Affordable Housing In Belmont
Belknap County New Hampshire

4 Low Income Apartment Communities In Belmont

Maple Hills Acres MH

7 Cedar Hill Dr.
Belmont, NH
Call For Rent
1-3 BR
Subsidized

Heritage Terrace

48 Shaker Rd
Belmont, NH
62+
Accessible
Elderly Supportive Housing
Subsidized

Orchard Hill II CO Laconia Housing and Rural Development

24 Randlett St
Belmont, NH
Subsidized

Sandy Ledge

124 Concord St
Belmont, NH
HCV Welcome
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There are 4 low income housing apartment complexes which contain 147 affordable apartments for rent in Belmont. Many of these rental apartments are income based housing with 136 apartments that set rent based on your income. In Belmont, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 11 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Guide To Affordable Housing in Belmont, New Hampshire

Belmont, NH Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 147
Total Rent Assisted Apartments 136
Percentage of Housing Units Occupied By Renters 16.02%
Average Renter Household Size 3.01
Total Population 1,738
Housing Units 568
Average Household Size 3.06
Median Household Income $60,625 ±$13,874
Median Rent $1,273 ±$1,228
Percentage Of Renters Overburdened 0% ± 24.18pp

Population and Household Demographics

Belmont is a City in Belknap County, New Hampshire with a population of 1,738. There are 568 households in the city with an average household size of 3.06 persons. 16.02% of households in Belmont are renters.

Income and Rent Overburden in Belmont

The median gross income for households in Belmont is $60,625 a year, or $5,052 a month. The median rent for the city is $1,273 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Belmont, a household making less than $4,243 a month would be considered overburdened when renting an apartment at or above the median rent. 0% of households who rent are overburdened in Belmont.1

Area Median Income In Belmont

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 Belmont, the AMI is calculated from all households within Belknap County.

In Belmont, HUD calculates the Area Median Income for a family of four as $77,800

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 Belmont

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 Belmont HUD Rental Assistance in Belmont

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $17,150 $19,600 $22,050 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $28,600 $32,650 $36,750 $40,800 $44,100 $47,350 $50,600 $53,900
80% of Median $45,750 $52,250 $58,800 $65,300 $70,550 $75,750 $81,000 $86,200
Low Income Housing Tax Credits in Belmont

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 2003 to 2008, 2 low income apartment communities containing 43 rental apartments have been constructed and made affordable to low income persons in Belmont by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Belmont

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
60% of Median $34,320 $39,180 $44,100 $48,960 $52,920 $56,820 $60,720 $64,680

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Belmont is $44,100 a year, or $3,675 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,675 by 30% to get a maximum rent of $1,103 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $715 $766 $919 $1,061 $1,184 $1,306
60% $858 $919 $1,103 $1,274 $1,421 $1,568
Fair Market Rents in Belmont

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$708 $808 $1,038 $1,374 $1,403