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Affordable Housing In Valley Falls
Providence County, Rhode Island

Guide To Affordable Housing in Valley Falls, Rhode Island

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Valley Falls, Rhode Island.

Income Based Apartments in Valley Falls, Rhode Island

Valley Falls features 0 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 Valley Falls, Rhode Island

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

Housing Choice Vouchers in Valley Falls, Rhode Island

On average, Section 8 Housing Choice vouchers pay Valley Falls landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Valley Falls.

The maximum amount a voucher would pay on behalf of a low-income tenant in Valley Falls, Rhode Island for a two-bedroom apartment is between $968 and $1,183.

2020 Valley Falls, Rhode Island 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
Fair Market Rent $794 $898 $1,075 $1,340 $1,591
Payment Standard Range $715 to $873 $808 to $988 $968 to $1,183 $1,206 to $1,474 $1,432 to $1,750

Sourced from federal housing data and AffordableHousingOnline.com research.

Valley Falls, RI Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 29.26%
Average Renter Household Size 2.07
Average Household Size 2.52
Median Household Income $58,281 ±$8,942
Median Rent $837 ±$62
Percentage Of Renters Overburdened 43.93% ± 14.03pp
Total Population 12,088

Population and Household Demographics

Valley Falls is a city in Providence County, Rhode Island with a population of 12,088. There are 4,761 households in the city with an average household size of 2.52 persons. 29.26% of households in Valley Falls are renters.

Income and Rent Overburden in Valley Falls

The median gross income for households in Valley Falls is $58,281 a year, or $4,857 a month. The median rent for the city is $837 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Valley Falls, a household making less than $2,790 a month would be considered overburdened when renting an apartment at or above the median rent. 43.93% of households who rent are overburdened in Valley Falls.

Area Median Income In Valley Falls

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 Valley Falls, the AMI is calculated from all households within Providence County.

In Valley Falls, HUD calculates the Area Median Income for a family of four as $87,000

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 Valley Falls

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 Valley Falls

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,300 $20,900 $23,500 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $30,450 $34,800 $39,150 $43,500 $47,000 $50,500 $53,950 $57,450
80% of Median $48,750 $55,700 $62,650 $69,600 $75,200 $80,750 $86,350 $91,900