There are a lot of apartments, and this will be needed to to calculate how much I can expect to see. Keep in mind all apartments will fill up. What gives me justification for this assumption? Well subsidized housing options has a 2-3 year wait list to them. This means there are more people that needs homes than there are homes to provide for people. Also, 3 and 4 Bedrooms apartments aren’t common. If a family wants an apartment for those sizes, then these will fill up just because of inventory. The costs are as follows:
180 SRO?s at $750/unit = $135,000
210 0B at $1400/unit = $294,000
180 1B at $1530/unit = $275,400
150 2B at $1850/unit = $277,500
90 3B at $2370/unit = $213,300
30 4B at $2650/unit = $79,500
Total is $1,274,700
This amount will assume for SROs – 4B apartments. The assumption for the SRO is that this will be intended to reduce the homeless population by 180 people. This will mean they will actually have a place to live that they can call their own. This will be a place to lay their head, and a place to do their laundry. They will be able to use a private toilet, and shower. These are all benefits when compared tp a homeless shelter, or worse the sidewalk of an abandoned locale.
The studios – 4B apartments are simple. Each unit will receive HUD subsidization to make rent affordable to the household. The family will have to pay 30% – 35% of their income to rent, and HUD will pay the rest. Since there is not enough affordable housing, there is a need for apartments that support subsidization. Since these are not Section-8 (aka: Housing Choice Voucher). This will mean the family will have to decide between this residence or HCV. If a realty employee qualifies for subsidized housing, the housing will submit a check based on the income of the tenant. A credit of $1,185 will then be applied as a realty employee. Therefore, if their portion of the rent is equal or less than $1,185 – then the employee does not have to pay for anything. This credit is equal to ½ of the rent of a 3B apartment.
Leet’s assume that a telephone receptionist has 2 children. The receptionist is able to work from home since they will be handling chats, and voice calls. The telephone receptionist will be considered as low income. They will earn $2.400 which is not a lot for a family of 3, and I will assume they will qualify for a 3B apartment. The rent is $2,370. The rent that HUD expects the employee to pay will be $840 for their rent. Since $840 is less than $1,185 – the employee will not have to pay any rent. If they were to stop working for me for any reason, they will then have to pay their $840 in rent. The employee discount is applicable to what the tenant pays, and not what the rent is. This maximizes the benefit the employee will receive.