Affordable Housing In Rainbow City
4 Low Income Apartment Communities In Rainbow City
Guide To Affordable Housing in Rainbow City, Alabama
There are 4 low income housing apartment communities offering 244 affordable apartments for rent in Rainbow City, Alabama.
Income Based Apartments in Rainbow City, Alabama
Rainbow City features 152 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 Rainbow City, Alabama
There are 92 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Rainbow City.
Housing Choice Vouchers in Rainbow City, Alabama
On average, Section 8 Housing Choice vouchers pay Rainbow City landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Rainbow City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Rainbow City, Alabama for a two-bedroom apartment is between $639 and $781.
2022 Rainbow City, 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|
|Rainbow City, Alabama Fair Market Rent||$547||$580||$710||$894||$970|
|Rainbow City, 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.
Rainbow City, AL Affordable Housing Snapshot
|Total Affordable Apartment Properties||4|
|Total Low Income Apartments||244|
|Total Housing Units with Rental Assistance||152|
|Percentage of Housing Units Occupied By Renters||38.14%|
|Average Renter Household Size||2.67|
|Average Household Size||2.43|
|Median Household Income||$49,338 ±$4,071|
|Median Rent||$711 ±$37|
|Percentage Of Renters Overburdened||39.84% ± 10.22pp|
Population and Household Demographics
Rainbow City is a city in Etowah County, Alabama with a population of 9,608. There are 3,936 households in the city with an average household size of 2.43 persons. 38.14% of households in Rainbow City are renters.
Income and Rent Overburden in Rainbow City
The median gross income for households in Rainbow City is $49,338 a year, or $4,112 a month. The median rent for the city is $711 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Rainbow City, a household making less than $2,370 a month would be considered overburdened when renting an apartment at or above the median rent. 39.84% of households who rent are overburdened in Rainbow City.
Area Median Income In Rainbow City
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 Rainbow City, the AMI is calculated from all households within Etowah County.
In Rainbow City, 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 Rainbow City
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 Rainbow City
|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 Rainbow City AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Rainbow City AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Rainbow City AMI may qualify for rental assistance programs that target Low Income households.