Affordable Housing

We understand the importance of having a place to call home. That's why we are proud to offer a range of affordable housing options to communities in Southern WI and Northern IL.

See If You Qualify

At Bear Property Management (BPM), we believe that everyone deserves a safe and comfortable place to live, regardless of their income. On this page, we will provide valuable information about our affordable housing options and how to qualify for them.

Understanding Affordable Housing

Affordable housing, often referred to as low-income housing, is designed to make quality housing accessible to individuals and families with limited financial resources. At BPM, we participate in the Low-Income Housing Tax Credit Program (LIHTC), also known as the Section 42 Program in some states. This program is a critical initiative by the federal government to encourage the private sector to invest in affordable housing.

How to Qualify for Affordable Housing

To qualify for affordable housing at BPM, you need to meet certain income guidelines. These guidelines are set annually by the U.S. Department of Housing and Urban Development (HUD) and are based on the median income of a specific area. Different areas will have different income limits, therefore it’s important to search for income limits in your location.

Section 42 Housing vs. Section 8 Housing

You might be wondering how Section 42 housing differs from Section 8 housing. Section 42 housing, as mentioned earlier, offers a rent advantage to residents whose incomes do not exceed a certain limit. The property owner, in this case, verifies income levels and eligibility annually to ensure compliance.

On the other hand, Section 8 housing provides direct rental assistance, and income verification is completed by the Housing Agency, not the property owner. While we do not provide subsidies at BPM, residents with Section 8 vouchers can use them at our affordable properties.

Benefits of Our Affordable Housing

Our affordable housing options offer several benefits to our residents:

Lower Rent: The rent at our affordable housing units is often lower than that of neighboring properties in the area if your annual income meets the requirements.
Upgraded Living: Many of our tax credit housing units feature updated finishes and improvements, providing a higher quality of living for our residents.

View All of Our Communities

Income Calculations

Appropriate documentation of all income sources must be provided, including child support, wages, bonuses, tips, commissions, gifts, unemployment, and income from assets and investments.

Income and Rent Limits

Income limits are determined based on the Area Median Income (AMI) for the geographic area, evaluated by HUD. Rents are determined based on the number of bedrooms, with rent typically set at 30% of the identified income limit, usually 50% or 60% of the AMI.

Annual Rent Adjustments

Unlike conventional market-rate communities, where rent is evaluated at lease expiration, HUD releases new income and rent limits for Tax Credit Housing annually. Your rent may increase based on these new limits, and this adjustment may not coincide with your lease expiration.

Bear Property Management is committed to providing affordable housing solutions to Southeast Wisconsin and Northern Illinois areas. We believe that everyone deserves a place to call home, and we are here to help you make that a reality. If you have any questions or are interested in our affordable housing options, please don't hesitate to contact us. Our professional and friendly team is here to assist you every step of the way.