Application
Seven Oaks of Florence Federal Program Description
and Finances and Rent Determination for 2009 - effective 3/19/09
Building I and II
- Must be 62 years of age or older
- Rent is determined by 30% of income
- Rent is subject to change on the anniversary of the move in date
- One person can make up to $24,450 a year and two people can make up to $27,950 a
year.
- This includes a person’s income plus money earned from assets
- Medical expenses paid out of pocket can be deducted before rent is calculated
Building III
- Must be 55 years of age or older
- Apartments have set rents:
- Studio- $372.00/month Moderate:
$386/month
- 1 Bedroom- $510.00/month Moderate: $525/month
- 2 Bedrooms- $643.00/month Moderate: $664/month
- Rents subject to change on the anniversary month of your move-in
- For 26 apartments in Building III, a person can make up to $29,340 a year and two
people can make up to $33,540 a year.
- This includes a person’s income plus money earned from assets
- We have several units that are HOME units, where the income limits are at 50% of
median income, which is the same as the HUD guidelines above.
- 60% income limits are 29,350 for 1 and 33,550 for 2
- Six apartments in Building III have higher income restrictions, where a person can
make up to $73,350 and two people can make up to $83,850.
Section 8 Vouchers
- Section 8 Vouchers are accepted in Building III only
- These are administered by the Omaha Housing Authority (OHA).
- Here persons pay up to 40% of their income for rent, there are some income restrictions.
Calculating Annual Income
To qualify for residence at Seven Oaks of Florence, the Federal Programs that provide
us with funding require a prospective resident’s annual income follow certain income
guidelines. Below is an equation to help determine your annual income:
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Earned Income Includes:
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Wages
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Pensions
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Social Security
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+
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Armed Forces Pay
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SSI
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Veterans Benefits
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Retirement Funds
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Self Employment
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Unearned Income:
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Monetary Gifts
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Inheritances
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Lottery
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+
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Severance Pay
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Child Support
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Grants/Scholarships
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Alimony
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Public Assistance
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Worker's Compensation
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Unemployment Compensation
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Income From Assets:
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Dividends
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Interest Income Annuities
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Disability
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Death Benefits
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Net Income From Business
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Checking/Savings/CD Interest Income
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Earned Income + Unearned Income + Income from Assets= Total Annual Income
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Reminder for Buildings I and II
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Building III
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Annual Income must be under:
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Annual Income must be under:
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Individual:
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$23,500
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Individual:
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$28,200
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Couple:
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$26,850
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Couple:
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$32,220
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Bond Individual:
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$70,500
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Seven Oaks of Florence
offers affordable housing to everyone 62 years of age and older regardless of race,
color, sex, religion, marital status, handicap, or national origin.
Click to download the Pre Application Form
for Hud and Low Income Housing Tax Credits Properties
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