Affordable Housing In Lake Valley
San Juan County,
Housing Authorities that serve Lake Valley
|Northern Regional Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Veteran Affairs Supportive Housing (VASH)|
|Housing Authority of the County of San Juan||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Lake Valley, New Mexico
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lake Valley, New Mexico.
Income Based Apartments in Lake Valley, New Mexico
Lake Valley 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 Lake Valley, New Mexico
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Valley.
Housing Choice Vouchers in Lake Valley, New Mexico
On average, Section 8 Housing Choice vouchers pay Lake Valley landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Valley.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Valley, New Mexico for a two-bedroom apartment is between $722 and $882.
2021 Lake Valley, 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|
|Lake Valley, New Mexico Fair Market Rent||$687||$695||$802||$1,055||$1,224|
|Lake Valley, New Mexico Payment Standard Range||$618 to $756||$626 to $765||$722 to $882||$950 to $1,161||$1,102 to $1,346|
Sourced from federal housing data and AffordableHousingOnline.com research.
Lake Valley, 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||3.44|
|Median Household Income||$49,167 ±$44,111|
|Median Rent||$0 ±$0|
Population and Household Demographics
Lake Valley is a city in San Juan County, New Mexico with a population of 55. There are 16 households in the city with an average household size of 3.44 persons. % of households in Lake Valley are renters.
Income and Rent Overburden in Lake Valley
The median gross income for households in Lake Valley is $49,167 a year, or $4,097 a month. The median rent for the city is $0 a month.
Area Median Income In Lake Valley
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 Lake Valley, the AMI is calculated from all households within San Juan County.
In Lake Valley, HUD calculates the Area Median Income for a family of four as $54,700
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 Lake Valley
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 Lake Valley
|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 Lake Valley AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Lake Valley AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Lake Valley AMI may qualify for rental assistance programs that target Low Income households.