Affordable Housing In Valdez Cordova Census Area
Alaska
4 Low Income Apartment Communities In Valdez Cordova Census Area
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Guide To Affordable Housing in Valdez Cordova Census Area, Alaska
There are 4 low income housing apartment communities offering 71 affordable apartments for rent in Valdez Cordova Census Area, Alaska. Valdez Cordova Census Area features 29 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 42 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Valdez Cordova Census Area.
Sourced from federal housing data and AffordableHousingOnline.com research.
Valdez Cordova Census Area, AK Affordable Housing Snapshot
| Total Affordable Apartment Properties | 4 |
|---|---|
| Total Low Income Apartments | 71 |
| Total Housing Units with Rental Assistance | 29 |
| Percentage of Housing Units Occupied By Renters | 29.4% |
| Average Renter Household Size | 2.87 |
| Average Household Size | 3.10 |
| Median Household Income | $78,810 ±$5,996 |
| Median Rent | $974 ±$175 |
| Percentage Of Renters Overburdened | 27.34% ± 9.44pp |
| Total Population | 9,617 |
Population and Household Demographics
Valdez Cordova Census Area is a County in Alaska with a population of 9,617. There are 3,010 households in the county with an average household size of 3.10 persons. 29.4% of households in Valdez Cordova Census Area are renters.
Income and Rent Overburden in Valdez Cordova Census Area
The median gross income for households in Valdez Cordova Census Area is $78,810 a year, or $6,568 a month. The median rent for the county is $974 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Valdez Cordova Census Area, a household making less than $3,247 a month would be considered overburdened when renting an apartment at or above the median rent. 27.34% of households who rent are overburdened in Valdez Cordova Census Area.1
Area Median Income In Valdez Cordova 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 Valdez Cordova Census Area, HUD calculates the Area Median Income for a family of four as $106,200
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 Valdez Cordova 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 Valdez Cordova Census Area HUD Rental Assistance in Valdez Cordova Census Area
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% of Median | $21,950 | $25,100 | $28,250 | $32,190 | $37,720 | $43,250 | $48,780 | $54,310 |
| 50% of Median | $36,600 | $41,800 | $47,050 | $52,250 | $56,450 | $60,650 | $64,800 | $69,000 |
| 80% of Median | $52,850 | $60,400 | $67,950 | $75,500 | $81,550 | $87,600 | $93,650 | $99,700 |
Fair Market Rents in Valdez Cordova 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 |
|---|---|---|---|---|
| $809 | $1,090 | $1,241 | $1,546 | $1,847 |
Cities In Valdez Cordova Census Area
Select A City to View its Apartment Communities and Waiting Lists.
| City | Listings | Served By |
|---|---|---|
| Cordova | 2 | The HUD funded Public Housing Agency that serves Cordova is the Alaska Housing Finance Corporation - Public Housing. |
| Valdez | 2 | The HUD funded Public Housing Agencies that serve Valdez are the Alaska Housing Finance Corporation - Section 8 and Alaska Housing Finance Corporation - Public Housing. |
