does provide Clint a good excuse. I'd not have wagered it.
Does government subsidized housing prevent him from buying? Like, theoretically, if you have $1000/mo in housing subsidies, there's quite a bit of property
Housing subsidies & Subsidized housing are distinctly different:
• Ownership = Deductions = "subsidies"
~Program participants are allowed NO claims or ownership (including inheritance)
• Sec#8, et al., is based on (+ Fair) market rent & has limits on rental allowances, ie;
Single, 5 kids of various ages & genders
= Up To 5bdrm w/$3500 monthly max
= min 3bdrm w/$2800 max allowance
Single person = 1 bdrm / $1300 /mo
~of which, 30% from tenant
= govt/$910 jfs/$390 + utilities
To create a closed loop you need to know his maximum housing allowance (+utility allowances, if any) & make sure the total mortgage amt (PITI) remains below his maximum allowance.
Dare I say, well nigh Impossible.
Interest rates are up. Taxes Always increase. Insurance isn't static & if the agent, on annual rounds photographs a messy exterior, you may see increased rates due to "filth factor"
Additionally, land doesn't always come with amenities. You'll need to consider the costs of a water main & plumbing/Septic and electrification
If his allowance covers the monthly mortgage amt, set-asides from crowd funding could cover the yrly taxes, ins, etc (+ Maintenance)
As a (c)(4) entity, donations will be exempt as will income, it won't exist. The tax status of the land could be beneficial.
IF. IF Cobes is on Sec.#8.
> your best bet would be to know how much rent Cobes can afford on his income (currently pays) & use that as your baseline to decide on a purchase amt & rental agreement.
+(this info is based on actual sec8 participation w/a generalized rental amt, results Will vary, lists may be closed or 10-15yr long, consider yourself lucky if you are near the top of the list in your area, many applicants die b4 obtaining affordable housing)