Affordable Housing In Penn Yan
Yates County, New York

6 Low Income Apartment Communities In Penn Yan

Vineland

100 McKinley Avenue
Penn Yan, NY
Call For Rent
2-3 BR
HCV Welcome

St Marks Terrace

110 Chapel St
Penn Yan, NY
62+
Accessible
Elderly Supportive Housing
Subsidized

Meadowside II Apartments

120 Eagle Ln
Penn Yan, NY
HCV Welcome

Walnut Hill Apartments

150 Walnut St
Penn Yan, NY

Conifer Penn Yan Associates

200 Walnut St
Penn Yan, NY
HCV Welcome

Meadowside Apartments

1985 Himrod Rd
Penn Yan, NY
HCV Welcome
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Housing Authorities that serve Penn Yan

Housing Authority Programs
PathStone Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Penn Yan, New York

According to federal housing data and AffordableHousingOnline.com research, there are 6 low income housing apartment communities offering 451 affordable apartments for rent in Penn Yan, New York. Penn Yan features 105 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 346 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Penn Yan.

Penn Yan, NY Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 451
Total Housing Units with Rental Assistance 105
Percentage of Housing Units Occupied By Renters 49.74%
Average Renter Household Size 1.84
Average Household Size 2.11
Median Household Income $33,586 ±$8,423
Median Rent $656 ±$44
Percentage Of Renters Overburdened 57.75% ± 11.89pp
Total Population 4,815

Population and Household Demographics

Penn Yan is a City in Yates County, New York with a population of 4,815. There are 2,127 households in the city with an average household size of 2.11 persons. 49.74% of households in Penn Yan are renters.

Income and Rent Overburden in Penn Yan

The median gross income for households in Penn Yan is $33,586 a year, or $2,799 a month. The median rent for the city is $656 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Penn Yan, a household making less than $2,187 a month would be considered overburdened when renting an apartment at or above the median rent. 57.75% of households who rent are overburdened in Penn Yan.1

Area Median Income In Penn Yan

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 Penn Yan, the AMI is calculated from all households within Yates County.

In Penn Yan, HUD calculates the Area Median Income for a family of four as $69,100

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 Penn Yan

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 Penn Yan HUD Rental Assistance in Penn Yan

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,550 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $24,200 $27,650 $31,100 $34,550 $37,350 $40,100 $42,850 $45,650
80% of Median $38,750 $44,250 $49,800 $55,300 $59,750 $64,150 $68,600 $73,000
Low Income Housing Tax Credits in Penn Yan

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

From 1991 to 2004, 4 low income apartment communities containing 169 rental apartments have been constructed and made affordable to low income persons in Penn Yan 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 Penn Yan

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $24,200 $27,650 $31,100 $34,550 $37,350 $40,100 $42,850 $45,650
60% of Median $29,040 $33,180 $37,320 $41,460 $44,820 $48,120 $51,420 $54,780

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 Penn Yan is $37,320 a year, or $3,110 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,110 by 30% to get a maximum rent of $933 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% $605 $648 $778 $899 $1,003 $1,106
60% $726 $778 $933 $1,079 $1,203 $1,328
Fair Market Rents in Penn Yan

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
$533 $644 $775 $1,046 $1,050