Holly Grove, Arkansas Affordable Housing Data

Income Based Apartments in Holly Grove, Arkansas

Holly Grove features 49 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 Holly Grove, Arkansas

There are 49 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Holly Grove.

Housing Choice Vouchers in Holly Grove, Arkansas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Holly Grove, Arkansas for a two-bedroom apartment is between $648 and $792.

2023 Holly Grove, 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.

Sourced from federal housing data and AffordableHousingOnline.com research.

Holly Grove, AR Affordable Housing Snapshot

Total Affordable Apartment Properties	4
Total Low Income Apartments	98
Total Housing Units with Rental Assistance	49
Percentage of Housing Units Occupied By Renters	47.1%
Average Renter Household Size	2.87
Average Household Size	2.61
Median Household Income	$26,696 ±$11,352
Median Rent	$529 ±$90
Percentage Of Renters Overburdened	33.61% ± 21.09pp
Total Population	677

Population and Household Demographics

Holly Grove is a city in Monroe County, Arkansas with a population of 677. There are 259 households in the city with an average household size of 2.61 persons. 47.1% of households in Holly Grove are renters.

Income and Rent Overburden in Holly Grove

The median gross income for households in Holly Grove is $26,696 a year, or $2,225 a month. The median rent for the city is $529 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Holly Grove, a household making less than $1,763 a month would be considered overburdened when renting an apartment at or above the median rent. 33.61% of households who rent are overburdened in Holly Grove.

Area Median Income In Holly Grove

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 Holly Grove, the AMI is calculated from all households within Monroe County.

In Holly Grove, HUD calculates the Area Median Income for a family of four as $71,300

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 Holly Grove

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 Holly Grove