There are 20 low-income apartments in Valdez that offer reduced rents to eligible households.
Rental assistance programs support 7 low-income homes in Valdez where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $480 towards rent each month.
Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
|Alaska Housing Finance Corporation - Section 8||Section 8 Housing Choice Voucher (HCV); Moving to Work; Section 8 Project-Based Rental Assistance (PBRA)|
|Alaska Housing Finance Corporation - Public Housing||Public Housing; Moving to Work|
Valdez features 7 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
There are 20 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Valdez.
On average, Section 8 Housing Choice vouchers pay Valdez landlords $600 per month towards rent. The average voucher holder contributes $500 towards rent in Valdez.
Sourced from federal housing data and AffordableHousingOnline.com research.
|Total Affordable Apartment Properties||2|
|Total Low Income Apartments||27|
|Total Housing Units with Rental Assistance||7|
|Percentage of Housing Units Occupied By Renters||32.8%|
|Average Renter Household Size||2.96|
|Average Household Size||3.18|
|Median Household Income||$98,204 ±$23,231|
|Median Rent||$1,136 ±$117|
|Percentage Of Renters Overburdened||39.59% ± 18.28pp|
Valdez is a city in Valdez Cordova Census Area, Alaska with a population of 3,979. There are 1,186 households in the city with an average household size of 3.18 persons. 32.8% of households in Valdez are renters.
The median gross income for households in Valdez is $98,204 a year, or $8,184 a month. The median rent for the city is $1,136 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Valdez, a household making less than $3,787 a month would be considered overburdened when renting an apartment at or above the median rent. 39.59% of households who rent are overburdened in Valdez.
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 Valdez, the AMI is calculated from all households within Valdez Cordova Census Area.
In Valdez, HUD calculates the Area Median Income for a family of four as $0
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 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.