Affordable Housing In South Van Horn
Fairbanks North Star Borough,
Guide To Affordable Housing in South Van Horn, Alaska
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in South Van Horn, Alaska.
Income Based Apartments in South Van Horn, Alaska
South Van Horn 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 South Van Horn, Alaska
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in South Van Horn.
Housing Choice Vouchers in South Van Horn, Alaska
On average, Section 8 Housing Choice vouchers pay South Van Horn landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in South Van Horn.
The maximum amount a voucher would pay on behalf of a low-income tenant in South Van Horn, Alaska for a two-bedroom apartment is between $1,171 and $1,431.
2021 South Van Horn, 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|
|South Van Horn, Alaska Fair Market Rent||$858||$987||$1,301||$1,862||$2,253|
|South Van Horn, Alaska Payment Standard Range||$772 to $944||$888 to $1,086||$1,171 to $1,431||$1,676 to $2,048||$2,028 to $2,478|
Sourced from federal housing data and AffordableHousingOnline.com research.
South Van Horn, 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||26.86%|
|Average Renter Household Size||2.72|
|Average Household Size||2.32|
|Median Household Income||$65,750 ±$32,751|
|Median Rent||$944 ±$363|
|Percentage Of Renters Overburdened||29.23% ± 48.1pp|
Population and Household Demographics
South Van Horn is a city in Fairbanks North Star Borough, Alaska with a population of 581. There are 242 households in the city with an average household size of 2.32 persons. 26.86% of households in South Van Horn are renters.
Income and Rent Overburden in South Van Horn
The median gross income for households in South Van Horn is $65,750 a year, or $5,479 a month. The median rent for the city is $944 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In South Van Horn, a household making less than $3,147 a month would be considered overburdened when renting an apartment at or above the median rent. 29.23% of households who rent are overburdened in South Van Horn.
Area Median Income In South Van Horn
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 South Van Horn, the AMI is calculated from all households within Fairbanks North Star Borough.
In South Van Horn, HUD calculates the Area Median Income for a family of four as $92,500
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 South Van Horn
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 South Van Horn
|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 South Van Horn AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the South Van Horn AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the South Van Horn AMI may qualify for rental assistance programs that target Low Income households.