(TheDailyHorn.com) – Every year, millions of Americans get aid from the government to help obtain affordable housing. Over the last two years, the pandemic caused a shift for many Americans. As the US enters the third year of the pandemic, other dynamics play into the affordable housing market thanks to rising inflation and real wage decreases.
If you’re a low-income family or an individual who needs financial assistance for housing, the United States Department of Housing and Urban Development (UHD) exists to help you. The federal agency is preparing to release its annual income limits for the fiscal year 2022. You should be aware of some details, and we’ll tell you how to apply for benefits if you need assistance.
Income Limits for 2022
Like any large organization, HUD has a specific process to determine if one qualifies for housing benefits and for how much. On Friday, April 1, 2022, the government’s housing agency expects to release its income limits that determine future eligibility for benefits.
So, what goes into deciding if you qualify for housing assistance?
Estimates suggest that income limits will increase by a significant amount in 2022. That ought to aid many more people than in previous years. While the agency won’t be using revised numbers later than pre-pandemic 2019, one of the most significant factors in determining benefits is the consumer price index – also known as inflation. On Wednesday, January 12, the Labor Department reported that inflation skyrocketed 7% for the 12 month period ending in December. As inflation grows, so do the income limits that qualify for benefits.
How does that help you? If you got a pay raise or accepted a job with a higher wage, it may not affect your qualification if the income limits rise. That helps you qualify for affordable housing without trapping you into making hard decisions about where to live or work.
Industry research company Novagradac suggests that 92% of areas it has been able to estimate will see an increase in income limits. Most people could see a rise of 5% in housing benefits, and 17% of areas could get an increase in income and corresponding rental limits over 10% – that accounts for as many as 60 counties. Of them, 40 counties are in California, and eight are in Florida.
How To Apply For Benefits
If you believe you qualify for housing benefits, you must meet the government standard as a low-income family, elderly, or a person with disabilities – meet income requirements, and be a US citizen or eligible immigrant.
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