Affordable Housing In Coats Bend
Guide To Affordable Housing in Coats Bend, Alabama
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Coats Bend, Alabama.
Income Based Apartments in Coats Bend, Alabama
Coats Bend features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Coats Bend, Alabama
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Coats Bend.
Housing Choice Vouchers in Coats Bend, Alabama
On average, Section 8 Housing Choice vouchers pay Coats Bend landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Coats Bend.
The maximum amount a voucher would pay on behalf of a low-income tenant in Coats Bend, Alabama for a two-bedroom apartment is between $639 and $781.
2022 Coats Bend, Alabama Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Coats Bend, Alabama Fair Market Rent||$547||$580||$710||$894||$970|
|Coats Bend, Alabama Payment Standard Range||$492 to $602||$522 to $638||$639 to $781||$805 to $983||$873 to $1,067|
Sourced from federal housing data and AffordableHousingOnline.com research.
Coats Bend, AL Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||20.77%|
|Average Renter Household Size||3.45|
|Average Household Size||3.21|
|Median Household Income||$42,821 ±$7,520|
|Median Rent||$698 ±$45|
|Percentage Of Renters Overburdened||35.29% ± 23.04pp|
Population and Household Demographics
Coats Bend is a city in Etowah County, Alabama with a population of 1,842. There are 573 households in the city with an average household size of 3.21 persons. 20.77% of households in Coats Bend are renters.
Income and Rent Overburden in Coats Bend
The median gross income for households in Coats Bend is $42,821 a year, or $3,568 a month. The median rent for the city is $698 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Coats Bend, a household making less than $2,327 a month would be considered overburdened when renting an apartment at or above the median rent. 35.29% of households who rent are overburdened in Coats Bend.
Area Median Income In Coats Bend
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Coats Bend, the AMI is calculated from all households within Etowah County.
In Coats Bend, HUD calculates the Area Median Income for a family of four as $59,700
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Coats Bend
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Coats Bend
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Coats Bend AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Coats Bend AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Coats Bend AMI may qualify for rental assistance programs that target Low Income households.