Our program is unique to the State of Washington. We provide our low cost housing by actually charging less than 60% of market rents and the tenant pays all of it. We are only able to do this because we keep our cost of acquisition and development very low and our administration cost is low relative to government subsidized projects.
Low Rents without Government Subsidies
Snohomish Affordable Housing Group offers affordable rates without any subsidies. The typical HUD backed project will charge at or near market rents if they can (ie. especially the for profit ventures). This is needed to cover the increased cost to build and operate under the government mandated rules. HUD backed housing is affordable to tenants much of the time because Section 8 subsidies supplement the partial rents paid by the tenant. Under government rules, the tenant is motivated to keep income at the qualifying income level to maintain the subsidy.
Tenants Work Toward Financial Goals
Tenants are expected to have a source of income which is less than 50% of median income, and more than adequate to pay the low rents. While tenants live in our apartments, they have an opportunity to pursue education, other work options, and build savings in order to move into market rate housing. We want to give people an ability to better their lives and move on, and generally limit tenancy to two or three years. Seniors and persons with disabilities are offered permanent housing with no time limits. Tenants participate in the care of the public areas as an expression of their commitment to making a positive contribution to the community.