Archway Communities are part of the LIHTC program (or Low-Income Housing & Tax Credit). Understanding this program starts with understanding income levels of the area. Median income is exactly that: the average income for a county. This implies that there are many people that fall below that average. Where does your annual income level fall?
Select a county below to see the median income and the various income levels above and below.* Note that many Denver metro counties have the same median income.
*The incomes listed are for a single person. If there is more than one income-earning adult in the household, these income amounts will change. See “How Do I Qualify” for more information on this.
Affordable rent simply means that the monthly rental rate sits at 30% of a person’s income. If rent accounts for much more than 30% it is considered a “cost burdened” household.
CHFA (Colorado Housing & Finance Authority), governing body for affordable housing programs, takes into account the size of a home (one bedroom vs two bedroom) and the income level of the occupants (40% of the area median income vs 60% of the area median income) to calculate rental rates so that they are affordable for various income levels.
Click on the different tabs below to learn more about how the home size and income level affects max rental rates.*
*Max rent refers to the highest rental rate allowed to be charged on housing with a given designation by CHFA, the governing agency. This is not a guarantee of the pricing you may see at a specific community.
How Do I Qualify?
Qualification criteria at any affordable housing property will have a combination of:
- Requirements from the governing body, in our case CHFA
- Desired, but not required, attributes from the managing organization
In other words, every housing provider has some discretion as to what it takes to qualify for one of their apartments. Requirements for things like minimum income, some criminal records, and rental history can be independently determined by each housing provider. If you would like to see the Rental Criteria specific to Archway Communities, click here. Otherwise, continue along below as we break down the first determinant: income.
Each Archway household is designated or reserved for certain income levels. When you visit one of our communities you will find we offer housing with rates set for households who make 30%, 40%, 50% and 60% of the area median income. The household rarely changes its designation.
Therefore, one of the biggest determinants of qualification is income. We want to make sure that each person receives the housing that fits their income constraints. Specifically, it is important that, at a minimum, each person makes at least 2.5 times the monthly designated rent in income, but at maximum, they do not exceed 3 times the monthly rent, or the income limit set by CHFA. This way each household avoids being cost burdened, while also not occupying housing with a rent set for individuals making much less.
This sweet spot will change depending on how many adults will occupy the household. CHFA adjusts the max income of each designation depending on the household size, or how many income earning adults will occupy the home. For example, an individual is considered at 50% of the area median income when they make $36,700 in Adams county, but two individuals occupying a household are considered at 50% of the area median income when they combined make $41,950.
To learn what the precise max income is for you, click on the image below for a full table list.
Click on any of our properties below to learn more about the type of housing offered, community amenities, and neighborhood information!