Affordable Housing In Espanola
Rio Arriba County,
6 Low Income Apartment Communities In Espanola
Housing Authorities that serve Espanola
|Housing Authority of the County of Rio Arriba||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Northern Regional Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Veteran Affairs Supportive Housing (VASH)|
Guide To Affordable Housing in Espanola, New Mexico
There are 6 low income housing apartment communities offering 475 affordable apartments for rent in Espanola, New Mexico.
Income Based Apartments in Espanola, New Mexico
Espanola features 325 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 Espanola, New Mexico
There are 150 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Espanola.
Housing Choice Vouchers in Espanola, New Mexico
On average, Section 8 Housing Choice vouchers pay Espanola landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Espanola.
The maximum amount a voucher would pay on behalf of a low-income tenant in Espanola, New Mexico for a two-bedroom apartment is between $696 and $850.
2021 Espanola, New Mexico 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|
|Espanola, New Mexico Fair Market Rent||$663||$678||$773||$961||$1,048|
|Espanola, New Mexico Payment Standard Range||$597 to $729||$610 to $746||$696 to $850||$865 to $1,057||$943 to $1,153|
Sourced from federal housing data and AffordableHousingOnline.com research.
Espanola, NM Affordable Housing Snapshot
|Total Affordable Apartment Properties||6|
|Total Low Income Apartments||475|
|Total Housing Units with Rental Assistance||325|
|Percentage of Housing Units Occupied By Renters||35.17%|
|Average Renter Household Size||2.73|
|Average Household Size||2.68|
|Median Household Income||$30,257 ±$2,396|
|Median Rent||$661 ±$37|
|Percentage Of Renters Overburdened||51.48% ± 7.52pp|
Population and Household Demographics
Espanola is a city in Rio Arriba County, New Mexico with a population of 10,168. There are 3,739 households in the city with an average household size of 2.68 persons. 35.17% of households in Espanola are renters.
Income and Rent Overburden in Espanola
The median gross income for households in Espanola is $30,257 a year, or $2,521 a month. The median rent for the city is $661 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Espanola, a household making less than $2,203 a month would be considered overburdened when renting an apartment at or above the median rent. 51.48% of households who rent are overburdened in Espanola.
Area Median Income In Espanola
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 Espanola, the AMI is calculated from all households within Rio Arriba County.
In Espanola, HUD calculates the Area Median Income for a family of four as $48,200
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 Espanola
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 Espanola
|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 Espanola AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Espanola AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Espanola AMI may qualify for rental assistance programs that target Low Income households.