Affordable Housing In Southeast Fairbanks Census Area
Alaska

1 Low Income Apartment Communities In Southeast Fairbanks Census Area

Tanacross Single Family Rent to Own

3rd Ave
Tanacross, AK
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Guide To Affordable Housing in Southeast Fairbanks Census Area, Alaska

According to federal housing data and AffordableHousingOnline.com research, there are 1 low income housing apartment communities offering 20 affordable apartments for rent in Southeast Fairbanks Census Area, Alaska. Southeast Fairbanks Census Area features 0 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 20 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Southeast Fairbanks Census Area.

Southeast Fairbanks Census Area, AK Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 20
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 29.85%
Average Renter Household Size 3.27
Average Household Size 3.11
Median Household Income $62,670 ±$8,682
Median Rent $1,176 ±$102
Percentage Of Renters Overburdened 29.59% ± 6.81pp
Total Population 7,029

Population and Household Demographics

Southeast Fairbanks Census Area is a County in Alaska with a population of 7,029. There are 2,117 households in the county with an average household size of 3.11 persons. 29.85% of households in Southeast Fairbanks Census Area are renters.

Income and Rent Overburden in Southeast Fairbanks Census Area

The median gross income for households in Southeast Fairbanks Census Area is $62,670 a year, or $5,223 a month. The median rent for the county is $1,176 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Southeast Fairbanks Census Area, a household making less than $3,920 a month would be considered overburdened when renting an apartment at or above the median rent. 29.59% of households who rent are overburdened in Southeast Fairbanks Census Area.1

Area Median Income In Southeast Fairbanks Census Area

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 Southeast Fairbanks Census Area, HUD calculates the Area Median Income for a family of four as $79,900

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 Southeast Fairbanks Census Area

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 Southeast Fairbanks Census Area HUD Rental Assistance in Southeast Fairbanks Census Area

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $17,500 $21,130 $26,660 $32,190 $37,720 $43,250 $48,780 $54,310
50% of Median $29,200 $33,400 $37,550 $41,700 $45,050 $48,400 $51,750 $55,050
80% of Median $46,700 $53,400 $60,050 $66,700 $72,050 $77,400 $82,750 $88,050
Low Income Housing Tax Credits in Southeast Fairbanks Census Area

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

From 2005 to 2005, 1 low income apartment communities containing 20 rental apartments have been constructed and made affordable to low income persons in Southeast Fairbanks Census Area 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 Southeast Fairbanks Census Area

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $29,200 $33,400 $37,550 $41,700 $45,050 $48,400 $51,750 $55,050
60% of Median $35,040 $40,080 $45,060 $50,040 $54,060 $58,080 $62,100 $66,060

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 Southeast Fairbanks Census Area is $45,060 a year, or $3,755 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,755 by 30% to get a maximum rent of $1,127 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% $730 $783 $939 $1,084 $1,210 $1,335
60% $876 $939 $1,127 $1,301 $1,452 $1,602
Fair Market Rents in Southeast Fairbanks Census Area

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
$911 $1,102 $1,297 $1,871 $1,951

Cities In Southeast Fairbanks Census Area

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

City Listings Served By
Tanacross 1
Alcan Border 0
Big Delta 0
Chicken 0
Delta Junction 0
Deltana 0
Dot Lake 0
Dot Lake Village 0
Dry Creek 0
Eagle 0
Eagle Village 0
Fort Greely 0
Healy Lake 0
Northway 0
Northway Junction 0
Northway Village 0
Tetlin 0
Tok 0
Whitestone 0