Affordable Housing In Inverness
Citrus County, Florida

10 Low Income Apartment Communities In Inverness

Candlewood Court

307 Washington Avenue
Inverness, FL
Call For Rent
1-2 BR

Heron Woods Apartments

701 White Blvd
Inverness, FL
Call For Rent
3-4 BR
HCV Welcome

Raintree Apartments I

201 E Hill St
Inverness, FL
Call For Rent
1-3 BR

Knollwood Townhomes

1719 Druid Road
Inverness, FL
Call For Rent
1-2 BR

Key Light Homes

307 Emery St
Inverness, FL
Elderly Supportive Housing

Key Vista Apartments

222 Pleasant Grove Rd
Inverness, FL
Disabled Supportive Housing

Key Manor Apartments

408 Zephyr St
Inverness, FL
Disabled Supportive Housing

Washington Square Apartments

300 Washington Ave
Inverness, FL

Parke Forest II

1133 Mossy Oak Dr
Inverness, FL

Jt Inverness Club Dewar Properties

518 Ella Ave
Inverness, FL
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Housing Authorities that serve Inverness

Housing Authority Programs
Citrus County Housing Services Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Inverness, Florida

According to federal housing data and research, there are 10 low income housing apartment communities offering 287 affordable apartments for rent in Inverness, Florida. Inverness features 213 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 74 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Inverness.

Inverness, FL Affordable Housing Snapshot

Total Affordable Apartment Properties 10
Total Low Income Apartments 287
Total Housing Units with Rental Assistance 213
Percentage of Housing Units Occupied By Renters 33.44%
Average Renter Household Size 2.25
Average Household Size 2.11
Median Household Income $27,396 ±$3,302
Median Rent $730 ±$23
Percentage Of Renters Overburdened 69.65% ± 9.65pp
Total Population 7,184

Population and Household Demographics

Inverness is a City in Citrus County, Florida with a population of 7,184. There are 3,212 households in the city with an average household size of 2.11 persons. 33.44% of households in Inverness are renters.

Income and Rent Overburden in Inverness

The median gross income for households in Inverness is $27,396 a year, or $2,283 a month. The median rent for the city is $730 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Inverness, a household making less than $2,433 a month would be considered overburdened when renting an apartment at or above the median rent. 69.65% of households who rent are overburdened in Inverness.1

Area Median Income In Inverness

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 Inverness, the AMI is calculated from all households within Citrus County.

In Inverness, HUD calculates the Area Median Income for a family of four as $52,700

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 Inverness

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 Inverness HUD Rental Assistance in Inverness

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,750 $28,500 $30,600 $32,700 $34,800
50% of Median $18,450 $21,100 $23,750 $26,350 $28,500 $30,600 $32,700 $34,800
80% of Median $29,550 $33,750 $37,950 $42,150 $45,550 $48,900 $52,300 $55,650
Low Income Housing Tax Credits in Inverness

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1991 to 1991, 1 low income apartment communities containing 100 rental apartments have been constructed and made affordable to low income persons in Inverness by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Inverness

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $18,450 $21,100 $23,750 $26,350 $28,500 $30,600 $32,700 $34,800
60% of Median $22,140 $25,320 $28,500 $31,620 $34,200 $36,720 $39,240 $41,760

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Inverness is $28,500 a year, or $2,375 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,375 by 30% to get a maximum rent of $713 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $461 $494 $594 $686 $765 $844
60% $554 $593 $713 $823 $918 $1,013
Fair Market Rents in Inverness

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$644 $648 $854 $1,218 $1,499