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There are 164 low-income apartments in Chaffee County that offer reduced rents to eligible households.
Rental assistance programs support 138 low-income homes in Chaffee County where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $324 towards rent each month.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Chaffee County, Colorado
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
| Housing Authority | Programs |
|---|---|
| Upper Arkansas Area Council of Governments | Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-Sufficiency; Mainstream Voucher |
Chaffee County, Colorado Affordable Housing Data
Income Based Apartments in Chaffee County, Colorado
Chaffee County features 138 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 Chaffee County, Colorado
There are 164 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Chaffee County.
Housing Choice Vouchers in Chaffee County, Colorado
On average, Section 8 Housing Choice vouchers pay Chaffee County landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Chaffee County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Chaffee County, Colorado for a two-bedroom apartment is between $1,284 and $1,570.
2024 Chaffee County, Colorado 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 | |
|---|---|---|---|---|---|
| Chaffee County, Colorado Fair Market Rent | $1,079 | $1,086 | $1,427 | $1,992 | $2,422 |
| Chaffee County, Colorado Payment Standard Range | $971 to $1,187 | $977 to $1,195 | $1,284 to $1,570 | $1,793 to $2,191 | $2,180 to $2,664 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Chaffee County, CO Affordable Housing Snapshot
| Total Affordable Apartment Properties | 8 |
|---|---|
| Total Low Income Apartments | 302 |
| Total Housing Units with Rental Assistance | 138 |
| Percentage of Housing Units Occupied By Renters | 24.46% |
| Average Renter Household Size | 2.36 |
| Average Household Size | 2.21 |
| Median Household Income | $51,092 ±$2,278 |
| Median Rent | $802 ±$83 |
| Percentage Of Renters Overburdened | 46.92% ± 8.56pp |
| Total Population | 18,309 |
Population and Household Demographics
Chaffee County is a county in Colorado with a population of 18,309. There are 7,756 households in the county with an average household size of 2.21 persons. 24.46% of households in Chaffee County are renters.
Income and Rent Overburden in Chaffee County
The median gross income for households in Chaffee County is $51,092 a year, or $4,258 a month. The median rent for the county is $802 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Chaffee County, a household making less than $2,673 a month would be considered overburdened when renting an apartment at or above the median rent. 46.92% of households who rent are overburdened in Chaffee County.
Area Median Income In Chaffee County
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 Chaffee County, HUD calculates the Area Median Income for a family of four as $86,100
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 Chaffee County
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 Chaffee County
| 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 Chaffee County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,300 | $20,900 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Chaffee County AMI may qualify for rental assistance programs that target Very Low Income households. |
$30,450 | $34,800 | $39,150 | $43,500 | $47,000 | $50,500 | $53,950 | $57,450 |
| 80% AMI Income Limits Renters earning up to 80% of the Chaffee County AMI may qualify for rental assistance programs that target Low Income households. |
$48,750 | $55,700 | $62,650 | $69,600 | $75,200 | $80,750 | $86,350 | $91,900 |
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