Moderate Income Program

A Little-Known Program That Makes A Big Difference

As a Senior Living Advisor with Silver Age, I periodically receive requests from people looking for a place to live who have a monthly income just above what would deem them appropriate to apply for Medicaid, but not enough income to afford an apartment in an assisted living facility. Recently, I had this experience with a client. Having been in this industry for many years, I was able to provide information on a little-known program available through the government.

The Moderate Income Bond Financing Program is for those with moderate income levels. The program is managed through the Washington State Housing Finance Commission. Presently, there are only a handful of independent and assisted living communities in The Greater Seattle Area that operate the program. It affords the applicant discounted rent at an assisted living community, excluding care costs. An application must be completed to verify income, and recertification is required each year.

The discounted rental program offers studios and one-bedroom living quarters. In 2023, to qualify a single person may not exceed $51,000 in gross annual income, and this includes 2% of assets, including the equity in their home. For example, if a person has $500,000 in assets, 2% of this is $10,000, so their income must be under $51,000 or $4250 per month. For a couple, the ceiling is higher than $51,000, including 2% of assets. In addition, the person applying, if accepted, would also benefit from a one-time discounted community fee. For instance, where a normal one-time community fee could be $15,000, and the bond program person would pay a discounted $4,000. Currently, adult family homes are not part of the Bond Program.

The program requires applicants to show gross income received from all sources. This includes:

• Social Security Benefit Statement showing the monthly amount for the current year

• Pension Statement from the current year showing monthly gross income

• Bank Statement showing the most recent statements for all checking and savings accounts

• Investment Account Statements showing the amount invested and year-to-date interest

• Real Estate Tax Statements showing property value

• Proof of Age using a photo ID, such as a Driver’s License, passport, or other government-approved ID showing date of birth

In addition, if someone other than the potential resident is filling out the forms, include a copy of the notarized Durable Power of Attorney.

Colleen James, Marketing Director at Fairwinds Independent and Assisted Living in Redmond, one of the few communities offering bond apartments, recalls when a prospective resident realized she was a candidate for the program. “There was this lady who had been coming to our free events but thought Fairwinds was out of her range financially, she stopped by one day to talk about her situation. When I shared the specifics of the bond program, she realized it would make it possible for her to move in. The community she had fallen in love with was now within reach. Fairwinds became her new home, and she spent many happy years with us."

The Bond program is just one of many special governmental programs that may be available to you. As an advisor, it is my job to know about and help people find these little-known programs. In future posts, I will be writing about the PACE program and Apple Health, two essential programs that hold significant benefits.

Please contact us with any questions about your situation and what programs might be available to assist you.