What is Affordable Housing?

• Affordable housing is generally defined as housing on which the occupant is paying no more than 30% of their gross income for housing costs, including utilities.
• Which means affordable is going to look different to different people. 

Teacher in Colorado: $46k; Affordable = $1,278 per month

Registered Nurse in Colorado: $50k; Affordable = $212,000

Hospitality Professional in Colorado: $35k; Affordable = $972 per month

Surgeon in Colorado: $300k; Affordable = $1.2 million

• All over the U.S. there is a shortage of affordable housing for people with lower incomes.

Area Median Income

• Area Median Income per household which is derived from census data 
• The area median income is the midpoint of a region's income distribution, meaning that half of households in a region earn more than the median and half earn less than the median. A household's income is calculated by its gross income, which is the total income received before taxes and other payroll deductions. 
• According to HUD (U.S. Department of Housing and Urban Development) the AMI in Alamosa for a 4 member household is $73,500.
  • However, our own math puts Alamosa AMI for a 4 member household closer to $58,000 

Affordable House/Rent payments at Variable Alamosa AMI (4 person household)

*Average Alamosa Job Income

What is Low Income?

• Low Income is defined as 80% of the median family income for the area, subject to adjustment for areas with unusually high or low incomes or housing costs.
• Households less than 80% of the AMI are considered low-income
• Households earning less than 50% AMI are considered to be very low income
• Households earning less than 30% AMI are considered extremely low income

What is LIHTC?

• The Low Income Housing Tax Credit (LIHTC) program created by the Tax Reform Act of 1986 gives State and Local LIHTC-allocating agencies the equivalent of approx. $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
• There are 9% or 4% tax credit programs for low income housing developers.
• The stipulations include:
  • The housing has to remain affordable for 30 years.
  • 40% of the housing units must be reserved for households with a 60% AMI and lower and 20% of the units must be for 50% AMI and lower. 

What is Section 8 Housing?

• “Section 8” is a common name for the Housing Choice Voucher program, funded by the U.S. Department of housing and Urban Development.
• The Section 8 Program allows private landlords to rent apartments and homes at fair market rates to qualified low income tenants, with a rental subsidy.
• The renter receives vouchers that cover part of the cost of rent, then the renter pays the difference between actual rent and subsidy.
• A renter can apply for Section 8 Vouchers at the local Housing Authority  
• HUD Section 8 FAQs Website

What is a housing authority?

• A housing authority is a governmental body that governs aspects of housing often providing low rent or free apartments to qualified residents.
• The Alamosa Housing Authority is a public housing agency that participates in the Section 8 housing Choice voucher program and other public housing programs. 
• Alamosa Housing Authority Governing Board

Alamosa Housing Authority Office

213 Murphy Drive Alamosa, CO, 81101
(719)589-6694
alamosaaha.org