Application
Seven Oaks of Florence Federal Program Description
and Finances and Rent Determination for 2008
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 $23,500 a year and two people can make up to $26,850 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:
- Call Seven Oaks at 402-451-4477 for rents in Building III
- For 26 apartments in Building III, a person can make up to $28,200 a year and two
people can make up to $32,220 a year.
- This includes a person’s income plus money earned from assets
- Six apartments in Building III have almost no income restrictions, where a person
can make up to $70,500 and two people can make up to $80,550.
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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