Affordable Housing In Parachute
Garfield County, Colorado

1 Low Income Apartment Communities In Parachute

Valley Senior Hsg

500 N Parachute Ave
Parachute, Colorado
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Section 8 Vouchers, Apartments, and Waiting Lists in Parachute, Colorado

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Households who qualify for these programs may also qualify for Project-Based Section 8, which contributes rental assistance payments directly to private landlords on behalf of low-income tenants. Eligibility for the project-based program is similar to the voucher programs, but waiting list and application policies will vary depending on the landlord.

Public Housing Agencies Serving Parachute, Colorado

Housing Authority Programs
Garfield County Housing Authority Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Parachute, Colorado

There are 1 low income housing apartment communities offering 12 affordable apartments for rent in Parachute, Colorado.

Income Based Apartments in Parachute, Colorado

Parachute features 12 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 Parachute, Colorado

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Parachute.

Housing Choice Vouchers in Parachute, Colorado

On average, Section 8 Housing Choice vouchers pay Parachute landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Parachute.

The maximum amount a voucher would pay on behalf of a low-income tenant in Parachute, Colorado for a two-bedroom apartment is between $1,248 and $1,526.

2022 Parachute, 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
Parachute, Colorado Fair Market Rent $1,094 $1,101 $1,387 $1,865 $2,374
Parachute, Colorado Payment Standard Range $985 to $1,203 $991 to $1,211 $1,248 to $1,526 $1,679 to $2,052 $2,137 to $2,611

Sourced from federal housing data and AffordableHousingOnline.com research.

Parachute, CO Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 12
Total Housing Units with Rental Assistance 12
Percentage of Housing Units Occupied By Renters 52.09%
Average Renter Household Size 3.02
Average Household Size 2.55
Median Household Income $32,917 ±$9,550
Median Rent $824 ±$126
Percentage Of Renters Overburdened 60.27% ± 18.81pp
Total Population 1,095

Population and Household Demographics

Parachute is a city in Garfield County, Colorado with a population of 1,095. There are 430 households in the city with an average household size of 2.55 persons. 52.09% of households in Parachute are renters.

Income and Rent Overburden in Parachute

The median gross income for households in Parachute is $32,917 a year, or $2,743 a month. The median rent for the city is $824 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Parachute, a household making less than $2,747 a month would be considered overburdened when renting an apartment at or above the median rent. 60.27% of households who rent are overburdened in Parachute.

Area Median Income In Parachute

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 Parachute, the AMI is calculated from all households within Garfield County.

In Parachute, HUD calculates the Area Median Income for a family of four as $88,300

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 Parachute

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 Parachute

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30% AMI Income Limits
Renters earning up to 30% of the Parachute AMI may qualify for rental assistance programs that target Extremely Low Income households.
$18,550 $21,200 $23,850 $26,500 $31,040 $35,580 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Parachute AMI may qualify for rental assistance programs that target Very Low Income households.
$30,950 $35,350 $39,750 $44,150 $47,700 $51,250 $54,750 $58,300
80% AMI Income Limits
Renters earning up to 80% of the Parachute AMI may qualify for rental assistance programs that target Low Income households.
$49,500 $56,550 $63,600 $70,650 $76,350 $82,000 $87,650 $93,300