John Obrien House
- «
- 1
- »
There are 219 low-income apartments in Fernan Lake Village that offer reduced rents to eligible households.
Rental assistance programs support 206 low-income homes in Fernan Lake Village where households pay rent based on how much they earn.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Fernan Lake Village, Idaho Affordable Housing Data
Income Based Apartments in Fernan Lake Village, Idaho
Fernan Lake Village features 206 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 Fernan Lake Village, Idaho
There are 219 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fernan Lake Village.
Housing Choice Vouchers in Fernan Lake Village, Idaho
On average, Section 8 Housing Choice vouchers pay Fernan Lake Village landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Fernan Lake Village.
The maximum amount a voucher would pay on behalf of a low-income tenant in Fernan Lake Village, Idaho for a two-bedroom apartment is between $1,132 and $1,384.
2024 Fernan Lake Village, Idaho 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 | |
|---|---|---|---|---|---|
| Fernan Lake Village, Idaho Fair Market Rent | $853 | $1,042 | $1,258 | $1,773 | $2,135 |
| Fernan Lake Village, Idaho Payment Standard Range | $768 to $938 | $938 to $1,146 | $1,132 to $1,384 | $1,596 to $1,950 | $1,922 to $2,349 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Fernan Lake Village, ID Affordable Housing Snapshot
| Total Affordable Apartment Properties | 8 |
|---|---|
| Total Low Income Apartments | 425 |
| Total Housing Units with Rental Assistance | 206 |
| Percentage of Housing Units Occupied By Renters | 1.59% |
| Average Renter Household Size | 0.00 |
| Average Household Size | 2.27 |
| Median Household Income | $77,188 ±$31,098 |
| Median Rent | $0 ±$0 |
| Percentage Of Renters Overburdened | 100% ± 1905.26pp |
| Total Population | 143 |
Population and Household Demographics
Fernan Lake Village is a city in Kootenai County, Idaho with a population of 143. There are 63 households in the city with an average household size of 2.27 persons. 1.59% of households in Fernan Lake Village are renters.
Income and Rent Overburden in Fernan Lake Village
The median gross income for households in Fernan Lake Village is $77,188 a year, or $6,432 a month. The median rent for the city is $0 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fernan Lake Village, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 100% of households who rent are overburdened in Fernan Lake Village.
Area Median Income In Fernan Lake Village
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 Fernan Lake Village, the AMI is calculated from all households within Kootenai County.
In Fernan Lake Village, HUD calculates the Area Median Income for a family of four as $93,900
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 Fernan Lake Village
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 Fernan Lake Village
| 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 Fernan Lake Village AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$16,450 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Fernan Lake Village AMI may qualify for rental assistance programs that target Very Low Income households. |
$27,450 | $31,400 | $35,300 | $39,200 | $42,350 | $45,500 | $48,650 | $51,750 |
| 80% AMI Income Limits Renters earning up to 80% of the Fernan Lake Village AMI may qualify for rental assistance programs that target Low Income households. |
$43,900 | $50,200 | $56,450 | $62,700 | $67,750 | $72,750 | $77,750 | $82,800 |
© 2002-2024 ApartmentSmart.com, Inc.
Affordable Housing Online is not affiliated with any housing authority or apartment community, and does not manage any affordable housing programs.