By Cindy Moore on Tuesday, 09 January 2024
Category: Indiana Cities

Finding Low Income Senior Housing in Indianapolis, IN

Most senior citizens live predominantly on income from their retirement savings accounts and benefits like Social Security, so their income can be more limited than the standard working U.S. adult. Adding to their financial challenges can be often unpredictable healthcare needs and rising costs associated with housing. In Central Indiana, there are an estimated 13,000 adults (9%) age 65 and older who experience poverty, and more than 55,000 (37%) whose incomes fall below the threshold set by the state's Asset-Limited, Income-Constrained, and Employed (ALICE) project.

Thankfully, there are several different programs available that can help seniors afford to live in safe, low-income housing in Indianapolis, IN. These apartments have reasonable rents, which helps provide their elderly residents with enough money left over every month to manage their other expenses.

But understandably, finding low-cost apartment communities for seniors can sometimes prove to be challenging, especially if you don't know where to start. In this post, we will guide you in your search for low-income senior housing in Indianapolis. We will also discuss the senior lifestyle of the city and how you can qualify for low-cost senior apartments. The topics we will cover include:

Why Choose Indianapolis, IN for Low Income Senior Housing?

If you get most of your income from your Social Security retirement benefits, then you can rest easy knowing that your income will be exempt from Indiana's income tax. But while Social Security benefits might be exempt from taxes, any income you might receive from pensions or retirement savings is not, so it is important to keep that in mind when applying for a low-income senior housing program in Indianapolis.

Indianapolis is a very senior-friendly city. There is an abundance of attractions, groups, and activities designed to help improve the quality of life of anyone over 62 years of age. For instance, the Indianapolis Garden Club is a great way for seniors to meet other seniors while spending time outdoors and beautifying the local communities. There's also no shortage of museums, theaters, and other activities that can add value, fun, and excitement to anyone's day, with notable mentions like:

Understanding the Low Income Senior Housing Programs in Indianapolis

The low-income senior housing programs in Indianapolis are designed to provide rental subsidies to seniors who meet their income requirements, so they can live in comfortable, safe, and clean environments.

The low-income senior housing programs available in Indianapolis, IN include:

Subsidized Senior Apartments in Indianapolis, IN

Subsidized senior apartments can help make life more affordable for seniors in Indianapolis because these specialized communities allow the renter to pay approximately 30% of their income towards rent. Some of these apartment communities will even take into consideration an applicant's medical expenses when calculating their rent. Because of their popularity, these apartments tend to be in very high demand and maintain long waiting lists for residency.

Seniors who are looking to move into subsidized apartments are therefore advised to get on the waiting list for their senior apartment community of choice. Before submitting an application, it is always recommended to contact the apartment manager to discuss the community's entry requirements.

Rental Housing Tax Credit for Low Income Seniors in Indianapolis

The Rental Housing Tax Credit (RHTC) program allocates over $15.5M of federal tax credits annually to for-profit and non-profit developers for the construction or rehabilitation of affordable rental housing. All units created through the RHTC program must be rented to households at or below 60% of the area median income. IHCDA ensures that the program is utilized to assist vulnerable populations through set-asides in the Qualified Action Plan (QAP).

LIHTC Tax Credit Apartments for Low Income Seniors in Indianapolis

In 2022, Indiana Gov. Eric Holcomb signed into law an omnibus tax law that created a state low-income housing tax credit (LIHTC) for fiscal years after June 30, 2023. The LIHTC program issues substantial tax credits to multifamily housing builders and owners as an incentive for them to acquire, rehabilitate, or construct rental housing for households and individuals who meet the LIHTC's low-income thresholds.

While this tax credit program can provide significant savings to low-income seniors, it is important to note that only 16% of these apartments are specially designated for senior living. Seniors can, however, choose to reside in units that are not specifically designated for seniors. As with subsidized housing, there are income requirements that need to be met to qualify for residency in a LIHTC apartment.

Section 202 Senior Housing Communities in Indianapolis">Section 202 Senior Housing Communities in Indianapolis, IN

Section 202 senior apartments is designed to provide safe housing for low or very low-income seniors over the age of 62. These apartments are usually strategically located, so seniors can have convenient access to medical services, public transportation, and shopping. Most of these communities also tend to have Service Coordinators on staff who can help their residents find a variety of other needed resources and apply for any senior programs that they may be eligible for.

Section 202 apartments have income limits that are based on where they are located (State & County). It is important to note that the income for everyone in the household is taken into account when applying for residency in a Section 202 apartment, so if other family members will be living with the senior in their apartment, then their income will also be included when determining the senior's eligibility.

HUD Section 8 Housing Choice Vouchers">HUD Section 8 Housing Choice Vouchers

Rental assistance for seniors who meet low-income standards is also available through the Section 8 Housing Vouchers. These vouchers are designed to help low-income families, the elderly, and people with disabilities to afford safe and clean housing in the private market. Section 8 vouchers allow seniors the flexibility to find their own housing, which can include anything from single-family homes and townhouses to apartments in the neighborhoods of their choice. To be eligible, however; the housing must meet the requirements of the program.

Due to the popularity of the Housing Choice voucher program, there is usually an extremely long waiting list. To be added to the waiting list, it is recommended that you contact either the Indiana Housing & Community Development Authority (IHCDA) or the Indianapolis Housing Agency.

Additional Services for Low Income Seniors in Indianapolis, IN

Indianapolis has several noteworthy programs and services that can help make life easier and more enjoyable for low-income seniors. For instance, The Indiana State Department of Health along with the USDA offers the Commodity Supplemental Food Program (CSFP), which provides commodity food packages to low-income pregnant and breastfeeding women, other new mothers up to one year postpartum, infants, children up to their sixth birthday, and elderly persons at least 60 years of age who meet income eligibility requirements. Nearly 97% of program participants of this program are seniors.

Seniors can also get help with their utility bills by applying for Heating/Energy Bill Assistance Program or Weatherization in Indiana. LIHEAP provides financial assistance and cash grants to low-income senior households, free appliances, and free grant money. Seniors with very low incomes can also receive emergency financial help.

How to Find Low Income Housing for Seniors in Indianapolis, IN

Affordable housing for low-income seniors isn't always easy to find, especially in a city as large as Indianapolis, IN. With so much information to wade through, it can be easy to become overwhelmed and when you have to deal with things like waiting lists and complex application processes, it can make things even more of a challenge. But at Senioridy, we make it a lot easier to find the right apartment for you.

Senioridy's free online search portal has a built-in filter that allows you to narrow your search for low-income senior housing based on the zip code you wish to search in. The results will include detailed information about the vacant properties along with their photos, application requirements, and contact details of the management team.

Each unit's managing authority will conduct an interview and screening. If you meet all the eligibility requirements for low income senior living, then an apartment will be allocated for you.

Since these communities are exclusive to senior citizens, residents enjoy a wide range of age-friendly activities and features to keep them happy, safe, and active. Search for your next home on Senioridy today and find the perfect low-income senior apartment in Indianapolis to suit your lifestyle and budget.