Affordable Housing In Kenai Peninsula Borough
Alaska
18 Low Income Apartment Communities In Kenai Peninsula Borough
Guide To Affordable Housing in Kenai Peninsula Borough, Alaska
According to federal housing data and AffordableHousingOnline.com research, there are 18 low income housing apartment communities offering 436 affordable apartments for rent in Kenai Peninsula Borough, Alaska. Kenai Peninsula Borough features 296 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 140 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Kenai Peninsula Borough.
Kenai Peninsula Borough, AK Affordable Housing Snapshot
| Total Affordable Apartment Properties | 18 |
|---|---|
| Total Low Income Apartments | 436 |
| Total Housing Units with Rental Assistance | 296 |
| Percentage of Housing Units Occupied By Renters | 27.55% |
| Average Renter Household Size | 2.58 |
| Average Household Size | 2.57 |
| Median Household Income | $63,684 ±$2,337 |
| Median Rent | $940 ±$36 |
| Percentage Of Renters Overburdened | 38.28% ± 3.13pp |
| Total Population | 57,221 |
Population and Household Demographics
Kenai Peninsula Borough is a County in Alaska with a population of 57,221. There are 21,485 households in the county with an average household size of 2.57 persons. 27.55% of households in Kenai Peninsula Borough are renters.
Income and Rent Overburden in Kenai Peninsula Borough
The median gross income for households in Kenai Peninsula Borough is $63,684 a year, or $5,307 a month. The median rent for the county is $940 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Kenai Peninsula Borough, a household making less than $3,133 a month would be considered overburdened when renting an apartment at or above the median rent. 38.28% of households who rent are overburdened in Kenai Peninsula Borough.1
Area Median Income In Kenai Peninsula 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 Kenai Peninsula Borough, HUD calculates the Area Median Income for a family of four as $87,400
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 Kenai Peninsula 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 Kenai Peninsula Borough HUD Rental Assistance in Kenai Peninsula Borough
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% of Median | $18,350 | $21,130 | $26,660 | $32,190 | $37,720 | $43,250 | $48,780 | $54,310 |
| 50% of Median | $30,600 | $35,000 | $39,350 | $43,700 | $47,200 | $50,700 | $54,200 | $57,700 |
| 80% of Median | $48,950 | $55,950 | $62,950 | $69,900 | $75,500 | $81,100 | $86,700 | $92,300 |
Low Income Housing Tax Credits in Kenai Peninsula 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 2007, 7 low income apartment communities containing 177 rental apartments have been constructed and made affordable to low income persons in Kenai Peninsula 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 Kenai Peninsula Borough
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 50% of Median | $30,600 | $35,000 | $39,350 | $43,700 | $47,200 | $50,700 | $54,200 | $57,700 |
| 60% of Median | $36,720 | $42,000 | $47,220 | $52,440 | $56,640 | $60,840 | $65,040 | $69,240 |
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 Kenai Peninsula Borough is $47,220 a year, or $3,935 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,935 by 30% to get a maximum rent of $1,181 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% | $765 | $820 | $984 | $1,136 | $1,268 | $1,399 |
| 60% | $918 | $984 | $1,181 | $1,364 | $1,521 | $1,679 |
Fair Market Rents in Kenai Peninsula 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 |
|---|---|---|---|---|
| $896 | $905 | $1,192 | $1,604 | $1,723 |
Cities In Kenai Peninsula Borough
Select A City to View its Apartment Communities and Waiting Lists.
| City | Listings | Served By |
|---|---|---|
| Soldotna | 7 | The HUD funded Public Housing Agency that serves Soldotna is the Alaska Housing Finance Corporation - Section 8. |
| Seward | 6 | The HUD funded Public Housing Agency that serves Seward is the Alaska Housing Finance Corporation - Public Housing. |
| Homer | 1 | The HUD funded Public Housing Agency that serves Homer is the Alaska Housing Finance Corporation - Section 8. |
| Kenai | 4 | |
| Anchor Point | 0 | |
| Bear Creek | 0 | |
| Beluga | 0 | |
| Clam Gulch | 0 | |
| Cohoe | 0 | |
| Cooper Landing | 0 | |
| Crown Point | 0 | |
| Diamond Ridge | 0 | |
| Fox River | 0 | |
| Fritz Creek | 0 | |
| Funny River | 0 | |
| Halibut Cove | 0 | |
| Happy Valley | 0 | |
| Hope | 0 | |
| Kachemak | 0 | |
| Kalifornsky | 0 | |
| Kasilof | 0 | |
| Lowell Point | 0 | |
| Moose Pass | 0 | |
| Nanwalek | 0 | |
| Nikiski | 0 | |
| Nikolaevsk | 0 | |
| Ninilchik | 0 | |
| Point Possession | 0 | |
| Port Graham | 0 | |
| Primrose | 0 | |
| Ridgeway | 0 | |
| Salamatof | 0 | |
| Seldovia | 0 | |
| Seldovia Village | 0 | |
| Sterling | 0 | |
| Sunrise | 0 | |
| Tyonek | 0 |
