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Affordable Housing In Faywood
Grant County, New Mexico

Housing Authorities that serve Faywood

Housing Authority Programs
Western Regional Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Faywood, New Mexico

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Faywood, New Mexico.

Income Based Apartments in Faywood, New Mexico

Faywood 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 Faywood, New Mexico

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Faywood.

Housing Choice Vouchers in Faywood, New Mexico

On average, Section 8 Housing Choice vouchers pay Faywood landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Faywood.

The maximum amount a voucher would pay on behalf of a low-income tenant in Faywood, New Mexico for a two-bedroom apartment is between $725 and $887.

2021 Faywood, 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
Faywood, New Mexico Fair Market Rent $630 $668 $806 $1,071 $1,324
Faywood, New Mexico Payment Standard Range $567 to $693 $601 to $735 $725 to $887 $964 to $1,178 $1,192 to $1,456

Sourced from federal housing data and AffordableHousingOnline.com research.

Faywood, NM 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 %
Average Renter Household Size 0.00
Average Household Size 2.13
Median Household Income $17,083 ±$15,664
Median Rent $0 ±$0
Total Population 113

Population and Household Demographics

Faywood is a city in Grant County, New Mexico with a population of 113. There are 53 households in the city with an average household size of 2.13 persons. % of households in Faywood are renters.

Income and Rent Overburden in Faywood

The median gross income for households in Faywood is $17,083 a year, or $1,424 a month. The median rent for the city is $0 a month.

Area Median Income In Faywood

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 Faywood, the AMI is calculated from all households within Grant County.

In Faywood, HUD calculates the Area Median Income for a family of four as $53,800

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 Faywood

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 Faywood

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 Faywood AMI may qualify for rental assistance programs that target Extremely Low Income households.
$12,760 $17,240 $21,720 $26,200 $29,650 $31,850 $34,050 $36,250
50% AMI Income Limits
Renters earning up to 50% of the Faywood AMI may qualify for rental assistance programs that target Very Low Income households.
$19,250 $22,000 $24,750 $27,450 $29,650 $31,850 $34,050 $36,250
80% AMI Income Limits
Renters earning up to 80% of the Faywood AMI may qualify for rental assistance programs that target Low Income households.
$30,750 $35,150 $39,550 $43,900 $47,450 $50,950 $54,450 $57,950