Housing, otherwise known as collectively allotted housing, refers generally to the arrangement and designated use of residences or buildings together, for the common purpose of sheltering individuals from the weather elements, for a limited period of time, with various other implied effects (such as maintenance) on the use of the facilities. The housing tenure may be bought by a person through Purchase With Security, which is a mortgage obtained by the lending party, backed by the State or by a lender-secured note. This note may have to be paid on the death of the property holder, or within a certain time-usually five years-unless the housing is transferred to an individual at the death of the holder of the note. A person who buys housing can either buy single-family residences, townhouses, condominiums, mobile homes, multiple unit dwellings (as defined by zoning regulations), or residential rental properties.
Most of the housing that is leased or rented, and which constitutes the bulk of the taxable market, is sold on a monthly basis. The housing prices usually depend on various factors such as location, size, age and number of units, and its location relative to arterial streets. Usually, public housing tenants pay 30 percent of the cost of the housing, which represents the cost of upkeep, and the remaining portion is paid by the landlord. The remainder is referred to as vacancy income. The housing rent is computed by multiplying the cost of each unit times the average daily rate per square foot in the area, multiplied by the number of units for each dwelling. Public housing tenants pay an additional fee, called the vacancy charge, to cover costs like security, cleanliness of units, repairs, and other services.
The housing built by the government is generally termed “social housing”, and there are several types of housing provided by this category of governmental organization. The most common types are apartments or cooperative apartments, and low-income residential rental units. These apartments include senior apartments, modular homes, and supportive housing for the disabled. Low-income residential rental units are generally rent stabilized apartments or condominiums. These are popular with people who are unable to afford the cost of property and who seek rental units to live in permanently.