Affordable Housing In Olean
Cattaraugus County, New York

9 Low Income Apartment Communities In Olean

Brookside Community

301 W Henley St
Olean, NY
Elderly Supportive Housing

R and a Grant Housing

310 N 6th St
Olean, NY
Disabled Supportive Housing

Aspen Towers

350 Front St
Olean, NY

West and Alder Courts

305 N 15th St
Olean, NY

Spring and Seneca Court

401 Alder St
Olean, NY

Olean House

132 N Union St
Olean, NY

South Court

554 Martha Ave
Olean, NY

Cranberry Court

3100 Cranberry Rd
Olean, NY

First Apartments Olean

516 N 1st St
Olean, NY
Accepts Vouchers
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Housing Authorities that serve Olean

Housing Authority Programs
Olean Housing Authority Public Housing
Cattaraugus Development Corporation

Guide To Affordable Housing in Olean, New York

There are 9 low income housing apartment communities offering 497 affordable apartments for rent in Olean, New York. Olean features 481 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 16 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Olean.

Sourced from federal housing data and research.

Olean, NY Affordable Housing Snapshot

Total Affordable Apartment Properties 9
Total Low Income Apartments 497
Total Housing Units with Rental Assistance 481
Percentage of Housing Units Occupied By Renters 47.99%
Average Renter Household Size 2.09
Average Household Size 2.26
Median Household Income $38,450 ±$2,420
Median Rent $623 ±$30
Percentage Of Renters Overburdened 42.99% ± 7.37pp
Total Population 14,099

Population and Household Demographics

Olean is a City in Cattaraugus County, New York with a population of 14,099. There are 6,141 households in the city with an average household size of 2.26 persons. 47.99% of households in Olean are renters.

Income and Rent Overburden in Olean

The median gross income for households in Olean is $38,450 a year, or $3,204 a month. The median rent for the city is $623 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Olean, a household making less than $2,077 a month would be considered overburdened when renting an apartment at or above the median rent. 42.99% of households who rent are overburdened in Olean.1

Area Median Income In Olean

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 Olean, the AMI is calculated from all households within Cattaraugus County.

In Olean, HUD calculates the Area Median Income for a family of four as $61,300

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 Olean

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 Olean HUD Rental Assistance in Olean

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,900 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $23,200 $26,500 $29,800 $33,100 $35,750 $38,400 $41,050 $43,700
80% of Median $37,100 $42,400 $47,700 $52,950 $57,200 $61,450 $65,700 $69,900
Fair Market Rents in Olean

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
$585 $585 $716 $993 $1,101