Affordable Housing In Soldotna
Kenai Peninsula Borough, Alaska

7 Low Income Apartment Communities In Soldotna

Laurawood Arms

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

Northwood Retirement Apartments

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

Aurora Commons

322 Tyee St
Soldotna, AK
Accessible
Disabled Supportive Housing
Subsidized

Tyee Court

346 Tyee ST
Soldotna, AK
Accessible
Disabled Supportive Housing
Subsidized

Northwood Apartments

190 Parkwood Cir
Soldotna, AK
HCV Welcome

Parkview

338 Columbine St
Soldotna, AK
HCV Welcome

Parkview Apartments

334 Columbine St
Soldotna, AK
Subsidized
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Housing Authorities that serve Soldotna

Housing Authority Programs
Alaska Housing Finance Corporation - Section 8 Section 8 Housing Choice Voucher (HCV); Moving to Work

Guide To Affordable Housing in Soldotna, Alaska

According to federal housing data and AffordableHousingOnline.com research, there are 7 low income housing apartment communities offering 160 affordable apartments for rent in Soldotna, Alaska. Soldotna features 88 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 72 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Soldotna.

Soldotna, AK Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 160
Total Housing Units with Rental Assistance 88
Percentage of Housing Units Occupied By Renters 40.6%
Average Renter Household Size 2.58
Average Household Size 2.65
Median Household Income $65,048 ±$9,093
Median Rent $1,018 ±$76
Percentage Of Renters Overburdened 41.2% ± 10.65pp
Total Population 4,409

Population and Household Demographics

Soldotna is a City in Kenai Peninsula Borough, Alaska with a population of 4,409. There are 1,638 households in the city with an average household size of 2.65 persons. 40.6% of households in Soldotna are renters.

Income and Rent Overburden in Soldotna

The median gross income for households in Soldotna is $65,048 a year, or $5,421 a month. The median rent for the city is $1,018 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Soldotna, a household making less than $3,393 a month would be considered overburdened when renting an apartment at or above the median rent. 41.2% of households who rent are overburdened in Soldotna.1

Area Median Income In Soldotna

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 Soldotna, the AMI is calculated from all households within Kenai Peninsula Borough.

In Soldotna, 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 Soldotna

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 Soldotna HUD Rental Assistance in Soldotna

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 Soldotna

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

From 1991 to 2003, 2 low income apartment communities containing 48 rental apartments have been constructed and made affordable to low income persons in Soldotna 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 Soldotna

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 Soldotna 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 Soldotna

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