Affordable Housing In Hanover
Grafton County, New Hampshire

3 Low Income Apartment Communities In Hanover

Gile Hill Rental Community

2 Gile Drive
Hanover, NH
HCV Welcome

Summer Park Residences

42 Lebanon St
Hanover, NH
Subsidized

Gile Phases 1 and 2

2 Granite Ln
Hanover, NH
HCV Welcome
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Guide To Affordable Housing in Hanover, New Hampshire

According to federal housing data and AffordableHousingOnline.com research, there are 3 low income housing apartment communities offering 138 affordable apartments for rent in Hanover, New Hampshire. Hanover features 24 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 114 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Hanover.

Hanover, NH Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 138
Total Housing Units with Rental Assistance 24
Percentage of Housing Units Occupied By Renters 54.65%
Average Renter Household Size 1.93
Average Household Size 2.29
Median Household Income $88,164 ±$18,471
Median Rent $1,500 ±$201
Percentage Of Renters Overburdened 37.46% ± 11.67pp
Total Population 8,360

Population and Household Demographics

Hanover is a City in Grafton County, New Hampshire with a population of 8,360. There are 1,861 households in the city with an average household size of 2.29 persons. 54.65% of households in Hanover are renters.

Income and Rent Overburden in Hanover

The median gross income for households in Hanover is $88,164 a year, or $7,347 a month. The median rent for the city is $1,500 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hanover, a household making less than $5,000 a month would be considered overburdened when renting an apartment at or above the median rent. 37.46% of households who rent are overburdened in Hanover.1

Area Median Income In Hanover

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 Hanover, the AMI is calculated from all households within Grafton County.

In Hanover, HUD calculates the Area Median Income for a family of four as $89,900

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 Hanover

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 Hanover HUD Rental Assistance in Hanover

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,650 $21,300 $23,950 $26,600 $30,170 $34,590 $39,010 $43,430
50% of Median $31,050 $35,450 $39,900 $44,300 $47,850 $51,400 $54,950 $58,500
80% of Median $49,650 $56,750 $63,850 $70,900 $76,600 $82,250 $87,950 $93,600
Low Income Housing Tax Credits in Hanover

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

From 2008 to 2008, 1 low income apartment communities containing 75 rental apartments have been constructed and made affordable to low income persons in Hanover 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 Hanover

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $31,050 $35,450 $39,900 $44,300 $47,850 $51,400 $54,950 $58,500
60% of Median $37,260 $42,540 $47,880 $53,160 $57,420 $61,680 $65,940 $70,200

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 Hanover is $47,880 a year, or $3,990 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,990 by 30% to get a maximum rent of $1,197 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% $776 $831 $998 $1,152 $1,285 $1,418
60% $932 $998 $1,197 $1,382 $1,542 $1,702
Fair Market Rents in Hanover

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.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$654 $767 $1,001 $1,247 $1,757