There are 68 low-income apartments in Hopewell that offer reduced rents to eligible households.
Rental assistance programs support 610 low-income homes in Hopewell where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $340 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.
Public Housing Agencies Serving Hopewell, 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 |
|---|---|
| Hopewell Redevelopment and Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing; Section 8 Project-Based Voucher (PBV) |
| Virginia Housing | Section 8 Housing Choice Voucher (HCV) |
| Central Virginia Resource Corporation - Prince George | Section 8 Housing Choice Voucher (HCV) |
| Albemarle County Office of Housing | Section 8 Housing Choice Voucher (HCV); Section 8 Project-Based Rental Assistance (PBRA) |
Hopewell, Virginia Affordable Housing Data
Income Based Apartments in Hopewell, Virginia
Hopewell features 610 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 Hopewell, Virginia
There are 68 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hopewell.
Housing Choice Vouchers in Hopewell, Virginia
On average, Section 8 Housing Choice vouchers pay Hopewell landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Hopewell.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hopewell, Virginia for a two-bedroom apartment is between $1,379 and $1,685.
2024 Hopewell, 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 | |
|---|---|---|---|---|---|
| Hopewell, Virginia Fair Market Rent | $1,328 | $1,365 | $1,532 | $1,959 | $2,393 |
| Hopewell, Virginia Payment Standard Range | $1,195 to $1,461 | $1,229 to $1,502 | $1,379 to $1,685 | $1,763 to $2,155 | $2,154 to $2,632 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Hopewell, VA Affordable Housing Snapshot
| Total Affordable Apartment Properties | 41 |
|---|---|
| Total Low Income Apartments | 723 |
| Total Housing Units with Rental Assistance | 610 |
| Percentage of Housing Units Occupied By Renters | 48.66% |
| Average Renter Household Size | 2.59 |
| Average Household Size | 2.53 |
| Median Household Income | $39,064 ±$2,675 |
| Median Rent | $835 ±$36 |
| Percentage Of Renters Overburdened | 46.81% ± 6.24pp |
| Total Population | 22,279 |
Population and Household Demographics
Hopewell is a city in Virginia with a population of 22,279. There are 8,706 households in the city with an average household size of 2.53 persons. 48.66% of households in Hopewell are renters.
Income and Rent Overburden in Hopewell
The median gross income for households in Hopewell is $39,064 a year, or $3,255 a month. The median rent for the city is $835 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hopewell, a household making less than $2,783 a month would be considered overburdened when renting an apartment at or above the median rent. 46.81% of households who rent are overburdened in Hopewell.
Area Median Income In Hopewell
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 Hopewell, HUD calculates the Area Median Income for a family of four as $109,400
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 Hopewell
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 Hopewell
| 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 Hopewell AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$22,400 | $25,600 | $28,800 | $32,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Hopewell AMI may qualify for rental assistance programs that target Very Low Income households. |
$37,350 | $42,650 | $48,000 | $53,300 | $57,600 | $61,850 | $66,100 | $70,400 |
| 80% AMI Income Limits Renters earning up to 80% of the Hopewell AMI may qualify for rental assistance programs that target Low Income households. |
$59,750 | $68,250 | $76,800 | $85,300 | $92,150 | $98,950 | $105,800 | $112,600 |
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