An affordable property is a multifamily property that provides below-market rents and takes advantage of either the HUD Section 8 program or Low Income Housing Tax Credits (LIHTCs). These properties are typically intended for seniors, low-income people, disabled individuals, or other disadvantaged groups. Affordable properties using the HUD Section 8 program are sometimes operated by non-profit groups, including some 501(c)(3) organizations.
For more information, please visit www.hud223f.loans/glossary/affordable-properties and www.hud223f.loans/hud-223f-faqs/hud-section-8.