As a real estate expert in Derry, New Hampshire, I have been frequently asked about the availability of low-income housing options in the area. With the increasing cost of living and housing prices, many individuals and families are struggling to find affordable housing. In this article, I will provide an overview of the current state of housing in Derry, New Hampshire and discuss the various low-income housing options available.
The State of Housing in Derry, New Hampshire
Derry, New Hampshire is a small town located in Rockingham County. It is known for its charming downtown area, beautiful parks, and excellent school system.However, like many other towns in the United States, Derry is facing a shortage of affordable housing. The median home price in Derry is $300,000, which is higher than the national average. This makes it difficult for low-income individuals and families to purchase a home in the area. Additionally, the rental market in Derry is also competitive, with an average rent of $1,500 per month. According to a recent study by the National Low Income Housing Coalition, a household would need to earn at least $25 per hour to afford a two-bedroom apartment in Derry. This is significantly higher than the minimum wage in New Hampshire, which is currently $7.25 per hour.
Low-Income Housing Options in Derry
Despite the challenges of finding affordable housing in Derry, there are several low-income housing options available for those who qualify.Section 8 Housing
Section 8 Housing is a federal program that provides rental assistance to low-income individuals and families.In Derry, the program is administered by the Derry Housing Authority. Eligible households are given a voucher that can be used to rent a privately-owned apartment or house. The voucher covers a portion of the rent, and the tenant is responsible for paying the remaining amount. To qualify for Section 8 Housing, an individual or family must have a household income that is below 50% of the area median income. In Derry, this equates to an annual income of $41,500 for a family of four.
Applicants must also pass a background check and meet other eligibility requirements.
Low-Income Housing Tax Credit (LIHTC) Properties
The Low-Income Housing Tax Credit (LIHTC) program is another federal program that provides tax credits to developers who build affordable housing units. These units are then rented out to low-income individuals and families at below-market rates. In Derry, there are several LIHTC properties, including Birch Heights and Fairways Apartments. These properties offer one, two, and three-bedroom units at affordable rates for those who qualify.Public Housing
The Derry Housing Authority also manages several public housing properties in the town. These properties offer affordable housing options for low-income individuals and families.The rent is based on the tenant's income, and residents are responsible for paying 30% of their income towards rent. To be eligible for public housing, an individual or family must have a household income that is below 80% of the area median income. In Derry, this equates to an annual income of $66,400 for a family of four.
Other Resources for Affordable Housing
In addition to the low-income housing options mentioned above, there are other resources available for those looking for affordable housing in Derry.Housing Choice Voucher Program
The Housing Choice Voucher Program, also known as the Section 8 Voucher Program, is a federal program that provides rental assistance to low-income individuals and families. Unlike traditional Section 8 Housing, the voucher can be used to rent a unit in the private market. This gives tenants more flexibility in choosing where they want to live. The Derry Housing Authority also administers this program in the town.Eligible households are given a voucher that can be used to pay a portion of their rent. The tenant is responsible for paying the remaining amount.
Homeownership Assistance Programs
For those looking to purchase a home in Derry, there are several homeownership assistance programs available. These programs provide down payment assistance and other resources to help low-income individuals and families achieve homeownership. The New Hampshire Housing Finance Authority offers several programs, including the Home Flex Plus program, which provides down payment assistance of up to 3% of the purchase price of a home.In Conclusion
While finding affordable housing in Derry, New Hampshire may be challenging, there are options available for those who qualify. From Section 8 Housing to LIHTC properties and public housing, there are resources in place to help low-income individuals and families find a place to call home.It is essential to research and understand the eligibility requirements for each program and reach out to local organizations for assistance in navigating the process.
