Affordable Housing In Prescott
Nevada County, Arkansas

7 Low Income Apartment Communities In Prescott

Nevada County Group Home

678 Hatley Ave
Prescott, Arkansas
Subsidized
62+
Accessible
Elderly Supportive Housing

Hawthorne Apartments

615 E 3rd St S
Prescott, Arkansas

North Terrace Addition

700 High Meadow St
Prescott, Arkansas

Prescott Apartments

420 E 6th St S
Prescott, Arkansas

Prescott, City Of

Walter Acres Subdivis
Prescott, Arkansas

Martin Place II Apartments

508 Martin St
Prescott, Arkansas
Subsidized
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Section 8 Vouchers, Apartments, and Waiting Lists in Prescott, Arkansas

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Households who qualify for these programs may also qualify for Project-Based Section 8, which contributes rental assistance payments directly to private landlords on behalf of low-income tenants. Eligibility for the project-based program is similar to the voucher programs, but waiting list and application policies will vary depending on the landlord.

Public Housing Agencies Serving Prescott, Arkansas

Housing Authority Programs
Prescott Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Prescott, Arkansas

There are 7 low income housing apartment communities offering 212 affordable apartments for rent in Prescott, Arkansas.

Income Based Apartments in Prescott, Arkansas

Prescott features 139 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 Prescott, Arkansas

There are 73 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Prescott.

Housing Choice Vouchers in Prescott, Arkansas

On average, Section 8 Housing Choice vouchers pay Prescott landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Prescott.

The maximum amount a voucher would pay on behalf of a low-income tenant in Prescott, Arkansas for a two-bedroom apartment is between $741 and $905.

2023 Prescott, 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
Prescott, Arkansas Fair Market Rent $616 $625 $823 $1,002 $1,171
Prescott, Arkansas Payment Standard Range $554 to $678 $563 to $688 $741 to $905 $902 to $1,102 $1,054 to $1,288

Sourced from federal housing data and AffordableHousingOnline.com research.

Prescott, AR Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 212
Total Housing Units with Rental Assistance 139
Percentage of Housing Units Occupied By Renters 49.74%
Average Renter Household Size 3.34
Average Household Size 2.58
Median Household Income $26,220 ±$1,532
Median Rent $659 ±$152
Percentage Of Renters Overburdened 51.63% ± 20.64pp
Total Population 3,221

Population and Household Demographics

Prescott is a city in Nevada County, Arkansas with a population of 3,221. There are 1,172 households in the city with an average household size of 2.58 persons. 49.74% of households in Prescott are renters.

Income and Rent Overburden in Prescott

The median gross income for households in Prescott is $26,220 a year, or $2,185 a month. The median rent for the city is $659 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Prescott, a household making less than $2,197 a month would be considered overburdened when renting an apartment at or above the median rent. 51.63% of households who rent are overburdened in Prescott.

Area Median Income In Prescott

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 Prescott, the AMI is calculated from all households within Nevada County.

In Prescott, HUD calculates the Area Median Income for a family of four as $50,400

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 Prescott

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 Prescott

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 Prescott AMI may qualify for rental assistance programs that target Extremely Low Income households.
$13,590 $18,310 $23,030 $27,750 $32,470 $34,950 $37,350 $39,750
50% AMI Income Limits
Renters earning up to 50% of the Prescott AMI may qualify for rental assistance programs that target Very Low Income households.
$21,100 $24,100 $27,100 $30,100 $32,550 $34,950 $37,350 $39,750
80% AMI Income Limits
Renters earning up to 80% of the Prescott AMI may qualify for rental assistance programs that target Low Income households.
$33,750 $38,550 $43,350 $48,150 $52,050 $55,900 $59,750 $63,600