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There are 66 low-income apartments in Penacook that offer reduced rents to eligible households.
Rental assistance programs support 0 low-income homes in Penacook where households pay rent based on how much they earn.
Affordable rent data for some communities last confirmed on December 28th, 2022. Subdsidized rents typically change once a year based on federal guidance.
Penacook, New Hampshire Affordable Housing Data
Income Based Apartments in Penacook, New Hampshire
Penacook 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 Penacook, New Hampshire
There are 66 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Penacook.
Housing Choice Vouchers in Penacook, New Hampshire
On average, Section 8 Housing Choice vouchers pay Penacook landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Penacook.
The maximum amount a voucher would pay on behalf of a low-income tenant in Penacook, New Hampshire for a two-bedroom apartment is between $1,284 and $1,570.
2024 Penacook, New Hampshire 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 | |
|---|---|---|---|---|---|
| Penacook, New Hampshire Fair Market Rent | $972 | $1,086 | $1,427 | $1,877 | $1,900 |
| Penacook, New Hampshire Payment Standard Range | $875 to $1,069 | $977 to $1,195 | $1,284 to $1,570 | $1,689 to $2,065 | $1,710 to $2,090 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Area Median Income In Penacook
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 Penacook, the AMI is calculated from all households within Merrimack County.
In Penacook, HUD calculates the Area Median Income for a family of four as $116,000
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 Penacook
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 Penacook
| 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 Penacook AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$23,300 | $26,600 | $29,950 | $33,250 | $35,950 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Penacook AMI may qualify for rental assistance programs that target Very Low Income households. |
$38,800 | $44,350 | $49,900 | $55,400 | $59,850 | $64,300 | $68,700 | $73,150 |
| 80% AMI Income Limits Renters earning up to 80% of the Penacook AMI may qualify for rental assistance programs that target Low Income households. |
$62,100 | $70,950 | $79,800 | $88,650 | $95,750 | $102,850 | $109,950 | $117,050 |
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