Affordable Housing In Hope Valley
Washington County, Rhode Island

2 Low Income Apartment Communities In Hope Valley

New Canonchet Cliffs

825 Main St
Hope Valley, RI
62+
Accessible
Elderly Supportive Housing
Subsidized

Canonchet Cliffs IIi

807 Main St
Hope Valley, RI
HCV Welcome
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Guide To Affordable Housing in Hope Valley, Rhode Island

According to federal housing data and AffordableHousingOnline.com research, there are 2 low income housing apartment communities offering 137 affordable apartments for rent in Hope Valley, Rhode Island. Hope Valley features 114 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 23 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Hope Valley.

Hope Valley, RI Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 137
Total Housing Units with Rental Assistance 114
Percentage of Housing Units Occupied By Renters 30.15%
Average Renter Household Size 2.76
Average Household Size 2.95
Median Household Income $69,408 ±$23,992
Median Rent $1,447 ±$869
Percentage Of Renters Overburdened 61.58% ± 33.05pp
Total Population 1,733

Population and Household Demographics

Hope Valley is a City in Washington County, Rhode Island with a population of 1,733. There are 587 households in the city with an average household size of 2.95 persons. 30.15% of households in Hope Valley are renters.

Income and Rent Overburden in Hope Valley

The median gross income for households in Hope Valley is $69,408 a year, or $5,784 a month. The median rent for the city is $1,447 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hope Valley, a household making less than $4,823 a month would be considered overburdened when renting an apartment at or above the median rent. 61.58% of households who rent are overburdened in Hope Valley.1

Area Median Income In Hope Valley

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 Hope Valley, the AMI is calculated from all households within Washington County.

In Hope Valley, HUD calculates the Area Median Income for a family of four as $81,900

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 Hope Valley

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 Hope Valley HUD Rental Assistance in Hope Valley

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $17,200 $19,650 $22,100 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $28,700 $32,800 $36,900 $40,950 $44,250 $47,550 $50,800 $54,100
80% of Median $45,850 $52,400 $58,950 $65,500 $70,750 $76,000 $81,250 $86,500
Low Income Housing Tax Credits in Hope Valley

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

From 1992 to 2008, 2 low income apartment communities containing 137 rental apartments have been constructed and made affordable to low income persons in Hope Valley 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 Hope Valley

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $28,700 $32,800 $36,900 $40,950 $44,250 $47,550 $50,800 $54,100
60% of Median $34,440 $39,360 $44,280 $49,140 $53,100 $57,060 $60,960 $64,920

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 Hope Valley is $44,280 a year, or $3,690 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,690 by 30% to get a maximum rent of $1,107 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% $718 $769 $923 $1,065 $1,189 $1,311
60% $861 $923 $1,107 $1,278 $1,427 $1,574
Fair Market Rents in Hope Valley

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
$794 $898 $1,075 $1,340 $1,591