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Can someone please explain to me in simple terms what affordable housing is?

I make $1600 a month and the apartment I'm looking at it $726 a month but it says affordable housing available if there's one person in the household making under $29,400 a year. I apply for that so what exactly is it? Are they basically saying the apartments are income based? Any idea how much I'd have to pay for rent? Gross pay.

Public Comments

1. Usually a place listed as "affordable housing" is run by HUD and they base your rent upon your monthy income.
2. Depends. Do you make $1600 a month gross or net??? EDIT: Ok... So what that means is that as long as all persons living in the unit do NOT make more than $29,400 a year combined, you would qualify. Understand that there may be a long waiting list for the "affordable" apartments. Your rent, judging by you annual income, would be around $500 a month.
3. They are talking about subsidized housing. You would not qualify unless you have children.
4. What is your age, affordable housing may be for seniors and families.