Affordable housing, in plain words
Income-based apartments in Ruidoso Downs, explained.
Tax-credit, income-based, income-restricted, affordable: different names for one idea. At Ladera, qualifying households pay a set program rent that stays below the market, in a mountain valley where a below-market home is hard to come by.
How the program works at Ladera
Ladera takes part in the federal affordable-housing tax-credit program. Program homes rent for a set amount below the market rate, with caps the program updates each year. Rent is a fixed number by floor plan, never a percentage of what you earn. Ladera is a mixed-income community, so the office will match your household with the home and program tier that fit.
Who qualifies
Eligibility comes down to household income and size, never age. Your combined income must fall under limits HUD publishes each year for Lincoln County, and the limits climb with household size, so a household of five has more room than a household of one. A short call with a rough idea of your monthly income is usually all it takes to find out, and applying is simple from there.
Housing Choice Vouchers are welcome
Tax-credit housing and Section 8 are different programs that work well together. You do not need a voucher to live at Ladera, because program rents are already below market. If your household does have a Housing Choice Voucher, you are welcome to use it here, and the office will gladly explain how the two combine.
What it costs
Program rents at Ladera are a set monthly amount for each floor plan: one, two, and three bedroom homes. The amounts adjust from time to time as the program updates its limits, so the only number worth planning around is the one the office quotes you today. Call, ask for current rates, and check availability in the same conversation.
Common questions about qualifying
Who can live at Ladera?
Anyone is welcome to apply. Ladera is a mixed-income affordable community, so eligibility for a program home depends on household income and size, nothing else. One quick call to the office is usually enough to tell you where your household stands.
What are the income limits?
Program homes at Ladera use income limits that HUD sets each year for Lincoln County. The limits rise with household size, so a household of four can earn more than a single renter and still qualify. Because they change annually, call us with a rough idea of your monthly income and we can tell you quickly.
How much is the rent?
Rent at Ladera is a set monthly amount by floor plan, kept below the market through the affordable-housing program. It is not calculated as a percentage of your income. Rates adjust as the program updates each year, so the office quote is the number to plan around. Call for today's rates on one bedroom, two bedroom, and three bedroom homes.
Affordable Apartments · Ruidoso Downs, New Mexico
Come see it for yourself.
The best way to know if Ladera feels like home is to visit. Call us and we will answer your questions and set up a tour.