Our team can help you understand the financial requirements for joining our senior community.
Finding affordable housing on a fixed or limited income can be challenging, but there are programs available specifically for older adults. Capitol Retirement Village operates under the HUD 202 PRAC program, which provides affordable housing for qualifying seniors. Understanding the affordable housing qualifications is an important first step in determining whether our community may be the right fit for you.
To qualify for admission, residents must be at least 62 years old. Applicants must also meet income requirements established by the Department of Housing and Urban Development (HUD). Current annual gross income limits are $40,250 or below for a single person and $46,000 or below for a couple. These limits may change according to HUD guidelines.
When reviewing affordable housing qualifications, you need to understand what counts toward your income. Social Security, pensions, annuities, employment income, rental income, and interest earned on assets are among the sources that may be included. For qualifying residents, rent is calculated at 30% of adjusted income.
Our community has offered seniors an affordable place to live in Springfield, Illinois since 2004. Our residents enjoy one-room apartments with open layouts, laundry facilities on each floor, and a convenient central location. Easy transportation and our planned events provide additional opportunities to get out, stay active, and connect with neighbors.
Our team is happy to explain the affordable housing qualifications, answer your questions, and provide more information about what our community offers. Contact us today to learn about your eligibility and the next steps for applying to become a resident.