Low Income Housing Addendums

[Joseph Morales]

Hello all!

I am in the process of purchasing a property which comes with an attached rental unit (studio) over the garage. However, part of the purchase agreement is that the unit has to be rented to a “very low income” tenant according to a supplement addendum. I was up wondering if anybody has ran into this before and if there are any pros and cons I should be aware of. For instance, are there any tax benefits for low income housing? How does the city confirm the resident in the studio and how much of a part does the city have in selecting a tenant? 

I personally don’t mind this toO much as long as I get a fair rent for the current market. I live in Southern California so rent is crazy right now!

Any insight helps thank you so much!

-Joseph