Affordable Housing In Cold Springs
Housing Authorities that serve Cold Springs
|Reno Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Moving to Work|
Guide To Affordable Housing in Cold Springs, Nevada
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Cold Springs, Nevada.
Income Based Apartments in Cold Springs, Nevada
Cold Springs 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 Cold Springs, Nevada
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cold Springs.
Housing Choice Vouchers in Cold Springs, Nevada
On average, Section 8 Housing Choice vouchers pay Cold Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Cold Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Cold Springs, Nevada for a two-bedroom apartment is between $964 and $1,178.
2020 Cold Springs, Nevada 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|
|Fair Market Rent||$698||$846||$1,071||$1,545||$1,880|
|Payment Standard Range||$628 to $768||$761 to $931||$964 to $1,178||$1,391 to $1,700||$1,692 to $2,068|
Sourced from federal housing data and AffordableHousingOnline.com research.
Cold Springs, NV Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||14.57%|
|Average Renter Household Size||3.29|
|Average Household Size||2.90|
|Median Household Income||$64,883 ±$3,576|
|Median Rent||$1,318 ±$107|
|Percentage Of Renters Overburdened||28.99% ± 12.79pp|
Population and Household Demographics
Cold Springs is a City in Washoe County, Nevada with a population of 8,868. There are 3,055 households in the city with an average household size of 2.90 persons. 14.57% of households in Cold Springs are renters.
Income and Rent Overburden in Cold Springs
The median gross income for households in Cold Springs is $64,883 a year, or $5,407 a month. The median rent for the city is $1,318 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cold Springs, a household making less than $4,393 a month would be considered overburdened when renting an apartment at or above the median rent. 28.99% of households who rent are overburdened in Cold Springs.1
Area Median Income In Cold Springs
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 Cold Springs, the AMI is calculated from all households within Washoe County.
In Cold Springs, HUD calculates the Area Median Income for a family of four as $78,100
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 Cold Springs
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 Cold Springs
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$16,450||$18,800||$21,330||$25,750||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$27,350||$31,250||$35,150||$39,050||$42,200||$45,300||$48,450||$51,550|
|80% of Median||$43,750||$50,000||$56,250||$62,500||$67,500||$72,500||$77,500||$82,500|