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There are 62 low-income apartments in Broadway that offer reduced rents to eligible households.
Rental assistance programs support 13 low-income homes in Broadway where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $322 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 Broadway, Virginia
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 |
|---|---|
| Virginia Housing | Section 8 Housing Choice Voucher (HCV) |
| Harrisonburg Redevelopment and Housing Authority | Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency; Moving to Work |
| Albemarle County Office of Housing | Section 8 Housing Choice Voucher (HCV); Section 8 Project-Based Rental Assistance (PBRA) |
Broadway, Virginia Affordable Housing Data
Income Based Apartments in Broadway, Virginia
Broadway features 13 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 Broadway, Virginia
There are 62 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Broadway.
Housing Choice Vouchers in Broadway, Virginia
On average, Section 8 Housing Choice vouchers pay Broadway landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Broadway.
The maximum amount a voucher would pay on behalf of a low-income tenant in Broadway, Virginia for a two-bedroom apartment is between $1,083 and $1,323.
2024 Broadway, Virginia 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 | |
|---|---|---|---|---|---|
| Broadway, Virginia Fair Market Rent | $921 | $927 | $1,203 | $1,619 | $2,041 |
| Broadway, Virginia Payment Standard Range | $829 to $1,013 | $834 to $1,020 | $1,083 to $1,323 | $1,457 to $1,781 | $1,837 to $2,245 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Broadway, VA Affordable Housing Snapshot
| Total Affordable Apartment Properties | 3 |
|---|---|
| Total Low Income Apartments | 75 |
| Total Housing Units with Rental Assistance | 13 |
| Percentage of Housing Units Occupied By Renters | 25.24% |
| Average Renter Household Size | 2.48 |
| Average Household Size | 2.39 |
| Median Household Income | $48,926 ±$3,686 |
| Median Rent | $695 ±$271 |
| Percentage Of Renters Overburdened | 30.81% ± 17.76pp |
| Total Population | 3,765 |
Population and Household Demographics
Broadway is a city in Rockingham County, Virginia with a population of 3,765. There are 1,569 households in the city with an average household size of 2.39 persons. 25.24% of households in Broadway are renters.
Income and Rent Overburden in Broadway
The median gross income for households in Broadway is $48,926 a year, or $4,077 a month. The median rent for the city is $695 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Broadway, a household making less than $2,317 a month would be considered overburdened when renting an apartment at or above the median rent. 30.81% of households who rent are overburdened in Broadway.
Area Median Income In Broadway
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 Broadway, the AMI is calculated from all households within Rockingham County.
In Broadway, HUD calculates the Area Median Income for a family of four as $95,900
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 Broadway
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 Broadway
| 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 Broadway AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,050 | $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 Broadway AMI may qualify for rental assistance programs that target Very Low Income households. |
$28,350 | $32,400 | $36,450 | $40,500 | $43,750 | $47,000 | $50,250 | $53,500 |
| 80% AMI Income Limits Renters earning up to 80% of the Broadway AMI may qualify for rental assistance programs that target Low Income households. |
$45,400 | $51,850 | $58,350 | $64,800 | $70,000 | $75,200 | $80,400 | $85,550 |
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