Affordable Housing In Mountain Village
San Miguel County,
1 Low Income Apartment Communities In Mountain Village
Housing Authorities that serve Mountain Village
|San Miguel Regional Housing Authority||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Mountain Village, Colorado
There are 1 low income housing apartment communities offering 66 affordable apartments for rent in Mountain Village, Colorado.
Income Based Apartments in Mountain Village, Colorado
Mountain Village features 0 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 Mountain Village, Colorado
There are 66 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mountain Village.
Housing Choice Vouchers in Mountain Village, Colorado
On average, Section 8 Housing Choice vouchers pay Mountain Village landlords $800 per month towards rent. The average voucher holder contributes $400 towards rent in Mountain Village.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mountain Village, Colorado for a two-bedroom apartment is between $1,342 and $1,640.
2021 Mountain Village, 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|
|Mountain Village, Colorado Fair Market Rent||$984||$1,159||$1,491||$2,061||$2,347|
|Mountain Village, Colorado Payment Standard Range||$886 to $1,082||$1,043 to $1,275||$1,342 to $1,640||$1,855 to $2,267||$2,112 to $2,582|
Sourced from federal housing data and AffordableHousingOnline.com research.
Mountain Village, CO Affordable Housing Snapshot
|Total Affordable Apartment Properties||1|
|Total Low Income Apartments||66|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||64.71%|
|Average Renter Household Size||2.08|
|Average Household Size||2.16|
|Median Household Income||$35,568 ±$6,305|
|Median Rent||$836 ±$104|
|Percentage Of Renters Overburdened||64.29% ± 10.04pp|
Population and Household Demographics
Mountain Village is a city in San Miguel County, Colorado with a population of 1,405. There are 649 households in the city with an average household size of 2.16 persons. 64.71% of households in Mountain Village are renters.
Income and Rent Overburden in Mountain Village
The median gross income for households in Mountain Village is $35,568 a year, or $2,964 a month. The median rent for the city is $836 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Mountain Village, a household making less than $2,787 a month would be considered overburdened when renting an apartment at or above the median rent. 64.29% of households who rent are overburdened in Mountain Village.
Area Median Income In Mountain Village
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 Mountain Village, the AMI is calculated from all households within San Miguel County.
In Mountain Village, HUD calculates the Area Median Income for a family of four as $87,800
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 Mountain Village
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 Mountain Village
|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 Mountain Village AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Mountain Village AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Mountain Village AMI may qualify for rental assistance programs that target Low Income households.