Affordable Housing In Lake County
3 Low Income Apartment Communities In Lake County
Housing Authorities that serve Lake County
|Upper Arkansas Area Council of Governments||Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-Sufficiency; Mainstream Voucher|
Guide To Affordable Housing in Lake County, Colorado
There are 3 low income housing apartment communities offering 220 affordable apartments for rent in Lake County, Colorado.
Income Based Apartments in Lake County, Colorado
Lake County features 24 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Lake County, Colorado
There are 196 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake County.
Housing Choice Vouchers in Lake County, Colorado
On average, Section 8 Housing Choice vouchers pay Lake County landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Lake County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake County, Colorado for a two-bedroom apartment is between $783 and $957.
2021 Lake County, Colorado Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Lake County, Colorado Fair Market Rent||$746||$763||$870||$1,245||$1,370|
|Lake County, Colorado Payment Standard Range||$671 to $821||$687 to $839||$783 to $957||$1,121 to $1,370||$1,233 to $1,507|
Sourced from federal housing data and AffordableHousingOnline.com research.
Lake County, CO Affordable Housing Snapshot
|Total Affordable Apartment Properties||3|
|Total Low Income Apartments||220|
|Total Housing Units with Rental Assistance||24|
|Percentage of Housing Units Occupied By Renters||43.47%|
|Average Renter Household Size||2.26|
|Average Household Size||2.38|
|Median Household Income||$45,367 ±$6,912|
|Median Rent||$850 ±$121|
|Percentage Of Renters Overburdened||38.48% ± 10.27pp|
Population and Household Demographics
Lake County is a county in Colorado with a population of 7,362. There are 3,025 households in the county with an average household size of 2.38 persons. 43.47% of households in Lake County are renters.
Income and Rent Overburden in Lake County
The median gross income for households in Lake County is $45,367 a year, or $3,781 a month. The median rent for the county is $850 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake County, a household making less than $2,833 a month would be considered overburdened when renting an apartment at or above the median rent. 38.48% of households who rent are overburdened in Lake County.
Area Median Income In Lake County
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 Lake County, HUD calculates the Area Median Income for a family of four as $66,800
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 Lake County
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 HUD Rental Assistance in Lake County
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Lake County AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Lake County AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Lake County AMI may qualify for rental assistance programs that target Low Income households.
Cities In Lake County
Select A City to View its Apartment Communities and Waiting Lists.
|Leadville||The HUD funded Public Housing Agency that serves Leadville is the Upper Arkansas Area Council of Governments.|
|Leadville North||The HUD funded Public Housing Agency that serves Leadville North is the Upper Arkansas Area Council of Governments.|
|Twin Lakes||The HUD funded Public Housing Agency that serves Twin Lakes is the Upper Arkansas Area Council of Governments.|