Affordable Housing In Diamond City
Boone County, Arkansas

1 Low Income Apartment Communities In Diamond City

Sugarloaf Village

231 Grand Ave
Diamond City, Arkansas
Subsidized
62+
Accessible
Elderly Supportive Housing
  • «
  • 1
  • »

Guide To Affordable Housing in Diamond City, Arkansas

There are 1 low income housing apartment communities offering 14 affordable apartments for rent in Diamond City, Arkansas.

Income Based Apartments in Diamond City, Arkansas

Diamond City features 14 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 Diamond City, Arkansas

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Diamond City.

Housing Choice Vouchers in Diamond City, Arkansas

On average, Section 8 Housing Choice vouchers pay Diamond City landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Diamond City.

The maximum amount a voucher would pay on behalf of a low-income tenant in Diamond City, Arkansas for a two-bedroom apartment is between $584 and $714.

2022 Diamond City, 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
Diamond City, Arkansas Fair Market Rent $481 $569 $649 $922 $951
Diamond City, Arkansas Payment Standard Range $433 to $529 $512 to $626 $584 to $714 $830 to $1,014 $856 to $1,046

Sourced from federal housing data and AffordableHousingOnline.com research.

Diamond City, AR Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 14
Total Housing Units with Rental Assistance 14
Percentage of Housing Units Occupied By Renters 26.95%
Average Renter Household Size 2.60
Average Household Size 2.15
Median Household Income $28,438 ±$5,425
Median Rent $682 ±$54
Percentage Of Renters Overburdened 64.04% ± 22.58pp
Total Population 911

Population and Household Demographics

Diamond City is a city in Boone County, Arkansas with a population of 911. There are 423 households in the city with an average household size of 2.15 persons. 26.95% of households in Diamond City are renters.

Income and Rent Overburden in Diamond City

The median gross income for households in Diamond City is $28,438 a year, or $2,370 a month. The median rent for the city is $682 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Diamond City, a household making less than $2,273 a month would be considered overburdened when renting an apartment at or above the median rent. 64.04% of households who rent are overburdened in Diamond City.

Area Median Income In Diamond 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 Diamond City, the AMI is calculated from all households within Boone County.

In Diamond City, HUD calculates the Area Median Income for a family of four as $52,000

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 Diamond 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 Diamond 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 Diamond City AMI may qualify for rental assistance programs that target Extremely Low Income households.
$12,880 $17,420 $21,960 $26,500 $29,250 $31,400 $33,550 $35,750
50% AMI Income Limits
Renters earning up to 50% of the Diamond City AMI may qualify for rental assistance programs that target Very Low Income households.
$18,950 $21,650 $24,350 $27,050 $29,250 $31,400 $33,550 $35,750
80% AMI Income Limits
Renters earning up to 80% of the Diamond City AMI may qualify for rental assistance programs that target Low Income households.
$30,350 $34,650 $39,000 $43,300 $46,800 $50,250 $53,700 $57,200