Who is eligible to live in one of Hot Springs Housings' properties?
Generally, persons who are at least 62 years of age or persons with a disability or handicap, who meet income limits and screening criteria are eligible. There is a background check conducted on all applicants.
How is rent determined?
All rent in our properties is based on the income of the occupants, with adjustments for those over age 61 or with a disability/handicap for out-of-pocket medical expenses. The rental rate is 30% of recurring income, which includes income from assets. There is a maximum rent for each property that will be quoted as circumstances warrant.
What will my rent be?
You will be charged 30% of your adjusted monthly income, up to the maximum amount for the property in question.
What is considered to be income?
Recurring receipt of retirement or disability benefits, employment wages/salary, public assistance, and income from assets are all considered typical income sources. Please ask about other types of income that you may receive.
How does the value of my assets figure into the rent calculation?
Only the income generated by your assets is included. However, if your total assets are greater than $5,000, HUD requires that we impute at least 2% annual return on the total if the actual income is less.
What are adjustments to income?
For tenants who are at least 62 years of age or have a disability or handicap, out-of-pocket medical expenses, such as health insurance premiums, doctor, dentist and hospital charges, and prescription medications, will be verified and allowed.
How long is my lease?
All leases begin with a full year of tenancy, but will convert to month-to-month after the initial term.
What utilities are included in the rent?
Electricity, fuel for heat and/or air conditioning, water, sewer and trash collection are included, but telephone, cable television and internet service are expenses that you would pay to the service provider.
Are pets allowed?
Yes, HUD requires us to have Pet Policies, which allow an elderly or disabled person to own a dog or a cat which is no larger than 25 pounds, along with normal care and cleanup criteria. There is also a required Pet Deposit of $150, that is refundable if there are no damages attributable to the pet.
Who are my neighbors?
Our population includes residents who have lived in our properties for years, as well as new folks. They range in age from 98 to mid-30s. We accommodate those with electric scooters and walkers. Our parking lots have newer vehicles, pickup trucks and a few bicycles! All of your neighbors will welcome you to your new home should you decide to make us your new home!