How much of my rent will HUD pay?
My husband and I live in Shelby County IA. I know the median family income here is ,700. We currently make ,200 a year. We’re somewher in between Very low income (50% of the median) and Extremely low income (30% of the median). We’re at about 34% of the median.
I’ve been told that if you receive section 8, for very low income, the tenant is only responsible for 30% of the rent. But, section 8 is for use in a rental that isn’t HUD approved. Our apartment IS HUD approved. So – how does that work? I know they will base the rent on our income, but will be have to pay 30%? How do they do it?
Anyone else ever been in this situation?? Please help – I’m very confused.
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