Affordable Housing In Albany County
74 Low Income Apartment Communities In Albany County
Guide To Affordable Housing in Albany County, New York
There are 74 low income housing apartment communities offering 6,234 affordable apartments for rent in Albany County, New York.
Income Based Apartments in Albany County, New York
Albany County features 4,510 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 Albany County, New York
There are 1,704 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albany County.
Housing Choice Vouchers in Albany County, New York
On average, Section 8 Housing Choice vouchers pay Albany County landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Albany County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Albany County, New York for a two-bedroom apartment is between $1,086 and $1,328.
2022 Albany County, New York 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|
|Albany County, New York Fair Market Rent||$890||$991||$1,207||$1,492||$1,637|
|Albany County, New York Payment Standard Range||$801 to $979||$892 to $1,090||$1,086 to $1,328||$1,343 to $1,641||$1,473 to $1,801|
Sourced from federal housing data and AffordableHousingOnline.com research.
Albany County, NY Affordable Housing Snapshot
|Total Affordable Apartment Properties||74|
|Total Low Income Apartments||6,234|
|Total Housing Units with Rental Assistance||4,510|
|Percentage of Housing Units Occupied By Renters||41.68%|
|Average Renter Household Size||2.06|
|Average Household Size||2.35|
|Median Household Income||$59,887 ±$1,280|
|Median Rent||$919 ±$10|
|Percentage Of Renters Overburdened||46.26% ± 1.59pp|
Population and Household Demographics
Albany County is a county in New York with a population of 307,463. There are 123,451 households in the county with an average household size of 2.35 persons. 41.68% of households in Albany County are renters.
Income and Rent Overburden in Albany County
The median gross income for households in Albany County is $59,887 a year, or $4,991 a month. The median rent for the county is $919 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Albany County, a household making less than $3,063 a month would be considered overburdened when renting an apartment at or above the median rent. 46.26% of households who rent are overburdened in Albany County.
Area Median Income In Albany County
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.
In Albany County, HUD calculates the Area Median Income for a family of four as $106,000
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 Albany County
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 Albany County
|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 Albany County AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Albany County AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Albany County AMI may qualify for rental assistance programs that target Low Income households.
Cities In Albany County
Select A City to View its Apartment Communities and Waiting Lists.
|Albany||The HUD funded Public Housing Agency that serves Albany is the Albany Housing Authority.|
|Cohoes||The HUD funded Public Housing Agency that serves Cohoes is the Cohoes Housing Authority.|
|Colonie||The HUD funded Public Housing Agency that serves Colonie is the Town of Colonie Community Development.|
|Green Island||The HUD funded Public Housing Agency that serves Green Island is the Village of Green Island Housing Choice Voucher Program Office.|
|Preston Potter Hollow|
|Watervliet||The HUD funded Public Housing Agency that serves Watervliet is the Watervliet Housing Authority.|