Affordable Housing In Holiday Island
Carroll County, Arkansas

Guide To Affordable Housing in Holiday Island, Arkansas

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Holiday Island, Arkansas.

Income Based Apartments in Holiday Island, Arkansas

Holiday Island 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 Holiday Island, Arkansas

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

Housing Choice Vouchers in Holiday Island, Arkansas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Holiday Island, Arkansas for a two-bedroom apartment is between $600 and $734.

2022 Holiday Island, 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
Holiday Island, Arkansas Fair Market Rent $443 $507 $667 $825 $905
Holiday Island, Arkansas Payment Standard Range $399 to $487 $456 to $558 $600 to $734 $743 to $908 $815 to $996

Sourced from federal housing data and AffordableHousingOnline.com research.

Holiday Island, AR 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 20.65%
Average Renter Household Size 2.23
Average Household Size 1.91
Median Household Income $37,944 ±$8,376
Median Rent $763 ±$117
Percentage Of Renters Overburdened 61.92% ± 25.04pp
Total Population 2,596

Population and Household Demographics

Holiday Island is a city in Carroll County, Arkansas with a population of 2,596. There are 1,361 households in the city with an average household size of 1.91 persons. 20.65% of households in Holiday Island are renters.

Income and Rent Overburden in Holiday Island

The median gross income for households in Holiday Island is $37,944 a year, or $3,162 a month. The median rent for the city is $763 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Holiday Island, a household making less than $2,543 a month would be considered overburdened when renting an apartment at or above the median rent. 61.92% of households who rent are overburdened in Holiday Island.

Area Median Income In Holiday Island

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 Holiday Island, the AMI is calculated from all households within Carroll County.

In Holiday Island, HUD calculates the Area Median Income for a family of four as $56,300

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 Holiday Island

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 Holiday Island

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 Holiday Island AMI may qualify for rental assistance programs that target Extremely Low Income households.
$12,880 $17,420 $21,960 $26,500 $30,450 $32,700 $34,950 $37,200
50% AMI Income Limits
Renters earning up to 50% of the Holiday Island AMI may qualify for rental assistance programs that target Very Low Income households.
$19,750 $22,550 $25,350 $28,150 $30,450 $32,700 $34,950 $37,200
80% AMI Income Limits
Renters earning up to 80% of the Holiday Island AMI may qualify for rental assistance programs that target Low Income households.
$31,550 $36,050 $40,550 $45,050 $48,700 $52,300 $55,900 $59,500