Programs that Provide Affordable Housing Solutions

It should come as no surprise that the U.S. has a shortage of affordable housing. To meet the housing needs of all Americans, government agencies, nonprofit organizations and developers are exploring various programs and initiatives to create long-lasting, workable solutions to housing shortages. Continued investments in these programs will be crucial to ensuring housing stability and improving the quality of life of communities across the country.

Here are a few of the programs that provide affordable housing options for individuals and families in need.

Section 8

Section 8, administered by the U.S. Department of Housing and Urban Development (HUD), provides rental subsidies to eligible low-income individuals and families. The program offers vouchers that cover a portion of rent, enabling recipients to secure housing in the private market.

Project-Based Section 8 (PD8)

PD8 is an initiative that combines the benefits of Section 8 with project-based assistance. It provides rental subsidies directly to property owners, enabling them to offer affordable housing units to low-income individuals and families.

Mortgage Revenue Bond (MRB) Assistance and First-Time Homebuyer Programs (MARIF)

MRB Assistance and MARIF programs provide financial assistance to first-time homebuyers, particularly those with low to moderate incomes. These programs offer down payment assistance, favorable interest rates, and other incentives to make homeownership more affordable and accessible.

Low-Income Housing Tax Credit (HTC)

HTC is a federal program that encourages private investment in affordable rental housing. It offers tax credits to developers and investors who finance the construction or rehabilitation of low-income housing units.

National Housing Trust Fund (HTF)

HTF is a federal program that provides grants to states to support the development and preservation of affordable rental housing. The funds are allocated to address the housing needs of extremely low-income households.

Project Rental Assistance Contract (PRAC) 202 program

The PRAC 202 program, administered by HUD, offers project-based rental assistance to elderly individuals and individuals with disabilities.

IDEAL Properties recently purchased Perennial Management. Perennial provides full-service management services—including accounting, marketing, leasing and maintenance—to residential rental properties, with a specialized focus on affordable housing programs through federal, state, county and city agencies.