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Affordable Housing In Richfield Springs
Otsego County, New York

1 Low Income Apartment Communities In Richfield Springs

Bronner Manor Associates

24 Park St
Richfield Springs, New York
Subsidized
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Housing Authorities that serve Richfield Springs

Housing Authority Programs
Otsego Rural Housing Assistance Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Richfield Springs, New York

There are 1 low income housing apartment communities offering 24 affordable apartments for rent in Richfield Springs, New York.

Income Based Apartments in Richfield Springs, New York

Richfield Springs features 24 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 Richfield Springs, New York

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Richfield Springs.

Housing Choice Vouchers in Richfield Springs, New York

On average, Section 8 Housing Choice vouchers pay Richfield Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Richfield Springs.

The maximum amount a voucher would pay on behalf of a low-income tenant in Richfield Springs, New York for a two-bedroom apartment is between $824 and $1,008.

2021 Richfield Springs, 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
Richfield Springs, New York Fair Market Rent $732 $737 $916 $1,182 $1,425
Richfield Springs, New York Payment Standard Range $659 to $805 $663 to $811 $824 to $1,008 $1,064 to $1,300 $1,283 to $1,568

Sourced from federal housing data and AffordableHousingOnline.com research.

Richfield Springs, NY Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 24
Total Housing Units with Rental Assistance 24
Percentage of Housing Units Occupied By Renters 44.31%
Average Renter Household Size 1.75
Average Household Size 2.11
Median Household Income $34,393 ±$4,504
Median Rent $592 ±$45
Percentage Of Renters Overburdened 54.15% ± 14.5pp
Total Population 1,229

Population and Household Demographics

Richfield Springs is a city in Otsego County, New York with a population of 1,229. There are 571 households in the city with an average household size of 2.11 persons. 44.31% of households in Richfield Springs are renters.

Income and Rent Overburden in Richfield Springs

The median gross income for households in Richfield Springs is $34,393 a year, or $2,866 a month. The median rent for the city is $592 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Richfield Springs, a household making less than $1,973 a month would be considered overburdened when renting an apartment at or above the median rent. 54.15% of households who rent are overburdened in Richfield Springs.

Area Median Income In Richfield Springs

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 Richfield Springs, the AMI is calculated from all households within Otsego County.

In Richfield Springs, HUD calculates the Area Median Income for a family of four as $69,400

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 Richfield Springs

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 Richfield Springs

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 Richfield Springs AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,600 $17,420 $21,960 $26,500 $31,040 $35,580 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Richfield Springs AMI may qualify for rental assistance programs that target Very Low Income households.
$24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
80% AMI Income Limits
Renters earning up to 80% of the Richfield Springs AMI may qualify for rental assistance programs that target Low Income households.
$38,850 $44,400 $49,950 $55,500 $59,950 $64,400 $68,850 $73,300