HUD Rent Subsidy
Funding from the Housing and Urban
Development (HUD) allowed the Ardmore Village to be built and allows
it continue to serve the elderly today. Because of this HUD funding,
HUD regulations determine a person's eligibility for residency
in the independent living portion of the Ardmore Village
community. The amount of rent each resident pays is
determined by his or her income.
Eligibility for Cottage and Apartment Residency
To be eligible to live in Ardmore Village's cottages or apartments, a person (or at
least one person in a couple) must be 62 years old or, if
under 62, handicapped or disabled. That eligible person can not make more than
$15,350 a year (or $1279.16 per month). This
income limit is a little higher for a couple: $19,100 annually
($1462.50 per month). These eligibility figures are determined by HUD and are subject to change at any time.
Once the eligible resident moves into the Ardmore Village cottages
or apartments, this financial
limitation no longer applies. This means that residents may live in
the cottages or apartments even if their future income
increases. The amount of rent each resident pays,hover, is determined by his or her income.
Rent for Cottages and Apartments
Each year HUD assigns the market
rate for each cottage and apartment. If there was no rent subsidy, for instance,
residents would pay rent equal to this market rate. However, because
rent subsidy IS available, the amount of rent that a
cottage or apartment resident pays is based on their income.
The resident pays 30% of their adjusted income, which is their gross
income minus their medical expenses.
For many residents, their only income is social security. Living
solely on this limited income is extremely difficult. This rent subsidy
from HUD allows moderate-income seniors to live in a nice home
and in a comfortable, safe community that they might
otherwise not be able to afford.