Affordable Housing In Colorado Springs
El Paso County,
Colorado
50 Low Income Apartment Communities In Colorado Springs
Villas at Southgate
Fountain Springs Apartments
Hatler-May Village
Traditions at Colorado Springs
Housing Authorities that serve Colorado Springs
| Housing Authority | Programs |
|---|---|
| Colorado Springs Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
Other Housing Authorities located in Colorado Springs
| Housing Authority | Programs |
|---|---|
| Manitou Springs Housing Authority | Section 8 Housing Choice Voucher (HCV) |
Guide To Affordable Housing in Colorado Springs, Colorado
There are 50 low income housing apartment communities offering 4,302 affordable apartments for rent in Colorado Springs, Colorado. Colorado Springs features 1,627 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 2,675 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Colorado Springs.
Sourced from federal housing data and AffordableHousingOnline.com research.
Colorado Springs, CO Affordable Housing Snapshot
| Total Affordable Apartment Properties | 50 |
|---|---|
| Total Low Income Apartments | 4,302 |
| Total Housing Units with Rental Assistance | 1,627 |
| Percentage of Housing Units Occupied By Renters | 42.01% |
| Average Renter Household Size | 2.38 |
| Average Household Size | 2.50 |
| Median Household Income | $54,527 ±$802 |
| Median Rent | $922 ±$15 |
| Percentage Of Renters Overburdened | 49.3% ± 1.74pp |
| Total Population | 442,040 |
Population and Household Demographics
Colorado Springs is a City in El Paso County, Colorado with a population of 442,040. There are 174,441 households in the city with an average household size of 2.50 persons. 42.01% of households in Colorado Springs are renters.
Income and Rent Overburden in Colorado Springs
The median gross income for households in Colorado Springs is $54,527 a year, or $4,544 a month. The median rent for the city is $922 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Colorado Springs, a household making less than $3,073 a month would be considered overburdened when renting an apartment at or above the median rent. 49.3% of households who rent are overburdened in Colorado Springs.1
Area Median Income In Colorado Springs
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 Colorado Springs, the AMI is calculated from all households within El Paso County.
In Colorado Springs, HUD calculates the Area Median Income for a family of four as $81,400
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 Colorado Springs
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 Colorado Springs HUD Rental Assistance in Colorado Springs
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% of Median | $17,100 | $19,550 | $22,000 | $25,750 | $30,170 | $34,590 | $39,010 | $43,430 |
| 50% of Median | $28,500 | $32,600 | $36,650 | $40,700 | $44,000 | $47,250 | $50,500 | $53,750 |
| 80% of Median | $45,600 | $52,100 | $58,600 | $65,100 | $70,350 | $75,550 | $80,750 | $85,950 |
Low Income Housing Tax Credits in Colorado Springs
The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.
From 1995 to 2011, 18 low income apartment communities containing 1,903 rental apartments have been constructed and made affordable to low income persons in Colorado Springs 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 Colorado Springs
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 50% of Median | $28,500 | $32,600 | $36,650 | $40,700 | $44,000 | $47,250 | $50,500 | $53,750 |
| 60% of Median | $34,200 | $39,120 | $43,980 | $48,840 | $52,800 | $56,700 | $60,600 | $64,500 |
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 Colorado Springs is $43,980 a year, or $3,665 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,665 by 30% to get a maximum rent of $1,100 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% | $713 | $764 | $916 | $1,059 | $1,181 | $1,303 |
| 60% | $855 | $917 | $1,100 | $1,271 | $1,418 | $1,564 |
Fair Market Rents in Colorado Springs
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 |
|---|---|---|---|---|
| $743 | $897 | $1,141 | $1,646 | $2,003 |
