Comments on: Section 42

By: my name

my name — Mon, 07 Sep 2009 00:41:01 +0000

Well after reading all the comments I guess God has really blessed me. As I recently had to choose my new apartment home. I made a list and the first one i called had everything I wanted and It’s very up scale, and I was getting ready to hang up knowing that I did not want to spend 1200 a month or more, In fact i really in my heart only wanted to stay around 800..and i wanted washer and dryer in my apt, parking, and allows pets. Well just as i was going to hang up the rental agent said they had a really good deal for me if i made less than 28k. Which after i write my taxes down i make like 24k..So I got the 1200 plus apartment for 800 a month! YES!!!!PRAISE GOD! HE WAS LOOKING OUT FOR ME. but to answer your question I was told you had to make under 28k for a single person.
I guess the unit i got had just come available so I really “got blessed”…
I was just curious how the section 42 worked and how to tell which apartment buildings would have it, I think if you have a list of places you like, just call and ask them! You never know you might get blessed like I did!

By: baker.

baker. — Mon, 13 Aug 2007 15:31:48 +0000

how about living within your means like the rest of us you boner.

By: aliecat

aliecat — Fri, 27 Jul 2007 05:59:03 +0000

I credit Wayne with that info, Cat…

By: Cat

Cat — Fri, 27 Jul 2007 05:50:45 +0000

Alie’s right. The program was not created to help you get into a rockin’ apartment but don’t want to pay a lot of rent.
It starts really making a difference when you have a family of 4 trying to find affordable housing.

By: aliecat

aliecat — Fri, 27 Jul 2007 05:46:27 +0000

Plus, from what I heard, the only assistance you get with section 42 is that it lowers your rent to the standard 30% percent of your income, which means you still may only be able to afford a studio in said building.

By: Cat

Cat — Fri, 27 Jul 2007 05:35:24 +0000

I kind of doubt that the $37k figure was for a single person. Sounds more like for a family of 4.

Actually, the $37K may be for a single person with Section 42 housing as it's income requirement is higher than HUD programs. If I remember correctly, in 2006 a single person living in Hennepin Co. could qualify for assistance if he or she made less than $41K. But, I think one's income for Section 42 are based on state incomes.

By: aliecat

aliecat — Fri, 27 Jul 2007 05:29:34 +0000

I think Wayne should weigh in on this…

By: mnblrmkr

mnblrmkr — Fri, 27 Jul 2007 04:50:20 +0000

I kind of doubt that the $37k figure was for a single person. Sounds more like for a family of 4.

Considering the common 30% of income for housing figure that is usually quoted by personal finance people, you're max would be about $935/mo. Unless you have some specific need, such as handicap accommodations, I doubt you're going to find much public assistance (or sympathy) for rental costs for a single person making $34k.

Minneapolis isn't Manhattan: you'll find plenty of options well below $900/mo, and if you research your options, you don't have to spend anywhere NEAR $900/mo in order to avoid the "riff-raff."

By: Cat

Cat — Fri, 27 Jul 2007 04:30:31 +0000

Dude, you are so barking up the wrong tree. Section 42 is an IRS tax code designed to motivate multi-housing builders -- builders build affordable housing and the IRS gives them a tax break.

I haven't been in it for awhile, but I believe one of the qualifiers is that your income be below what the state's median income is - if you were told $37K, then that's probably true. But, there can also be other qualifiers such as: age, disability status, number in family.

If you're looking for only upscale housing, you're limited as there are few buildings that work with the program; if they do, most only set aside the minimum, and most have waiting lists. My guess is that the newer developments (last couple of years) probably used this program so. The other program is Section 8 and you're way overqualified for that program.

If you want a listing, try MHA (Minnesota Multi-Housing Association). They used to be located in Bloomington out by MOA - they'll be able to give you more information.

By: yepnope

yepnope — Fri, 27 Jul 2007 03:02:51 +0000

Here’s a search page:

http://www.housinglink.org/hldirdb/