Affordable Housing In Fairbanks North Star Borough
Alaska

26 Low Income Apartment Communities In Fairbanks North Star Borough

Chenana Apartments

5190 Amherst Dr
Fairbanks, AK
Income Based
1-3 BR
Subsidized

Little Dipper Apartments

1910 Turner St
Fairbanks, AK
Income Based
1-3 BR
Subsidized

Tanana Apartments

350 S Santa Claus Ln
North Pole, AK
Call For Rent
1-2 BR

Jack and Virginia Wright House

721 E 8th Ave
North Pole, AK
Accessible
Disabled Supportive Housing
Subsidized

Marybeth Hafele House

430 Craig Ave
Fairbanks, AK
Accessible
Disabled Supportive Housing
Subsidized

John L Turner House

11 Steelhead Rd
Fairbanks, AK
Accessible
Disabled Supportive Housing
Subsidized

Golden Towers Apartments

330 3rd Ave
Fairbanks, AK
Subsidized

Ivan V Fosheim House

4455 Condor Ct
Fairbanks, AK
Accessible
Disabled Supportive Housing
Subsidized

John L Noyes House Foundation

3747 Erickson Ave
Fairbanks, AK
Accessible
Disabled Supportive Housing
Subsidized

Mary a Nordale House

594 Slater Dr
Fairbanks, AK
Accessible
Disabled Supportive Housing
Subsidized

Guide To Affordable Housing in Fairbanks North Star Borough, Alaska

According to federal housing data and AffordableHousingOnline.com research, there are 26 low income housing apartment communities offering 1,108 affordable apartments for rent in Fairbanks North Star Borough, Alaska. Fairbanks North Star Borough features 617 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 491 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Fairbanks North Star Borough.

Fairbanks North Star Borough, AK Affordable Housing Snapshot

Total Affordable Apartment Properties 26
Total Low Income Apartments 1,108
Total Housing Units with Rental Assistance 617
Percentage of Housing Units Occupied By Renters 41.89%
Average Renter Household Size 2.51
Average Household Size 2.69
Median Household Income $71,068 ±$1,964
Median Rent $1,216 ±$35
Percentage Of Renters Overburdened 49.19% ± 3.48pp
Total Population 99,705

Population and Household Demographics

Fairbanks North Star Borough is a County in Alaska with a population of 99,705. There are 35,582 households in the county with an average household size of 2.69 persons. 41.89% of households in Fairbanks North Star Borough are renters.

Income and Rent Overburden in Fairbanks North Star Borough

The median gross income for households in Fairbanks North Star Borough is $71,068 a year, or $5,922 a month. The median rent for the county is $1,216 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fairbanks North Star Borough, a household making less than $4,053 a month would be considered overburdened when renting an apartment at or above the median rent. 49.19% of households who rent are overburdened in Fairbanks North Star Borough.1

Area Median Income In Fairbanks North Star Borough

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

In Fairbanks North Star Borough, HUD calculates the Area Median Income for a family of four as $92,400

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Fairbanks North Star Borough

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Fairbanks North Star Borough HUD Rental Assistance in Fairbanks North Star Borough

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $19,400 $22,200 $26,660 $32,190 $37,720 $43,250 $48,780 $54,310
50% of Median $32,350 $37,000 $41,600 $46,200 $49,900 $53,600 $57,300 $61,000
80% of Median $51,750 $59,150 $66,550 $73,900 $79,850 $85,750 $91,650 $97,550
Low Income Housing Tax Credits in Fairbanks North Star Borough

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1989 to 2011, 7 low income apartment communities containing 518 rental apartments have been constructed and made affordable to low income persons in Fairbanks North Star Borough by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Fairbanks North Star Borough

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $32,350 $37,000 $41,600 $46,200 $49,900 $53,600 $57,300 $61,000
60% of Median $38,820 $44,400 $49,920 $55,440 $59,880 $64,320 $68,760 $73,200

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Fairbanks North Star Borough is $49,920 a year, or $4,160 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $4,160 by 30% to get a maximum rent of $1,248 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $809 $867 $1,040 $1,201 $1,340 $1,479
60% $971 $1,040 $1,248 $1,442 $1,608 $1,775
Fair Market Rents in Fairbanks North Star Borough

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$863 $1,006 $1,325 $1,911 $2,326

Cities In Fairbanks North Star Borough

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Fairbanks 24 The HUD funded Public Housing Agencies that serve Fairbanks are the Alaska Housing Finance Corporation - Section 8 and Alaska Housing Finance Corporation - Public Housing.
North Pole 2
Badger 0
Chena Ridge 0
College 0
Eielson AFB 0
Ester 0
Farmers Loop 0
Fox 0
Goldstream 0
Harding Birch Lakes 0
Moose Creek 0
Pleasant Valley 0
Salcha 0
South Van Horn 0
Steele Creek 0
Two Rivers 0
Harding-Birch Lakes 0