residents with reduced rent. Senior apartments that advertise the word "affordable" are generally tax credit apartment communities. You will also often see the words "Income Restrictions Apply". Each tax credit senior apartment community has different income requirements so it is important to ask when contacting them.
These communities have many of the same amenities as the 55 & 62+ communities, some are resort-style pools, movie theatres, libraries, exercise rooms, and social activities.
What are the differences between independent living, retirement living and senior apartment communities?
This is a question we often hear from active seniors who attend workshops and educational events.