What is Privately Owned HUD Housing?
The phrase ‘Privately Owned HUD Housing’ describes a number of different housing programs. All of these programs are run by the U.S. Department of Housing and Urban Development (HUD). And they all use the same basic approach: The housing is owned by some private organization; HUD gives some financial help as long as the organization agrees to keep rents below a certain amount and reserves the housing for people below a certain income. The most important thing to know about these developments is that there are two possible rents. In most developments, at least, some of the apartments have something called a ‘Section 8 subsidy.’ If you live in an apartment with a Section 8 subsidy, your rent will depend on your income. Even if you don’t get Section 8 subsidy, your rent will probably be lower than it would be in a normal apartment, but it won’t be as closely tied to your income. There might even be a single rent that everyone pays, no matter what their income happens to be.
