Income-based rent, explained
What income-based rent means at Playa Escondida.
Affordable, income-based, income-restricted, tax-credit, low-income housing. The labels vary, but at Playa Escondida they all describe one thing: modern 2016-built homes in Hobbs with rents kept below the market for households that qualify.
How the program works here
Playa Escondida takes part in the federal affordable-housing tax-credit program as a mixed-income community. Most of the 60 homes rent below the market rate, with caps set by the program, and every floor plan is a fixed monthly amount, not a percentage of what you earn. There is no lottery and no separate affordable wing: you apply, we verify income and household size, and you rent a home.
Who qualifies
Eligibility is about your household, not your age. Your combined income must fall under limits HUD publishes each year for Lea County, and the limits scale with household size, so a family of five has a higher ceiling than a single renter. Because the community is mixed-income, different homes carry different limits, which means more households qualify here than people expect. One quick call is the fastest way to find out, and applying is straightforward from there.
Housing Choice Vouchers are welcome
You do not need a Section 8 voucher to live here, because qualifying rents are already set below market. If your household does have a Housing Choice Voucher, it is welcome at Playa Escondida, and our office will gladly walk you through how the voucher and the tax-credit program work together.
What it costs
Current program rents: $798 to $1,338 per month for a two-bedroom home, depending on the layout and your household's income tier, and from $709 for a three-bedroom home. Program rents adjust from time to time, so call the office to confirm today's exact rate and check availability while you are on the line.
Common questions about qualifying
Who can live at Playa Escondida?
Everyone is welcome to apply. Playa Escondida is a mixed-income affordable community, so eligibility comes down to household income and size, never age. Call the office with a rough idea of your monthly income and we can usually tell you the same day whether your household qualifies.
How much is the rent?
Current program rents run from $798 to $1,338 per month for a two bedroom, depending on the layout and your household's income tier, and start at $709 for a three bedroom. Rent is a fixed amount, not a percentage of your income. Program rents adjust from time to time, so please call to confirm today's exact rate and availability.
What are the income limits?
Household income must fall below limits that HUD sets each year for Lea County. The limits depend on how many people live with you and they change annually, and because Playa Escondida is a mixed-income community, different homes carry different limits. The surest way to know is one quick call with a rough idea of your monthly income.
Affordable Apartments · Hobbs, New Mexico
Come see it for yourself.
The best way to know if Playa Escondida feels like home is to visit. Call us and we will answer your questions and set up a tour.