Affordable Housing In Penn Valley
1 Low Income Apartment Communities In Penn Valley
Housing Authorities that serve Penn Valley
|Nevada County Housing Authority||Section 8 Housing Choice Voucher (HCV)|
|Regional Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-Sufficiency; Veteran Affairs Supportive Housing (VASH); Section 8 Project-Based Voucher (PBV); Rental Assistance Demonstration (RAD)|
Guide To Affordable Housing in Penn Valley, California
There are 1 low income housing apartment communities offering 42 affordable apartments for rent in Penn Valley, California. Penn Valley features 0 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 Penn Valley.
Sourced from federal housing data and AffordableHousingOnline.com research.
Penn Valley, CA Affordable Housing Snapshot
|Total Affordable Apartment Properties||1|
|Total Low Income Apartments||42|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||18.8%|
|Average Renter Household Size||1.66|
|Average Household Size||2.82|
|Median Household Income||$41,487 ±$11,087|
|Median Rent||$924 ±$325|
|Percentage Of Renters Overburdened||61.48% ± 49.55pp|
Population and Household Demographics
Penn Valley is a City in Nevada County, California with a population of 1,843. There are 649 households in the city with an average household size of 2.82 persons. 18.8% of households in Penn Valley are renters.
Income and Rent Overburden in Penn Valley
The median gross income for households in Penn Valley is $41,487 a year, or $3,457 a month. The median rent for the city is $924 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Penn Valley, a household making less than $3,080 a month would be considered overburdened when renting an apartment at or above the median rent. 61.48% of households who rent are overburdened in Penn Valley.1
Area Median Income In Penn Valley
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 Penn Valley, the AMI is calculated from all households within Nevada County.
In Penn Valley, HUD calculates the Area Median Income for a family of four as $85,100
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 Penn Valley
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 Penn Valley HUD Rental Assistance in Penn Valley
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$16,750||$19,150||$21,550||$25,750||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$27,900||$31,900||$35,900||$39,850||$43,050||$46,250||$49,450||$52,650|
|80% of Median||$44,650||$51,000||$57,400||$63,750||$68,850||$73,950||$79,050||$84,150|
Fair Market Rents in Penn Valley
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|