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There are 0 low-income apartments in Cherry Valley that offer reduced rents to eligible households.
Rental assistance programs support 42 low-income homes in Cherry Valley where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.
Affordable rent data for some communities last confirmed on April 23rd, 2021. Subdsidized rents typically change once a year based on federal guidance.
Cherry Valley, Arkansas Affordable Housing Data
Income Based Apartments in Cherry Valley, Arkansas
Cherry Valley features 42 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 Cherry Valley, Arkansas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cherry Valley.
Housing Choice Vouchers in Cherry Valley, Arkansas
On average, Section 8 Housing Choice vouchers pay Cherry Valley landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Cherry Valley.
The maximum amount a voucher would pay on behalf of a low-income tenant in Cherry Valley, Arkansas for a two-bedroom apartment is between $665 and $813.
2023 Cherry Valley, Arkansas 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 | |
|---|---|---|---|---|---|
| Cherry Valley, Arkansas Fair Market Rent | $554 | $561 | $739 | $1,034 | $1,259 |
| Cherry Valley, Arkansas Payment Standard Range | $499 to $609 | $505 to $617 | $665 to $813 | $931 to $1,137 | $1,133 to $1,385 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Cherry Valley, AR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 4 |
|---|---|
| Total Low Income Apartments | 45 |
| Total Housing Units with Rental Assistance | 42 |
| Percentage of Housing Units Occupied By Renters | 34.73% |
| Average Renter Household Size | 3.11 |
| Average Household Size | 2.86 |
| Median Household Income | $40,521 ±$8,334 |
| Median Rent | $575 ±$94 |
| Percentage Of Renters Overburdened | 24.07% ± 14.03pp |
| Total Population | 891 |
Population and Household Demographics
Cherry Valley is a city in Cross County, Arkansas with a population of 891. There are 311 households in the city with an average household size of 2.86 persons. 34.73% of households in Cherry Valley are renters.
Income and Rent Overburden in Cherry Valley
The median gross income for households in Cherry Valley is $40,521 a year, or $3,377 a month. The median rent for the city is $575 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cherry Valley, a household making less than $1,917 a month would be considered overburdened when renting an apartment at or above the median rent. 24.07% of households who rent are overburdened in Cherry Valley.
Area Median Income In Cherry Valley
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 Cherry Valley, the AMI is calculated from all households within Cross County.
In Cherry Valley, HUD calculates the Area Median Income for a family of four as $69,300
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 Cherry Valley
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 Cherry Valley
| 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 Cherry Valley AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $30,000 | $35,140 | $39,050 | $41,750 | $44,450 |
| 50% AMI Income Limits Renters earning up to 50% of the Cherry Valley AMI may qualify for rental assistance programs that target Very Low Income households. |
$23,600 | $26,950 | $30,300 | $33,650 | $36,350 | $39,050 | $41,750 | $44,450 |
| 80% AMI Income Limits Renters earning up to 80% of the Cherry Valley AMI may qualify for rental assistance programs that target Low Income households. |
$37,700 | $43,100 | $48,500 | $53,850 | $58,200 | $62,500 | $66,800 | $71,100 |
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