Affordable Housing In Farmers Loop
Fairbanks North Star Borough,
Guide To Affordable Housing in Farmers Loop, Alaska
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Farmers Loop, Alaska.
Income Based Apartments in Farmers Loop, Alaska
Farmers Loop features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Farmers Loop, Alaska
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Farmers Loop.
Housing Choice Vouchers in Farmers Loop, Alaska
On average, Section 8 Housing Choice vouchers pay Farmers Loop landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Farmers Loop.
The maximum amount a voucher would pay on behalf of a low-income tenant in Farmers Loop, Alaska for a two-bedroom apartment is between $1,337 and $1,634.
2023 Farmers Loop, Alaska Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Farmers Loop, Alaska Fair Market Rent||$993||$1,128||$1,485||$2,110||$2,529|
|Farmers Loop, Alaska Payment Standard Range||$894 to $1,092||$1,015 to $1,241||$1,337 to $1,634||$1,899 to $2,321||$2,276 to $2,782|
Sourced from federal housing data and AffordableHousingOnline.com research.
Farmers Loop, AK Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||19.84%|
|Average Renter Household Size||1.96|
|Average Household Size||2.83|
|Median Household Income||$100,703 ±$14,545|
|Median Rent||$862 ±$120|
|Percentage Of Renters Overburdened||30.93% ± 23.21pp|
Population and Household Demographics
Farmers Loop is a city in Fairbanks North Star Borough, Alaska with a population of 4,149. There are 1,467 households in the city with an average household size of 2.83 persons. 19.84% of households in Farmers Loop are renters.
Income and Rent Overburden in Farmers Loop
The median gross income for households in Farmers Loop is $100,703 a year, or $8,392 a month. The median rent for the city is $862 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Farmers Loop, a household making less than $2,873 a month would be considered overburdened when renting an apartment at or above the median rent. 30.93% of households who rent are overburdened in Farmers Loop.
Area Median Income In Farmers Loop
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.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Farmers Loop, the AMI is calculated from all households within Fairbanks North Star Borough.
In Farmers Loop, HUD calculates the Area Median Income for a family of four as $97,800
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 Farmers Loop
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 HUD Rental Assistance in Farmers Loop
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Farmers Loop AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Farmers Loop AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Farmers Loop AMI may qualify for rental assistance programs that target Low Income households.