Affordable Housing In Kenai Peninsula Borough
Alaska

18 Low Income Apartment Communities In Kenai Peninsula Borough

Bayside Apartments

1011 4th St
Seward, AK
Call For Rent
1-3 BR
Subsidized

Conifer Woods Apartments

4014 Ben Walters Ln
Homer, AK
$881-980
1-2 BR
Subsidized

Woodridge Apartments

903 Cook Ave
Kenai, AK
Call For Rent
1-2 BR
62+
Accessible
Subsidized

Laurawood Arms

131 Shady Ln
Soldotna, AK
Call For Rent
1 BR
62+

Kimberly Court Apartments

1821 Swetmann Ave
Seward, AK
Call For Rent
1-3 BR

Northwood Retirement Apartments

190 W Park Ave
Soldotna, AK
Call For Rent
1 BR

Bayview Apartments

214 6th Ave
Seward, AK
Call For Rent
1-2 BR
HCV Welcome
Subsidized

Glacier View Apartments

200 Lowell Canyon Rd
Seward, AK
Subsidized

Pacific Park

106 Caines
Seward, AK
HCV Welcome

Aurora Commons

322 Tyee St
Soldotna, AK
Accessible
Disabled Supportive Housing
Subsidized

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