Find tax credits and tax-exempt bonds available for low income housing in your area

The government loves to promote affordable housing whenever it can do so. However, there are often limits on the amount of subsidized housing that can be in any area. So many state and local governments offer tax breaks to investors who make the rent on their properties appropriate for those tenants who need cheap homes.

I recommend: Affordable Housing Finance is a magazine dedicated to financing housing for low income residents. They offer a state-by-state list of contact information for available tax credits and tax-exempt bonds. Fannie Mae offers information on a wide variety of financing and tax credit options on their website as well.

Offer your property to tenants using subsidized housing vouchers if possible

In many urban areas, there is a shortage of properties open to those using subsidized housing, or Section 8, vouchers. These programs therefore have long waiting lists for prospective tenants. By opening your property to these tenants, you can work towards having close to 100% occupancy due to the sheer demand for quality properties that accept Section 8 vouchers.

I recommend: The Section 8 program is administered nationally by the U.S. Department of Housing & Urban Development (HUD). The HUD website offers a section for landlords, chock-full of information on accepting Section 8 vouchers for your low income housing.

Assess the need for affordable housing in your community

In most urban areas, there is no question as to the need for low income housing. Many families struggle to make their monthly rent and are always looking for cheap homes for rent. However, in some suburban or rural communities, the need is less great and other investors may have already met this.

I recommend: HUDUser.org offers huge sets of data on affordable housing across the country. This can help determine appropriate rental rates as well as the quantity of need in your area.