2013-02-22 / Health & Medical

Never say never to living at The Pines Retirement Community in Ocean Park, ME.

The Pines includes 105 units that qualify for Section 8 subsidy which means there are income limits and the rent is based on 30% of a household’s income. Five (5) additional apartments have higher income levels and the rent is based on the HUD approved market rate. All apartments at The Pines are one bedroom and include heat, water, electricity and onsite maintenance and services

For 2013, the maximum income for one person is $25,950 and $29,650 for two persons applying for Section 8 subsidy. To qualify for the higher, market rate units (currently $855/ month), the maximum income for one person is $41,550 or $47,450 for two.

Income is any amount you receive from Social Security, Veterans Association, State Pension, private company pensions, IRA, Annuities, wages, etc. Most applicants also have Assets such as savings, checking, and money market accounts, as well as stocks, bonds, mutual funds, real estate, certificates of deposit, revocable trusts or any like financial product. Any total asset value over $5000 is assessed at 2% and will be added to the monthly income.

Let’s say you own a house, which is considered an asset. In order to determine its actual value, you must have a current realtor’s market evaluation. The evaluation says your home is worth $150,000, but you still owe $29,000 on the mortgage. If you decide to sell the house, it may cost $2000 in closing costs. We deduct these two amounts ($31,000) from the total value (150,000-31,000 = 119,000). The $119,000 becomes the new asset value, so 2% ($2380) would be the amount of income from that asset. Add this to a yearly income of $9499 for a total gross income of $11,879. You definitely qualify, financially, to live at The Pines.

So, instead of thinking you have too much money or too many assets to live at The Pines. STOP! Contact us at 934-2157 or online at Admissions@thepinescommunity.org for a preapplication and let us determine if your income meets the Section 8 qualifications. Never say never to living at The Pines!

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