Low Income Apartments In Santa Teresa

Understanding Affordable Housing in Santa Teresa, New Mexico

• Population And Household Demographics
• Income and Rent Overburden
• Fair Market Rents
• Area Median Income
• Low Income Housing Tax Credit
• Rental Assistance

Santa Teresa, NM Affordable Housing Snapshot

Total Affordable Apartment Properties	3
Total Low Income Apartments	382
Total Rent Assisted Apartments	0
Percentage of Housing Units Occupied By Renters	45.57%
Average Renter Household Size	2.84
Total Population	4,710
Housing Units	1,637
Average Household Size	2.88
Median Household Income	$42,978 ±$10,845
Median Rent	$766 ±$60
Percentage Of Renters Overburdened	69.03% ± 16.57pp

Population and Household Demographics

Santa Teresa is a City in Dona Ana County, New Mexico with a population of 4,710. There are 1,637 households in the city with an average household size of 2.88 persons. 45.57% of households in Santa Teresa are renters.

Income and Rent Overburden in Santa Teresa

The median gross income for households in Santa Teresa is $42,978 a year, or $3,582 a month. The median rent for the city is $766 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Santa Teresa, a household making less than $2,553 a month would be considered overburdened when renting an apartment at or above the median rent. 69.03% of households who rent are overburdened in Santa Teresa.¹

Data derived from 2010 Census and 2015 5-Year American Community Survey. Learn More.
¹ Margin of Error: ± 16.57 percentage points.

Area Median Income In Santa Teresa

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 Santa Teresa, the AMI is calculated from all households within Dona Ana County.

In Santa Teresa, HUD calculates the Area Median Income for a family of four as $44,700

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 Santa Teresa

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 Santa Teresa HUD Rental Assistance in Santa Teresa

Income	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
30% of Median	$12,140	$16,460	$20,780	$25,100	$29,000	$31,150	$33,300	$35,450
50% of Median	$18,800	$21,500	$24,200	$26,850	$29,000	$31,150	$33,300	$35,450
80% of Median	$30,100	$34,400	$38,700	$42,950	$46,400	$49,850	$53,300	$56,700

You can identify apartment communities that participate in a program that provides rental assistance by looking for the Section 202 Supportive Housing for the Elderly Section 811 Supportive Housing for Persons with Disabilities Rental Assistance Payments Project-Based Section 8 Rural Development Rental Assistance Public Housing tags in the apartment list above. View Apartments.

Low Income Housing Tax Credits in Santa Teresa

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

From 1998 to 2004, 3 low income apartment communities containing 307 rental apartments have been constructed and made affordable to low income persons in Santa Teresa by the Low Income Housing Tax Credit Program.

You can identify apartment communities that participate in the program in Santa Teresa by looking for the Low Income Housing Tax Credit tag in the apartment list above. View Apartments.

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 Santa Teresa

Income	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
50% of Median	$18,800	$21,500	$24,200	$26,850	$29,000	$31,150	$33,300	$35,450
60% of Median	$22,560	$25,800	$29,040	$32,220	$34,800	$37,380	$39,960	$42,540

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 Santa Teresa is $29,040 a year, or $2,420 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,420 by 30% to get a maximum rent of $726 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%	$470	$504	$605	$698	$779	$859
60%	$564	$605	$726	$838	$935	$1,031

Fair Market Rents in Santa Teresa

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
$506	$574	$700	$1,012	$1,211