40 West Residences
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. Once you have an understanding on the various income levels, you can land on median income for the area, or the average income for a county. Once you have this baseline, you can begin to make decisions about affordable housing for those who 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.
HUD (US Department of Housing and Urban Development) determines the rental rates of affordable units annually. To do so, HUD takes into account these factors:
Once rates are established by HUD, the local Affordable Housing governing bodies use them in their programs. We are in a program governed by CHFA (Colorado Housing Finance Authority) and so we go to them to get the income and rent limits every year. CHFA is the governing body for all Colorado affordable housing programs.
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.
Qualification criteria at any affordable housing property will have a combination of:
In other words, every housing provider has some discretion as to what it takes to qualify for one of their units. The requirements will be made up of non-negotiable rules established by the governing body, but also self-instituted rules that the provider, or management, feels is best for themselves and future residents. These can be rules surrounding things like minimum income, some criminal records, and rental history, just to name a few. 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 unit is designated or reserved for certain income levels. When you visit one of our communities you will find we offer units 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. Why? 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 $41,050 in Adams county, but two individuals occupying a household are considered at 50% of the area median income when combined they make $46,900.
To learn what the precise max income is for you, click on the image below for a full table list.
It is important to note that this LIHTC program (Low-Income Housing & Tax Credit) is not the same thing as subsidized housing. A unit is designated to specific income level (for instance, 60% of the area median income) and, therefore, the rent predetermined. A person or persons looking to lease this unit must show that their income matches the income level designated to that unit (in the above example, the income must match 60% of the area median income).
Archway considers many forms of income in the qualification process. Review the items below to see what is considered as income:
To learn more about CHFA, including income and rental limits, compliance guidelines, and more, click the button below to be redirected to their website!
Click on any of our properties below to learn more about the type of housing offered, community amenities, and neighborhood information!