Affordable Housing In Kodiak Island Borough
Alaska

4 Low Income Apartment Communities In Kodiak Island Borough

Fir Terrace Apartments

2610 Mill Bay Rd
Kodiak, AK
Call For Rent
1-2 BR
Subsidized

Spruce Cape Homes

529 Carroll Way
Kodiak, AK
Call For Rent
1-3 BR
HCV Welcome

Mill Bay Town Homes

1223 Mill Bay Rd
Kodiak, AK
HCV Welcome

Kodiak

914 Pillar Mountain Dr
Kodiak, AK
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Guide To Affordable Housing in Kodiak Island Borough, Alaska

According to federal housing data and AffordableHousingOnline.com research, there are 4 low income housing apartment communities offering 146 affordable apartments for rent in Kodiak Island Borough, Alaska. Kodiak Island Borough features 100 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 46 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Kodiak Island Borough.

Kodiak Island Borough, AK Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 146
Total Housing Units with Rental Assistance 100
Percentage of Housing Units Occupied By Renters 39.92%
Average Renter Household Size 2.86
Average Household Size 2.98
Median Household Income $70,887 ±$5,665
Median Rent $981 ±$140
Percentage Of Renters Overburdened 38.48% ± 8.05pp
Total Population 13,973

Population and Household Demographics

Kodiak Island Borough is a County in Alaska with a population of 13,973. There are 4,577 households in the county with an average household size of 2.98 persons. 39.92% of households in Kodiak Island Borough are renters.

Income and Rent Overburden in Kodiak Island Borough

The median gross income for households in Kodiak Island Borough is $70,887 a year, or $5,907 a month. The median rent for the county is $981 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Kodiak Island Borough, a household making less than $3,270 a month would be considered overburdened when renting an apartment at or above the median rent. 38.48% of households who rent are overburdened in Kodiak Island Borough.1

Area Median Income In Kodiak Island 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 Kodiak Island Borough, HUD calculates the Area Median Income for a family of four as $98,500

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 Kodiak Island 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 Kodiak Island Borough HUD Rental Assistance in Kodiak Island Borough

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $19,500 $22,300 $26,660 $32,190 $37,720 $43,250 $48,780 $54,310
50% of Median $32,500 $37,150 $41,800 $46,400 $50,150 $53,850 $57,550 $61,250
80% of Median $52,000 $59,400 $66,850 $74,250 $80,200 $86,150 $92,100 $98,050
Low Income Housing Tax Credits in Kodiak Island Borough

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

From 2011 to 2011, 1 low income apartment communities containing 236 rental apartments have been constructed and made affordable to low income persons in Kodiak Island 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 Kodiak Island Borough

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $32,500 $37,150 $41,800 $46,400 $50,150 $53,850 $57,550 $61,250
60% of Median $39,000 $44,580 $50,160 $55,680 $60,180 $64,620 $69,060 $73,500

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 Kodiak Island Borough is $50,160 a year, or $4,180 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $4,180 by 30% to get a maximum rent of $1,254 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% $813 $871 $1,045 $1,207 $1,346 $1,485
60% $975 $1,045 $1,254 $1,448 $1,616 $1,782
Fair Market Rents in Kodiak Island 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
$1,019 $1,087 $1,432 $2,066 $2,074

Cities In Kodiak Island Borough

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

City Listings Served By
Kodiak 4 The HUD funded Public Housing Agencies that serve Kodiak are the Alaska Housing Finance Corporation - Section 8 and Alaska Housing Finance Corporation - Public Housing.
Akhiok 0
Aleneva 0
Chiniak 0
Karluk 0
Kodiak Station 0
Larsen Bay 0
Old Harbor 0
Ouzinkie 0
Port Lions 0
Womens Bay 0