Affordable Housing In Altamont
2 Low Income Apartment Communities In Altamont
Guide To Affordable Housing in Altamont, New York
There are 2 low income housing apartment communities offering 72 affordable apartments for rent in Altamont, New York.
Income Based Apartments in Altamont, New York
Altamont features 40 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 Altamont, New York
There are 32 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Altamont.
Housing Choice Vouchers in Altamont, New York
On average, Section 8 Housing Choice vouchers pay Altamont landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Altamont.
The maximum amount a voucher would pay on behalf of a low-income tenant in Altamont, New York for a two-bedroom apartment is between $1,086 and $1,328.
2022 Altamont, 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|
|Altamont, New York Fair Market Rent||$890||$991||$1,207||$1,492||$1,637|
|Altamont, 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.
Altamont, NY Affordable Housing Snapshot
|Total Affordable Apartment Properties||2|
|Total Low Income Apartments||72|
|Total Housing Units with Rental Assistance||40|
|Percentage of Housing Units Occupied By Renters||26.69%|
|Average Renter Household Size||2.03|
|Average Household Size||2.37|
|Median Household Income||$80,078 ±$18,810|
|Median Rent||$927 ±$121|
|Percentage Of Renters Overburdened||36.52% ± 12.92pp|
Population and Household Demographics
Altamont is a city in Albany County, New York with a population of 1,610. There are 667 households in the city with an average household size of 2.37 persons. 26.69% of households in Altamont are renters.
Income and Rent Overburden in Altamont
The median gross income for households in Altamont is $80,078 a year, or $6,673 a month. The median rent for the city is $927 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Altamont, a household making less than $3,090 a month would be considered overburdened when renting an apartment at or above the median rent. 36.52% of households who rent are overburdened in Altamont.
Area Median Income In Altamont
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 Altamont, the AMI is calculated from all households within Albany County.
In Altamont, HUD calculates the Area Median Income for a family of four as $95,600
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 Altamont
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 Altamont
|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 Altamont AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Altamont AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Altamont AMI may qualify for rental assistance programs that target Low Income households.