You asked for an explanation of the financial subsidy formula for seniors and senior housing. You specifically wanted to know whether the formula accounts for both income and assets.

The Department of Economic and Community Development administers three elderly housing assistance programs—Rental Housing for the Elderly, Congregate Housing, and Elderly Rental Assistance Payments. It uses gross income from all sources to determine eligibility for all three. It does not count assets in the determination. To be eligible for these programs, individual or family income must be 80% or less of the area median income (AMI) for the housing's location, as published annually by U. S. Housing and Urban Development Department (HUD)

The State Rental Assistance Program (administered by the Department of Social Services) uses 60% or less of the HUD AMI for eligibility. There is no asset limit for participation in the program.

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