Category Archives: Article

Housing Options

What housing options do you have and why?

Housing options
Thinking of Selling or Buying, a property Call or text (909)226-3551 for appointment

Is it to save money, to travel, or to be free from being committed to one location for any length of time? There are numerous motives why people select to live in tents, RVs, cabins, condo or single rooms and whatever else, there will be people that look for Alternative housing.

Alternative Housing That Moves

Camping at a hot springs place, seating across the campfire, or maybe living in an old transformed bus or RV. To me, that sound great for a weekend, but for long term living?

There are whole communities that spring up in different states every winter and other states every summer, people completely living in their RVs.

Advantages of RV housing are obvious, and consist of shifting with the seasons.

Other Alternative Housing

Alternative housing ideas

Whereas rents are high, renting rooms has come to be not unusual. This can make housing less expensive for unmarried people. Just pay a set amount each month or week.

They’re people that live on houseboats or pay a fee to park their boats at a harbor or inlet.

People stay in cabins constructed in the national woodland wilderness, moving each few years as they’re located. Truly, your imagination is the only limit in your opportunity housing options.

For most people, this type of housing is short term and not, if you’re looking to stay anywhere more than a few years.

housing options
thinking of Selling or Buying a property Call or Text (909)226-3551 for appointment

Steve Olmos
Homequest real estate
Steve Olmos, Realtor
Selling real estate in Southern California since 1980

The low-income housing tax credit

The low income housing tax

lthl
Thinking of Selling or Buying, Call or Text (909)226-3551 for an appointment

credit (LIHTC) program, which was created by the Tax

Thinking of Selling or Buying, Call or Text (909)226-3551 for an appointment

Reform Act of 1986 (P.L. 99514), is the federal governments primary policy tool for the development of affordable rental housing.

LIHTCs are awarded to developers to offset the cost of constructing rental housing in exchange for agreeing to reserve a fraction of rentrestricted units for lowerincome households.

Though a federal tax incentive, the program is primarily administered by state housing finance agencies (HFAs) that award tax credits to developers.

Developers may claim the tax credits in equal amounts over 10 years once a property is placed in service, which means it is completed and available to be rented.

Due to the need for upfront financing to complete construction, developers typically sell the 10year stream of tax credits to outside investors (mostly financial institutions) in exchange for equity financing.

The equity that is raised reduces the amount of debt and other funding that would otherwise be required.

With lower financing costs, it becomes financially feasible for tax credit properties to charge lower rents, and thus, potentially expand the supply of affordable rental housing. The LIHTC program is estimated to cost the government an average of $13.5 billion annually.

Types of Credits

1. There are two types of LIHTCs available to developers. The socalled 9% credit
is generally reserved for new construction and rehabilitation projects not utilizing certain additional federal subsidies,

2.  And was originally intended to deliver up to a 70% subsidy. The socalled 4% credit
is typically used for projects utilizing federally taxexempt bond financing, and was originally designed to deliver up to a 30% subsidy.

3. The 30% and 70% subsidy levels are computed as the present value of the 10year stream of tax credits divided by the developments qualified basis (roughly the cost of construction excluding land).

4. The subsidy levels (30% or 70%) are explicitly specified in the Internal Revenue Code (IRC), though as discussed in the next section, they may be higher due to a number of legislative changes.

5. The U.S. Department of the Treasury uses a formula to determine the credit rates that will produce the 30% and 70% subsidies each month.

The formula depends on three factors: the credit period length, the desired subsidy level, and the current interest rate.

The credit period length and the subsidy levels are fixed in the formula by law, while the interest rate changes over time

https://sgp.fas.org/crs/misc/RS22389.pdf

housing options
thinking of Selling or Buying a property Call or Text (909)226-3551 for appointment

The LIHTC program was mounted with the aid of the U.S. Congress to encourage development of low-cost housing in economically deprived regions.

Project builders obtain a tax credit score for following the recommendations installed by this system.

They normally sell these credit to Fortune 500 corporations for forty-five percent to 60 percent of the total undertaking value, excluding land.

The definition of marketplace value, is: the price at which an

https://en.wikipedia.org/wiki/Market_value

Steve Olmos, Realtor
Homequest real estate
Thinking of Selling or Buying, Call or Text (909)226-3551 for an appointment

Steve Olmos, selling real estate in Southern California since 1980

Housing Down Payment Assistance From HUD

As home keep going up and the down payment to buy a house become more difficult to make. Housing down payment assistance from HUD may be the solution.

Housing Down Payment Assistance From HUD
Thinking of Buying or Selling, Call or text (909)226-3551 for an appointment

Housing Down Payment Assistance from HUD

Thinking of selling or buying a property, call or text (909) 226-3551 to set an appointment

One of the biggest economic hurdles to the American Dream of proudly owning a home is the down payment.

You do not need to put twenty percentage of the price of the home as a down payment to buy a house.

If you can put twenty percent, you will avoid expenses such as personal mortgage insurance and get a head begin on building equity within the belongings.

It may be difficult, however, to come up with twenty percentage of the home price for a down payment.

Homes can then be bought through HUD and financed through FHA-authorized low interest loans.

In addition, HUD gives other offerings which include housing down payment assistance.

Although HUD does now not offer those at once to the public, it has a Down payment Assistance through Secondary Finance Providers.

These companies are subsidized by means of HUD and offer no to low interest loans that be used for down price help while it’s far wanted.

Instead of financing your private home purchase, they finance the down fee required for the acquisition.

Here a few questions.

First, there are a number of financing options out there?

If your goal is owning a home, you need to know what you spend and what amount you can qualify for.

housing options
Thinking of Selling or Buying a
property, Call or Text (909)226-3551 for appointment

Second, you need to decide on what areas you’re what to buy in.

Housing down charge assistance via HUD can be extraordinarily beneficial.

In reality, all the services offered through HUD can significantly help any ability homebuyers.

They offer splendid, low fee houses and offer assistance to homeowners who are struggling to make the payments.

HUD and HUD home is only one program out there, and you may want to look around before you decide on the type of financing you want

Steve Olmos, Realtor
Selling properties in Southern California since 1980