Issues and Opportunities rt
Financial Resources of Homebuyers and Renters
ASSOCIATES INC
Housing Affordability for Nashua Households, 2018
Source: HUD 2020, ACS 2018, RKG Associates
ACCESS TO QUALITY AFFORDABLE HOUSING IS CRITICAL. Affordable Affordable
In Nashua, about 35% of households earn less than 50% . Households
of the area median income (AMI). These households Area Median Income Threshold Income Monthly Home Purchase
often experience housing instability, may rely on housing % # Rent Price
assistance, and are typically spending more on housing
as a percentage of their overall income. 30% AMI (Extremely Low Income) $30,000 7,289 20% $750 $99,430
The Nashua Housing and Redevelopment Authority 0 0
owns and operates 662 units of subsidized public 50% AMI (Very Low Income) $49,950 5466 15% $1,249 $165,551
housing, with 409 units designated for elderly/non- 80% AMI (Low Income) $70,650 4817 13% $1,766 $234,158
elderly disabled residents with incomes at or below
50% AMI. The housing authority also has 853 tenant- 100% AMI (Moderate Income) $99,900 6422 18% $2,498 $331,103
based vouchers under their jurisdiction.
120% AMI (Moderate Income) $105,975 807 2% $2,649 $351,237
The current waitlist suggests a great need for affordable ;
housing with 3,755 families on the waitlist for housing. Above 120% AMI (Middle Income +) $105,976+ 11,473 32% $2,650+ $351,238+
With an annual turnover of about 68 units a year, it
would take 55 years to accommodate all families on the
current waitlist. This does not include any new families The NHRA also maintains a waitlist for Section 8 vouchers which current holds a waitlist of 4,642 families. Annual
moving to Nashua, or those whose incomes fall into a turnover of vouchers is estimated at 45 families per year and at that rate would take over 100 years to accommodate all
qualifying AMI bracket over time. the families on the waitlist today. Of families on the waitlist, 90% have incomes below 30% of AMI with 99% below 50% of
; . ; AMI which reflects the programs income limitations to serve a majority of households at or below 30% of AMI.
According to waitlist data provided by the NHRA, the
greatest housing need is for 1- and 2-bedroom units, According to the City’s 2020 Consolidated Plan, the NHRA is in the process of planning a major redevelopment of the
comprising 89% of the waitlist requests. 78% of families Bronstein Apartments utilizing a combination of low-income housing tax credits, bond financing, and HUD Section 18. The
on the waitlist have incomes below 50% of AMI and are plan is to demolish 48 units of public housing and replace them with 204 newly constructed units of mixed-income rental
unlikely to find housing that matches their income on — housing. Seventy of the units will be affordable to extremely-low and low-income households. This is a much-needed
the open market in Nashua. This often results in families project as the NHRA has noted the current housing portfolio needs remodeling and renovation and current HUD Capital
ord more for housing than they can reasonably Fund monies are not nearly enough to address all the modernization needs the housing authority has.
afford.
Nashua Housing Study - 39
