Year: 2017

Employee Spotlight – Mike and Dot Brown

Posted on by Alex Beaver

Spotlight Employees Manager and Maintenance Dot and Mike Brown at Candice Cove

Olympia Management, Inc., is proud to honor a very special husband and wife team, Mike and Dot Brown, for their remarkable work ethics and dedication to their job and tenants in our “Employee Spotlight.”

Dot is the Manager and Mike is the Maintenance Man for a 72-unit property. Dot and Mike have been with their property for 10 years. Olympia Management, Inc., knows that Dot and Mike go above and beyond what is required.

Santa Sleigh at Candice Cove, ALDot and Mike have numerous activities planned for their community each month like potluck gatherings, game night, movie night, occasional exercise classes and “Fun Time” gatherings with coloring, eating, and playing. They also gather with the children of the complex to make cards for the hospital and nursing home residents for Easter, Valentine’s Day and Christmas. Seasonal activities include an Easter event with an egg hunt, Halloween fun time, Thanksgiving gathering and a Christmas Event. They go all out with decorations for the holidays which make all of the tenants enjoy the holidays more.

“To me, that proves they care about us because they take the time to do this.” A.L.Snowman patio decorations, Candice Cove, Semmes, AL

Dot and Mike take a personal interest in each family and meeting individual’s needs before a problem may exist. They visit them in the hospital with flowers and cards. They check on tenants who are ill at home, as well as senior tenants who do not have much family support and occasionally help them with errands. Tenants feel safe and secure with a watchful eye on the complex’s community. Mike takes good care of the property maintaining its beauty and quickly addresses any maintenance issues.

Christmas Tree in entrance greets at Candice Cove, Semmes, ALBeing very involved with the area community, Dot and Mike encourage tenants to participate in community service projects such as Ronald McDonald House Fun Day, Azalea City Run, and Relay for Life. They also organized donations for “Warm Coats for Homeless,” and Thanksgiving food for local Cub Scouts. Currently, they are scheduling speakers for “Safety Awareness” with the county Fire Department and for “Drug Awareness Program and Drug-Free Area” with the County Sheriff’s Department.

Candice Cove, Semmes, AL Snowman

Praise and support for Dot have come from prominent members of the community such as a State Senator, the local Mayor, and a former county Sheriff when she was nominated for Manager of the Year with Alabama Affordable Housing Association.

“As manager, Dot goes the extra mile with her love and genuine concern for all the tenants . . . providing a superb living environment for all the families.”
Rusty Glover, States Senator, District 34

Decorated Entrance, Candice Cove, Semmes, AL“ . . . it has come to our attention that Mrs. Brown manages this property with the utmost attention to detail, ensuring that her tenants are safe and the property is in its best condition.”
David Baker, Mayor, City of Semmes

“Mrs. Brown is also involved in community activities and through her efforts has helped many young people advanced their careers.”
Jack Tillman, Retire Sheriff, Mobile CountyDecorated Ducks at Candice Cove, Semmes, AL

Olympia Management, Inc. exists to meet the needs of the affordable housing community by providing top quality living conditions, excellent management, compassionate interaction with tenants, and consistent security. We are grateful to spotlight and have such employees such as Mike and Dot Brown dedicated to the community, the people, and the company.

 

How to Qualify for the Section 8 Rental Certificate Program

Posted on by Alex Beaver

Among other programs, the Department of Housing and Urban Development offers a program called Section 8 to help low-income families pay for their housing. This program pays a subsidy to ensure low-income individuals and families pay no more than 30 percent of their gross monthly income for their housing. Section 8 may be project-based (i.e., tied to specific properties) or tenant-based (i.e., tied to the tenant in the form of vouchers, or rental certificates). Many people prefer the voucher system because it allows them more latitude in choosing where they live. Here’s a quick overview on how to qualify for the Section 8 rental certificate program.

Eligibility for Section 8

The Section 8 program is federally funded and overseen, but it is implemented by local agencies across the U.S. The reason, of course, is that housing costs are vastly different in different parts of the country, as is the general cost of living. (It costs much more to live in New York City, for example, than in Tuscaloosa, Alabama.) This means the actual eligibility requirements for receiving Section 8 may vary quite a bit by location, along with the actual dollar amount of the subsidies you receive.

That said, individuals and households may be eligible for Section 8 vouchers based on the following criteria:

Income

Generally speaking, you must make 50 percent or less of the Area Median Income (AMI) for the area where you’re applying for help. This qualification may vary based on where you live—some expensive areas qualify people at 60 percent AMI or even more—but this is the basic benchmark in most areas. The income qualification may also be adjusted based on the number of people in your household (a single person applying for Section 8 won’t need as much assistance as a family of four).

Waitlist preferences

Most areas have a waitlist to receive Section 8, and depending on the local demographics, certain people may be given priority to receive aid and be moved up the list—for example, the elderly, disabled or homeless. Other factors that may affect your priority on the list include whether you are a veteran, a victim of domestic violence, employed or enrolled in job training, recently displaced due to natural disaster, etc. Check with your local public housing office to see the specific preferences and restrictions for your area.

Disqualifying factors

Some housing authorities may disqualify an application based on some criteria—for example, if an applicant has been evicted for non-payment of rent (especially in HUD housing), or if an applicant has a violent criminal record. Again, these qualifiers are left mainly up to the local agency and aren’t consistent across the board.

How to apply for the Section 8 Rental Certificate Program

The best way to learn whether you qualify for Section 8 vouchers is to check with your local public housing authority (HUD’s website has a search feature by state). When you apply, be sure to bring proof of income (tax returns and recent pay stubs) and be prepared to answer questions as to your family status, employment status, rent history, etc.

If you are part of the Section 8 voucher program and are looking for affordable housing, Olympia Management, Inc. may be able to help. Give us a call 256-894-2382 or visit our website.

6 Tips for Your Budget for This Holiday Season

Posted on by Alex Beaver

Christmas-1967-toys-around-the-treeThe holidays are a joyous time of year. Parties, presents and time spent with family or friends all add to the spirit of the season. But something else that can happen is overspending. That can lead to trouble when you don’t have the money to make the monthly rent payment. But the good news is that by taking action now, you can keep your budget under control during this festive time of the year.

  1. Establish a Budget for Holiday Gift Giving

    Before you shop online or head to the local mall to shop for gifts, it’s important to determine how much you plan to spend. Once you decide on an overall amount, you can decide how much you want to allocate to each present. With some simple planning, you won’t need to worry about running short on cash for your rent.

  2. Pay cash.

    If you have had trouble in the past, do a cash-only Christmas. Set a limit, put that amount of money in your wallet and when that money is gone, stop.

  3. Shop with a list

    Know who you want to buy for and what you want to buy, and go to the store with a list. Having a list makes it easier to get through the stores and will help avoid impulse buying. When you have finished your shopping for the list, stop – even if you have money left over.

  4. Take Advantage of Sales and Special Discounts

    The holidays are the perfect time to find gifts at a discounted price. Black Friday sales and Cyber Monday specials offer tremendous savings on some pretty amazing items. But if you miss these well-known seasonal promotions, don’t fret. Many stores and online merchants now extend special pricing well into December.

  5. Cut Back on Your Optional Expenses During the Holiday Season

    You might be surprised at how much you can save by cutting down on things like eating out or heading to the local coffee shop every day. Scaling back your spending on those little personal expenses can add up to a lot of savings at the end of the month.

  6. Remember the reason for the season.

    Whether you celebrate Christmas, Hanukkah or Kwanzaa, keeping the holiday’s spiritual message front and center is a good antidote to the holiday hype. Instead of spending Christmas time in the mall, a much better gift would be to spend your time with family.

Contact Olympia Management, Inc. to Find More Affordable Rent

With the six simple tips outlined above, you can enjoy the holiday season without worrying about coming up short on the rent. And if you are looking for more affordable housing options, contact Olympia Management, Inc. at 256-894-2382.

Veterans – Those Who, At One Point In His or Her Life Wrote a Blank Check to Their Government for an Amount of “Up To and Including His or Her Life”.

Posted on by Alex Beaver

Why do we celebrate Veterans Day?

Veterans Day is an official United States public holiday, observed annually on November 11, that honors military veterans. It coincides with other holidays, including Armistice Day and Remembrance Day, celebrated in other countries that mark the anniversary of the end of World War I. Major hostilities of World War I were formally ended at the 11th hour of the 11th day of the 11th month of 1918, when the Armistice with Germany went into effect. The United States previously observed Armistice Day. The U.S. holiday was renamed Veterans Day in 1954. (www.military.com/veterans-day)

Ever wonder why Veterans give a “Buddy Poppy” around Veterans Day? It stems from a poem from 1915.

Flanders-fields-rows

In Flanders Fields

By John McCrae, May 1915Kneeling-vet-flags-cemetery

In Flanders fields the poppies blow
Between the crosses, row on row,
That mark our place; and in the sky
The larks, still bravely singing, fly
Scarce heard amid the guns below.

We are the Dead. Short days ago
We lived, felt dawn, saw sunset glow,
Loved and were loved, and now we lie
In Flanders fields.

Take up our quarrel with the foe:
To you from failing hands we throw
The torch; be yours to hold it high.
If ye break faith with us who die
We shall not sleep, though poppies grow
In Flanders fields.

A veteran is defined by federal law, moral code and military service as “Any, Any, Any”… A military veteran is Any person who served for Any length of time in Any military service branch (Army, Navy, Air Force, Marines. Certain Coast Guard personnel operating under the War Dept, Navy Dept or Dept of Defense are also military veterans.)

American War Library

For reasons of disability or other factors, many military veterans across the country struggle to find affordable housing. If you are a veteran of the United States military looking for low-income housing or assistance with housing expenses, a number of resources are available to you if you know where to look. Here is a link for 3 helpful tips for military veterans seeking affordable housing.

Olympia Construction, Inc., and Olympia Management, Inc. are proud to honor all Veterans who serve or have served our country. OCI and OMI would like to show appreciation for the freedoms and liberties we enjoy because of the men and women who have bravely worn our country’s uniform. In our Olympia family, we have several veterans serving or have served that we want to thank and recognize for their service.

Employees (location) their family (Service Members and Branches are Highlighted):

Father of Sandra Jarmon - William Beaver
William Beaver

Jeff Beaver, Air Force (HQ)

Brother – Randall Beaver, Army
Father – Rudolph Beaver, Army
Uncle – Fredrick Beaver, Army
Cousin – Jillian Beaver Ottinger, Navy
Cousin-in-law – Barry Ottinger, Marines & Air National Guard
Uncle – William Beaver, Navy
Cousin – Specialist William Jarmon, Alabama National Guard

 

Glenese William (HQ)

Husband – Randall Williamson, US Army Pershing Missile Unit

Son of Debbie Smith Captain Kevin Kirby
Captain Kevin Kirby

Debbie Smith (HQ)

Husband – Jimmy Smith, Alabama National Guard
Son – Captain Kevin Kirby, Alabama National Guard, Marines

 

Son-in-law of Melina Reno
CTN-1 Chase Hardison and wife, Sara

Melina Reno (HQ)

Son-in-law – CTN-1 Chase Hardison, Navy

 

 

 

 

Son of Sandra Jarmon - William Jarmon
Specialist William Jarmon

 

 

Sandra Jarmon (HQ)

Son – Specialist William Jarmon, Alabama National Guard
Father – William Beaver, Navy
Uncle – Rudolph Beaver, Army
Cousin – Jeff Beaver, Air Force (HQ)
Cousin – Randall Beaver, Army
Uncle – Fredrick Beaver, Army
Cousin – Jillian Beaver Ottinger, Navy
Cousin-in-law – Barry Ottinger, Marines & Air National Guard

 

Staff Sergeants Ebony and Bryan Washington
Staff Sergeants Ebony B. and Bryan J. Washington

Rosa Washington (Alex Place/Lakeridge)

Son – Staff Sergeant Bryan J. Washington, Marine Corps
Daughter-in-law – Staff Sergeant Ebony B. Washington, Marine Corps

 

 

 

 

 

 

Joseph “Floyd” Malbrough, Navy (Bayberry Point)

Durell Raines, Navy (Beaver Hollow)

Charles Michael Brown, Marine Corps. (Candice Cove)

Brother – Carl Brown Jr., Navy
Father – Frank Brown, Army (WWII)
Uncle – Charles Vickery, Army Korean War – KIA
Grandfather – Martin Luther Gilmore, Army (WWI)
Great Grandfather – Charles Brown, Confederate Army

Hubert “Arnold” Cooley, Army National Guard (Coventry Garden)

Mark Wright, Navy & Marine Corps (Cryar Homes/Angela Meadows)

Gail Harris (Cryar Homes/Angela Meadows)

Son – Brandon L. Harris, Marine Corps

Kim Banks (Evangeline/Legacy Sr./Poplar Pointe)

Sister – Retired Storekeeper 1st Class Debra Dean, Navy

Randy Tolbert (Heather Highlands)

Katina Madison (Maria Senior)

Daughter – Ariel Carter, DoD/Army

Pam Baker (Sherwood Knoll)

Brother – William C. Weeks, Jr., Army & Air Force
Larry Suttle, Army
Lewis Kelley, Marines

Bobby Carpenter (Stratford Square)

Cousin – Charles Walker – Persian Gulf War
Great Grandfather – Richard Hodge – WWII

Amanda Melvin (Sunset Square)

Sister – Angela Hurt, Air Force

Patty Price (Villas of Savannah)

Dad – Kenneth Mack Lehman, Navy & Army
Son – Jeffrey Alexander Lehman, Air Force

WHAT IS GREENLIGHT A VET?

America’s veterans are some of our nation’s bravest, hardest-working men and women. However, it’s hard to show them the appreciation they deserve when, back home and out of uniform, they’re more camouflaged than ever. Greenlight A Vet is a campaign to establish visible national support for our veterans by changing one light to green.

HOW TO GET INVOLVED

Change one light to green

Change one light in a visible location in your home or office to green, and keep it glowing every day as

a symbol of support and appreciation for our veterans.

THE MEANING OF GREEN

Green is the color of hope, renewal, and well-being. “Greenlight” is also a term commonly used to activate forward movement. The simple gesture of changing one light to green creates a beacon of support and appreciation and a visible symbol of our commitment to “greenlight” veterans forward as valued members of our communities.

http://www.greenlightavet.com/

 

 

Honoring Wilda Holladay on Her Retirement

Posted on by Alex Beaver
Wilda-and-Dennis-Holladay-at-Wintzells
Wilda and Dennis Holladay

Olympia Management (OMI) is proud to pay tribute to a very special employee, Wilda Holladay, on her retirement from OMI. We honor her for her exceptional work ethics, her dedication to her job and her extensive knowledge of the affordable housing industry she brought OMI. Wilda has worked in the field of affordable housing for many years and has been with OMI since its inception in September 2014. Wilda retired from OMI October 1, 2017.

Becky-selfie-table-picture
OMI Dinner at Wintzell’s

Olympia Management brought in the Region Property Managers for dinner on September 28 at Wintzell’s in Guntersville, Alabama. Wilda was brought in under the guise she was to impart her “CYA” wisdom at a training to her legacy Regional Property Managers on Friday, the 29th. Wilda delighted everyone with her wisdom and stories from her past. OMI surprised Wilda with a special luncheon. OMI’s owner, Jeff Beaver, gave a heartfelt speech honoring Wilda, along with a gift of appreciation for her dedicated service.

Owner Jeff Beaver speaking about Wilda Holladay
Jeff Beaver honoring Wilda.

Some of the most memorable stories our OMI employees have, show the type of person she is, kind-hearted, witty, and a joy to be around. We thank her for her help and kindness.

From mentoring new team members to counseling employees with personal issues. From supporting colleagues unconditionally, to helping those facing workplace blues. Thanks for showing that no matter how hard Bosses crack the whip, they need to have a strong human side to their leadership. Just an opportunity to say wow and thank you for all your great work, Wilda.

Alex Beaver
Director

In my many years of working with Wilda, it has always been a joy. She is very dedicated to her job, which made her a key player in our company. She was always very respectful when we spoke, even though it was a little loud (lol). After she told me why she spoke so loud, I understood. She grew up with a sister that is deaf and her father was hard of hearing. Wilda always goes above and beyond to make sure that all of her job duties are done to the best of her ability. She always presents herself as professional and is mindful to others, which made all of her co-workers and staff respect her even more. I will truly miss Wilda and all of her knowledge of our business and as a friend. She is truly one of a kind.

Becky Lang
Head Division Manager

Wilda has always been dedicated to her job. She treats the properties as if they were her own. She cares about the welfare of the tenants as well as the site employees. When Wilda would go into a new area to open a new property, she would get to know everyone in the area. She would build lasting relationships. Wilda has always been, and always will be, an outstanding employee of OMI.

Debbie Smith
Office Manager

The first time I met Wilda was at Sunbelt Management when she through the department I was in with neon lime green glasses. I asked my coworker who that lady was in the neon lime green glasses and she said: “Oh, that’s Wilda Holladay, she’s a regional manager.” I thought to myself, “I bet she is fun to be around” and sure enough she was. I worked with Wilda for several years. On the job she was very professional and could probably recite every rule and regulation for whatever property she was at. LOL! She was very knowledgeable about the requirements for each of her properties. The few times I was around her after hours, she was very friendly and loved to “cut up” and have a good time. I will surely miss working with her.

Brenda Holland
Division Manager

Working with Wilda has been a pleasure. She was always very kind, professional, and courteous. Wilda would bring gifts for my son Mason anytime I would see her, and that always meant a lot to me and my wife.

Adam Beaver
Olympia Construction

Some parting words from Wilda:

Be Honest.

Always protect OMI.

Take pride in your work.

Friendly to all, friends to none!

Every day is a new one, so take one day at a time.

Always call John Reeves. 🤗🤗

Wilda Holladay

 

 

 

 

 

Calhoun Manor Offers Affordable Senior Living in Calhoun City, Mississippi

Posted on by Alex Beaver

Situated on the northern edge of town along Hwy. 9, the apartment community of Calhoun Manor provides residents aged 55 and up with affordable senior living in Calhoun City, Mississippi, combining excellent comfort and convenience with manageable costs. Located moments from shopping, dining and medical services, this property is strategically located to give senior residents easy access to all the services they need.

Calhoun Manor, Calhoun, MS, sign entranceAbout Calhoun Manor

Designed with seniors in mind, the 1- and 2-bedroom apartment homes at Calhoun Manor offer spacious comfort and convenient floor plans with central heat and air, range, refrigerator and mini-blinds included. The manicured grounds include amenities such as a community room, on-site laundry, and a picnic area with grills and a gazebo to host family gatherings. Our staff is service-oriented and committed to prompt response times for our residents. The property is located close to dining, shopping and banking options, and Baptist Memorial Hospital-Calhoun City is located just across the road. Additionally, its location along Hwy 9 provides easy access to the rest of Calhoun City and points beyond.

About the Area

Located along Hwy 9 in northern Mississippi, Calhoun City is a small, quiet community of approximately 1,700 people situated about an hour from Tupelo. First established in 1905 as a railroad town, the city has maintained its small town charm through the years. Today, it is large enough to provide essential services like shopping and healthcare, yet small enough to provide a sense of community, making it an excellent place for people looking to enjoy the serenity of southern country living.

Calhoun Manor is an income-based apartment community dedicated to meeting the needs of lower income residents aged 55 and older. If you are looking for affordable senior living in Calhoun City, MS, we’d love to give you a personalized tour of our community. To learn more and to schedule an appointment, contact Olympia Management today at 256-894-2382.

Marshall Gardens Offers Affordable Housing in Milan, Tennessee

Posted on by Alex Beaver

Located just off US-79 on the west side of town, the apartment community of Marshall Gardens offers affordable housing in Milan, Tennessee for individuals and families alike. Situated along one of the town’s main arteries, this income-restricted community is convenient to shopping, dining, healthcare and other services, enabling residents to enjoy the best of Milan without pressuring their budget.

Marshall Gardens, Milan, Tennessee, signAbout Marshall Gardens

Marshall Gardens offers a variety of 1-bedroom, 2-bedroom and 3-bedroom apartments situated in a cluster of buildings with landscaped grounds with ample parking. Each unit is equipped with central heat/air, range, refrigerator, garbage disposal, dishwasher and washer/dryer connections. The property itself features such amenities as a community clubhouse with computer facilities, a picnic area and gazebo for gathering with family and friends, and a playground area for the kids. Marshall Gardens is also located a few blocks from the town’s main intersection, providing easy access to shopping, dining and healthcare services.

About the Area

Located in western Tennessee about a half-hour from Jackson, the city of Milan was originally named after Milan, Italy when it was established in the 1850s. In the years since, this town has retained its historic charm, with sites like the Milan Army Ammunition Plant, the West Tennessee Agricultural Museum and Union Central School listed on the National Register of Historic Places. Today, Milan is home to approximately 7,800 people, providing many basic services and community events while retaining its small-town feel. Many of the city’s shopping and dining options are located along S. 1st Street (US-45E), Milan’s main north-south artery. More shopping and dining options can be easily reached in nearby Jackson.

Marshall Gardens is an income-restricted apartment community offering comfortable, convenient housing to qualified lower income residents. If you live in Milan, Tennessee and plan to move here, we welcome the opportunity to give you a tour of our property to see if we are a good fit for your needs. For more information or to schedule an appointment, contact Olympia Management today at 256-894-2382.

What is the Difference Between Affordable Housing and Public Housing?

Posted on by Alex Beaver

Stoneridge Estates Gazebo, Sparta, TNThe terms “affordable housing” and “public housing” are frequently used interchangeably, causing a lot of confusion in the process. They are actually two very different types of housing with different qualifying criteria.

The problem is that by confusing the terms, many people who are struggling to afford rent don’t realize they may actually qualify for help under possibly dozens of different programs. Many people mistakenly think government help is only available to the most impoverished. Let’s take a closer look at affordable housing versus public housing to try and understand the differences.

What Is Affordable Housing?

In the most general terms, the government defines affordable housing as any home, rented or owned, in which costs comprise less than 30 percent of the household monthly income. For our purposes, it defines properties that are made available to lower-income families at less than market value. There are several ways to accomplish this goal. First of all, developers may receive a tax credit from the government (known as the Low Income Housing Tax Credit, or LIHTC) if they designate a certain number of their residential units as affordable housing units. These units must be occupied by families making less than 60 percent of the Area Median Income (AMI). Secondly, families who make less than 50 percent of the AMI may qualify to receive government subsidies to keep their rental costs at 30 percent of their income. (Section 8 vouchers are the most common example.)

As you can probably tell, the cost of affordable housing and a number of rent subsidies can vary widely based on location. For example, in New York City where rents are exceptionally high, the AMI for a 3-person household is currently $85,900, meaning a family could make as much as $51,000 per year and still qualify for affordable housing.

In many cases, affordable housing subsidies follow the family and the income, not the property. In other words, if you qualify for a tenant-based Section 8 voucher, you can take that voucher with you from one affordable housing unit to another without losing your benefits.

What is Public Housing?

Public housing, quite simply, is housing that is owned and/or managed by the government for the purpose of providing housing to low-income families. Public housing projects come under the oversight of the Department of Housing and Urban Development, but they may be administered by one of over 3000 housing agencies. Unlike private affordable housing developments that may only designate a percentage of their units for lower income families, public housing is wholly dedicated to qualified low-income households and/or those with qualifying disabilities.

To determine a family’s eligibility to live in public housing, the government evaluates your income and expenses compared to the local average. Families with incomes at 80 percent or below the Area Median Income are considered “lower-income” families, while those at 50 percent or below the AMI are classified as “very low income.” In expensive cities, even lower-income families may qualify for some type of subsidized public housing.

Which Housing Option is Right for You?

The upshot of all this is that if you’re struggling to make rent or to find housing you can afford, you may have more options than you realize. Between affordable and public housing options, there is a wide range of different pathways that may get you and your family into a home you can afford. One of the best ways to find the right path for you is to go to your local housing authority to see if you qualify for some type of help.

Olympia Management specializes in managing quality affordable housing for low-income families, the elderly and disabled, and we have numerous properties in cities across the southern U.S. To learn more about our offerings and to see whether you may be eligible, contact us today.

How to Qualify for Affordable Senior Housing

Posted on by Alex Beaver

In today’s housing market, it can be a huge challenge for seniors to find affordable living situations, especially those who are on a fixed income or who have lessened earning capacities. The good news is that thanks to a number of government programs, affordable senior housing options are available almost anywhere in the country for those who qualify. If you are at least 55 years old and meet certain income requirements, chances are there is a comfortable apartment in your area designed to meet your needs, available at a cost you can actually afford. Let’s take a few minutes to discuss these options and tell you how you can qualify.

South Rossville Senior, Rossville, GA, sign close upWhat Classifies as Senior Housing?

Senior housing consists of any residence or development that is designated and designed to meet the needs of senior citizens. In most cases, the Fair Housing Act (FHA) prohibits discrimination based on age or familial status (i.e., families with children); however, the government exempts senior housing from this rule as long as one of the following 3 criteria are met:

  1. All occupants of the development are age 62 and older; OR
  2. The community holds to a policy of intent to house people aged 55 and older AND at least 80 percent of the units are occupied by someone aged 55 and older; OR
  3. HUD recognizes the community as one that caters to the needs of senior citizens under a federal, state or local government program.

How the Government Helps Make Senior Housing Affordable

There are many different programs at the federal, state and local levels that can assist with making affordable senior housing available for those who need it. In particular, HUD provides several solutions for seniors, including:

  • Subsidized housing options: Apartment communities and other developments who qualify to receive government subsidies to offer reduced rents to seniors
  • Public housing options: Government-administered housing developments for low-income seniors
  • Section 8 Housing Choice Vouchers: These vouchers help seniors pay rent in their own apartment, and follow them to the next place if they move
  • Section 202-Supportive Housing for the Elderly: Another government-backed program to finance and subsidize developments designed to accommodate the elderly

Is This the Same as Assisted Living?

No, it’s not. Some assisted living facilities may qualify as affordable senior housing, senior housing is not automatically assisted living. Many seniors remain quite independent and simply need housing that is affordable and designed around their needs. This is the need senior housing seeks to address.

How Do I Qualify for Affordable Senior Housing?

While certain restrictions may apply according to property or government project, you may qualify for affordable senior housing as early as age 55, provided you meet the minimum income requirements.

HUD essentially categorizes seniors in two low income brackets based not on actual dollars, but on the median income of the local area as well as the rent market value. The goal is for rent not to exceed 30 percent of your monthly household income. The two income brackets are:

  • Low income: Seniors whose income is 80 percent or less of the area median income (AMI); and
  • Very low income: Seniors whose income is 50 percent or less of the AMI.

Of course, the median income can vary widely according to location, so if you are on a fixed income, you may qualify more easily for senior housing in some cities than you would in others.

How Do I Find Senior Assistance Programs in My Area?

The Department of Housing and Urban Development has created a useful interactive tool that can help you identify senior assistance programs in your local area. From there, you can call the local field office to find out what kind of documentation you need to prove your income, as well look for affordable senior housing options in your area.

As part of our ongoing commitment to provide affordable housing options, Olympia Management oversees a number of properties specifically catering to the needs of low-income seniors aged 55 and up. We can also provide more information on how you can qualify to live in one of these properties. To learn more, contact us today.

How Do I Know if I Qualify for Low-Income Housing?

Posted on by Alex Beaver

If you’re having trouble finding a rental property you feel you can afford, you may be on the lookout for low-income rental options. But how do you know whether you qualify for low-income housing?

This question doesn’t have a simple answer because “low income” is based on a wide range of factors, including the cost of living in your local area, rent market values and median income ranges. Also, there may be state and local housing programs in your area in addition to federal (HUD) programs, and each of these may have different criteria in determining low income brackets.

What Is Considered Affordable?

Morristown, TN Chloe Lane building front closeBy government guidelines, “affordable housing” is any situation in which your rent and utilities does not exceed 30 percent of your family’s monthly income. If you’re paying more than this amount, you are considered cost burdened and may be eligible for certain programs designed to reduce this burden, depending on the cost of housing in your area and your income limits.

What Is “Low Income?”

The Department of Housing and Urban Development (HUD) has established several tiers of need, based on the Median Family Income (MFI) and the Fair Market Rents (FMR) of the local area. Here’s a general breakdown of tiers:

  • Households making 80 percent of the local Median Family Income are considered “low income.”
  • Households making 50 percent of the MFI are “very low income.”
  • Households making 30 percent or less are considered “extremely low income.”

Each tier makes you eligible for certain programs. In most cases, families must be at least in the “very low income” category to qualify for Section 8 housing, for example. The HUD Exchange offers a searchable database telling the actual income limits for households in each state, and even each county, so you can get an idea of where you land.

Many states also have additional affordable housing programs for which you may qualify, even if you don’t meet the federal guidelines. For example, in New York City, where housing is extremely expensive, there are local programs available for families making 100 percent or even 130 percent of the MFI.

Learn more about qualifying for low-income housing

The best way to find out whether you qualify for low-income housing in your area is to visit a local field office or organization in your area. Check out the HUD website for more information, or click here to locate state and local agencies. To find out whether you qualify for one of our own affordable rental properties, contact Olympia Management at 256-894-2382.

4 Reasons to Invest in Affordable Housing

Posted on by Alex Beaver

Developing and managing affordable housing for low-income families is both a challenging and highly rewarding endeavor. Because many families in today’s housing market cannot afford the high cost of real estate or market value rents, affordable housing gives these families a chance to live comfortably and safely with an improved quality of life. Developers often rely on investors to build and manage these complexes. Here are four reasons why it might make sense for you to invest in affordable housing.

Stoneridge Estates Gazebo, Sparta, TN

Reliable return on investment

Because the demand for affordable housing is so great, developers generally have little trouble filling their properties once they are built. This trend has been constant for many years and should continue for the foreseeable future. This means investors assume the relatively little risk and enjoy reliable ROI.

Consistent cash flow

When families qualify for affordable housing, their rents are subsidized by federal, state and local agencies. This translates to a fairly steady stream of cash flow for investors in these properties. Also, due to the high demand, if a family is still unable to afford their rent, newly vacant properties are easy to fill, keeping the risks low and the income stream constant.

Affordable Housing

Generous tax incentives

The US government offers a whole array of deductions and tax credits for those involved in building affordable housing for low-income families. These tax savings are obviously passed on to investors.

Building healthy communities

Beyond the benefits mentioned above, perhaps the most important reason to invest in affordable housing is the overall benefit to the community itself. By creating housing options for families and individuals otherwise could not afford it, you have the opportunity to change many lives for the better in a tangible manner. These people in turn often end up enriching their communities in unexpected ways.

Olympia Management has many years of proven experience in developing and providing safe, comfortable living options for individuals and families who need extra help. For more information on how to invest in affordable housing, call us today at 256-894-2382.