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Affordable Housing In Sheridan
Arapahoe County, Colorado

1 Low Income Apartment Communities In Sheridan

Renaissance at Loretto Heights

3131 W Girard Ave
Sheridan, Colorado
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Housing Authorities that serve Sheridan

Housing Authority Programs
Innovative Housing Concepts Section 8 Housing Choice Voucher (HCV); Public Housing
South Metro Housing Options Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Sheridan, Colorado

There are 1 low income housing apartment communities offering 76 affordable apartments for rent in Sheridan, Colorado.

Income Based Apartments in Sheridan, Colorado

Sheridan 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 Sheridan, Colorado

There are 76 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Sheridan.

Housing Choice Vouchers in Sheridan, Colorado

On average, Section 8 Housing Choice vouchers pay Sheridan landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Sheridan.

The maximum amount a voucher would pay on behalf of a low-income tenant in Sheridan, Colorado for a two-bedroom apartment is between $1,445 and $1,766.

2021 Sheridan, 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
Sheridan, Colorado Fair Market Rent $1,179 $1,304 $1,605 $2,186 $2,486
Sheridan, Colorado Payment Standard Range $1,061 to $1,297 $1,174 to $1,434 $1,445 to $1,766 $1,967 to $2,405 $2,237 to $2,735

Sourced from federal housing data and research.

Sheridan, CO Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 76
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 48.09%
Average Renter Household Size 2.82
Average Household Size 2.57
Median Household Income $36,815 ±$8,570
Median Rent $978 ±$64
Percentage Of Renters Overburdened 65.37% ± 12.62pp
Total Population 5,912

Population and Household Demographics

Sheridan is a city in Arapahoe County, Colorado with a population of 5,912. There are 2,300 households in the city with an average household size of 2.57 persons. 48.09% of households in Sheridan are renters.

Income and Rent Overburden in Sheridan

The median gross income for households in Sheridan is $36,815 a year, or $3,068 a month. The median rent for the city is $978 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Sheridan, a household making less than $3,260 a month would be considered overburdened when renting an apartment at or above the median rent. 65.37% of households who rent are overburdened in Sheridan.

Area Median Income In Sheridan

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 Sheridan, the AMI is calculated from all households within Arapahoe County.

In Sheridan, HUD calculates the Area Median Income for a family of four as $104,800

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 Sheridan

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 Sheridan

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 Sheridan AMI may qualify for rental assistance programs that target Extremely Low Income households.
$22,050 $25,200 $28,350 $31,450 $34,000 $36,500 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Sheridan AMI may qualify for rental assistance programs that target Very Low Income households.
$36,700 $41,950 $47,200 $52,400 $56,600 $60,800 $65,000 $69,200
80% AMI Income Limits
Renters earning up to 80% of the Sheridan AMI may qualify for rental assistance programs that target Low Income households.
$55,950 $63,950 $71,950 $79,900 $86,300 $92,700 $99,100 $105,500