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There are 70 low-income apartments in Kenai Peninsula Borough that offer reduced rents to eligible households. Low-income rents in Kenai Peninsula Borough, Alaska can range from $881 to $980 depending on the number of bedrooms.
Rental assistance programs support 364 low-income homes in Kenai Peninsula Borough where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $499 towards rent each month.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
Kenai Peninsula Borough, Alaska Affordable Housing Data
Income Based Apartments in Kenai Peninsula Borough, Alaska
Kenai Peninsula Borough features 364 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 Kenai Peninsula Borough, Alaska
There are 70 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Kenai Peninsula Borough.
Housing Choice Vouchers in Kenai Peninsula Borough, Alaska
On average, Section 8 Housing Choice vouchers pay Kenai Peninsula Borough landlords $700 per month towards rent. The average voucher holder contributes $500 towards rent in Kenai Peninsula Borough.
The maximum amount a voucher would pay on behalf of a low-income tenant in Kenai Peninsula Borough, Alaska for a two-bedroom apartment is between $1,171 and $1,431.
2024 Kenai Peninsula Borough, Alaska 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 | |
|---|---|---|---|---|---|
| Kenai Peninsula Borough, Alaska Fair Market Rent | $984 | $990 | $1,301 | $1,833 | $2,090 |
| Kenai Peninsula Borough, Alaska Payment Standard Range | $886 to $1,082 | $891 to $1,089 | $1,171 to $1,431 | $1,650 to $2,016 | $1,881 to $2,299 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Kenai Peninsula Borough, AK Affordable Housing Snapshot
| Total Affordable Apartment Properties | 23 |
|---|---|
| Total Low Income Apartments | 437 |
| Total Housing Units with Rental Assistance | 364 |
| Percentage of Housing Units Occupied By Renters | 27.55% |
| Average Renter Household Size | 2.58 |
| Average Household Size | 2.57 |
| Median Household Income | $63,684 ±$2,337 |
| Median Rent | $940 ±$36 |
| Percentage Of Renters Overburdened | 38.28% ± 3.13pp |
| Total Population | 57,221 |
Population and Household Demographics
Kenai Peninsula Borough is a county in Alaska with a population of 57,221. There are 21,485 households in the county with an average household size of 2.57 persons. 27.55% of households in Kenai Peninsula Borough are renters.
Income and Rent Overburden in Kenai Peninsula Borough
The median gross income for households in Kenai Peninsula Borough is $63,684 a year, or $5,307 a month. The median rent for the county is $940 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Kenai Peninsula Borough, a household making less than $3,133 a month would be considered overburdened when renting an apartment at or above the median rent. 38.28% of households who rent are overburdened in Kenai Peninsula Borough.
Area Median Income In Kenai Peninsula Borough
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.
In Kenai Peninsula Borough, HUD calculates the Area Median Income for a family of four as $105,500
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 Kenai Peninsula Borough
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 Kenai Peninsula Borough
| 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 Kenai Peninsula Borough AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$21,900 | $25,000 | $31,070 | $37,500 | $43,930 | $50,360 | $56,790 | $63,220 |
| 50% AMI Income Limits Renters earning up to 50% of the Kenai Peninsula Borough AMI may qualify for rental assistance programs that target Very Low Income households. |
$36,500 | $41,700 | $46,900 | $52,100 | $56,300 | $60,450 | $64,650 | $68,800 |
| 80% AMI Income Limits Renters earning up to 80% of the Kenai Peninsula Borough AMI may qualify for rental assistance programs that target Low Income households. |
$58,350 | $66,700 | $75,050 | $83,350 | $90,050 | $96,700 | $103,400 | $110,050 |
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