Did you know 22.4 million renters spend more than 30% of their income on rent and utilities, meaning half of all U.S. renters are burdened by housing costs? As housing costs have increased substantially, options to aid families and communities are more important than ever. 

Here are five resources to help you better navigate affordable housing.

1. Affordable Housing Hub.

The Affordable Housing Hub offers an extensive list of resources, applications and information to access public housing, Section 8, Low-Income Housing Tax Credit (LIHTC), choice housing vouchers, and open waitlists. This website is dedicated to bringing renters updated information on affordable housing resources. 

2. Emergency Rental Assistance.

Additionally, the same organization includes Emergency Rental Assistance which provides financial support from federal, state and local government agencies, as well as nonprofit organizations. The primary objective of this program is to help prevent homelessness and quickly offer aid to households facing financial challenges, including overdue rent, upcoming rental payments or utility costs.

3. Low-income housing programs¹.

The US Department of Housing and Urban Development (HUD) is a government agency providing rental assistance and local public housing. Designed to help low-income families and individuals, HUD assistance programs are granted to individuals based on their housing needs and eligibility. In terms of rental assistance, the HUD offers housing choice vouchers and Real Estate Assessment Center (REAC) Property and Unit Inspections to provide families with the support they need to attain safe and affordable housing. 

4. Down payment assistance programs².

FirstBank offers a variety of Down Payment Assistance (DPA) grants, equity programs and DPA loans including deferred payment, low-interest and forgivable loans.

5. Financial hardship assistance.

There are federal and state programs available to homeowners facing financial hardships as a result of COVID-19. They can apply for assistance with their mortgage payments, property taxes, utility bills, and other housing costs. In addition, there are several foreclosure programs and hotlines, housing counselor information and active duty servicemember resources. This information can be found at efirstbank.com.

Affordable home ownership is critical to uplifting and supporting the communities we serve. Most importantly, it helps build generational wealth and financial stability.

For more housing tips and tricks, visit the Homeownership page at efirstbank.com.

FirstBank Member FDIC. Equal Housing Lender. NMLS ID#458768.

1. In order to be eligible for this program, the buyers’ annual income (including asset income) shall not exceed 80% of the Median Family Income, as determined by HUD.  Ask a FirstBank loan officer for additional information.

2. FirstBank determines actual loan qualification only after receipt of a complete loan application and analysis of pertinent information, such as (but not limited to) credit history, income documentation, and property valuation.

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