Affordable Housing In Binghamton
Broome County,
New York
20 Low Income Apartment Communities In Binghamton
Lincoln Court Apartments
Metro Plaza Apartments
Housing Authorities that serve Binghamton
| Housing Authority | Programs |
|---|---|
| Binghamton Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
Guide To Affordable Housing in Binghamton, New York
There are 20 low income housing apartment communities offering 1,264 affordable apartments for rent in Binghamton, New York. Binghamton features 1,045 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 219 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Binghamton.
Sourced from federal housing data and AffordableHousingOnline.com research.
Binghamton, NY Affordable Housing Snapshot
| Total Affordable Apartment Properties | 20 |
|---|---|
| Total Low Income Apartments | 1,264 |
| Total Housing Units with Rental Assistance | 1,045 |
| Percentage of Housing Units Occupied By Renters | % |
| Average Renter Household Size | 0.00 |
| Average Household Size | 0.00 |
| Median Household Income | $0 ±$0 |
| Median Rent | $0 ±$0 |
| Total Population | 0 |
Population and Household Demographics
Binghamton is a City in Broome County, New York with a population of 0. There are 0 households in the city with an average household size of 0.00 persons. % of households in Binghamton are renters.
Income and Rent Overburden in Binghamton
The median gross income for households in Binghamton is $0 a year, or $0 a month. The median rent for the city is $0 a month.
Area Median Income In Binghamton
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 Binghamton, the AMI is calculated from all households within Broome County.
In Binghamton, HUD calculates the Area Median Income for a family of four as $70,500
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 Binghamton
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 Binghamton HUD Rental Assistance in Binghamton
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% of Median | $14,850 | $16,950 | $21,330 | $25,750 | $30,170 | $34,590 | $39,010 | $43,430 |
| 50% of Median | $24,700 | $28,200 | $31,750 | $35,250 | $38,100 | $40,900 | $43,750 | $46,550 |
| 80% of Median | $39,500 | $45,150 | $50,800 | $56,400 | $60,950 | $65,450 | $69,950 | $74,450 |
Low Income Housing Tax Credits in Binghamton
The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.
From 2000 to 2011, 8 low income apartment communities containing 188 rental apartments have been constructed and made affordable to low income persons in Binghamton by the Low Income Housing Tax Credit Program.
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 Binghamton
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 50% of Median | $24,700 | $28,200 | $31,750 | $35,250 | $38,100 | $40,900 | $43,750 | $46,550 |
| 60% of Median | $29,640 | $33,840 | $38,100 | $42,300 | $45,720 | $49,080 | $52,500 | $55,860 |
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 Binghamton is $38,100 a year, or $3,175 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,175 by 30% to get a maximum rent of $953 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% | $618 | $661 | $794 | $917 | $1,023 | $1,129 |
| 60% | $741 | $794 | $953 | $1,100 | $1,227 | $1,355 |
Fair Market Rents in Binghamton
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.
2020 Fair Market Rents
| Studio | One BR | Two BR | Three BR | Four BR |
|---|---|---|---|---|
| $606 | $634 | $820 | $1,070 | $1,224 |
