1001 S Institute St, Colorado Springs, CO 80903
Waiting List Forecast: Likely Long or Closed
Verified for 2019 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
Since this property may have a Section 8 Property Based Rental Assistance contract with rental assistance available to its residents, it is likely the property has a waiting list. Sometimes these waiting lists can be months or years long and may or may not be accepting new applicants. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
This property participates in the Section 8 Project-Based Rental Assistance program meaning the rent for many, if not all, units is based on a tenant's income. You would not pay more than 30% of your income for rent. To qualify, you must earn 50% or less of the Area Median Income (AMI), which you can find on this page’s income chart. Also, project-based Section 8 properties tend to have longer waiting lists, with some with waiting lists going out for years. This property was also financed through a HUD-insured private mortgage meaning the owner has oversight from both a private bank and HUD. This usually means Payne Chapel Housing is kept in good condition. Since this property has a project-based Section 8 contract, you won't need a Section 8 voucher to live here. If you have a voucher, you may have to give it up to live here.
~ Dave Layfield, Founder of Affordable Housing Online
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 30% AMI for PBRA Units | $20,500 / year | $23,400 / year | $26,350 / year | $30,000 / year | $35,140 / year | $40,280 / year | $45,420 / year | $50,560 / year |
| 50% AMI for LIHTC Units | $34,150 / year | $39,000 / year | $43,900 / year | $48,750 / year | $52,650 / year | $56,550 / year | $60,450 / year | $64,350 / year |
| 50% AMI for PBRA Units | $34,150 / year | $39,000 / year | $43,900 / year | $48,750 / year | $52,650 / year | $56,550 / year | $60,450 / year | $64,350 / year |
| 80% AMI for PBRA Units | $54,600 / year | $62,400 / year | $70,200 / year | $78,000 / year | $84,250 / year | $90,500 / year | $96,750 / year | $103,000 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Payne Chapel Housing have a waiting list?
Payne Chapel Housing probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Payne Chapel Housing?
We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.
In addition to Payne Chapel Housing, how many other affordable housing properties (and units) are there in Colorado Springs?
In addition to Payne Chapel Housing, we list 374 other affordable properties in Colorado Springs. Learn about these properties here. Our data research shows that there are a total of 4699 affordable units in Colorado Springs.
Section 8 vouchers can be moved to another area.
Once certain conditions are met, a Section 8 voucher may be transferred to another area (known as "porting").Ivette Betancourt says:
"Affordable Housing Online is a helpful website that can benefit many families looking for a decent affordable home."