Assisted Living Questions
1) Does Prime Living Apartments accept third party payers such as Medicaid?
Prime Living Apartments accept private pay individuals as well as third-party financial subsidies for rent and support services (i.e. Medicaid, Medicaid Elderly Waiver, Assisted Living/Long Term Care Insurance, Section 8 Rental Assistance, etc.). We are pleased to say that we are currently the only Assisted Living in Plymouth County to accept Medicaid and one of few in Woodbury County that allows Medicaid without conditions.
2) What is the difference between an Assisted Living and a Nursing Home?
Assisted Living is unique in that it is the first health care model designed to maximize independence and preserve health and well being. Hospitals are designed to provide treatment for illnesses, injuries, and other health care emergencies, with the ultimate goal being to return the patient to their “normal” level of function. Nursing homes are generally perceived as places where people go for rehabilitation or for care when they can no longer care for themselves at home.
Many people say that living in a nursing home would be their last choice. The truth is that, by the time people are in need of nursing home care, there may be no other options available. Assisted Living might really be the last choice - or the last time in a senior's life when they are able to make a decision about where they want to live.
3) What is an "affordable" assisted living?
Other than cost, no distinction should be drawn between affordable assisted living and market rate assisted living. Affordable Assisted Living then, in its simplest terms, is assisted living that people can afford based upon their incomes. In Iowa, over fifty percent of the elderly cannot afford what is currently available on the assisted living market.
Market rate assisted living programs were not purpose-built as affordable properties and therefore have capital and staffing costs that adversely impact their ability to offer rents and services at levels allowing very low- income tenants to qualify for assistance under state and federal health care and rent subsidy programs. By combining a variety of public and private funding sources, affordable assisted living developers have been successful in decreasing capital expenses to a level that allows them to charge rents that qualify clients for rental assistance programs. Health care entities with expertise in accessing health care programs for lower income Iowans are a natural partner for housing developers interested in increasing the number of affordable assisted living units available to Iowa seniors.
*One of the greatest features of Prime Living Apartments is that the facility is able to offer both affordable and market rate units, making it possible to accommodate seniors at all income levels.
4) Is Prime Living Apartments regulated/certified?
Yes. Prime Living Apartments is regulated by Iowa Code - Chapter 231C and Iowa Administrative Code 321, Chapter 25. We are certified and inspected annually by the Iowa Department of Inspections and Appeals.
Housing Questions
1) What is affordable (Section 42) housing?
The Tax Credit Reform Act of 1986 created the Low Income Housing Tax Credit Program (LIHTC). The program regulations are under Section 42 of the Internal Revenue Code. The tax credit encourages developers to build affordable housing to meet the needs of the community. As a condition for receiving Housing Tax Credits, owners must keep the units affordable for a specified number of years. Affordable rents are defined and calculated based on Median Household Income figures published annually by the U.S. Department of Housing and Urban Development (HUD). HUD also determines the maximum qualifying income levels.
The way that the Prime Living Apartments were structured, we are able to accommodate seniors of all income levels. We have both affordable units and market rate units available. You do not have to income qualify for the market rate units.
2) How do I determine if I am eligible for an affordable/tax credit unit?
You will be asked to complete an application that requests information regarding your household composition, income, and student status. These factors will determine your eligibility for this program.
3) What is counted as income and what are assets?
Your income level is based on the combined projected gross income, including income from assets, for the next 12 months of all household members 18 years of age and older.
Assets are those valuables, other than personal items, which must be considered when determining family income. Examples include interest from savings and checking, as well as potential income from IRAs, 401K, CDs, and real estate.
4) Do I have to verify my income every year?
Yes. You must recertify your income and family size before you are offered a new lease. This process starts approximately 120 days before your lease renewal date.
