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Cheap Apartments In Key Largo
Monroe County,Florida

78 Harry Davis Cir
Key Largo, Florida
Key Largo is a 50 unit low income housing apartment community in Key Largo.
Some or all apartments in this community are rent subsidized, which means rent is income based.
Income Based
Public Housing
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100 Hammocks Trl
Key Largo, Florida
Tradewinds Hammocks 2000funds 2000hr075 is a 66 unit low income housing apartment community in Key Largo.
Apartments in this community are not rent subsidized. However, this apartment community has rents considered affordable for low income families in Key Largo.
Income Based
Section 42 Low-Income Housing Tax Credit (LIHTC)
HOME Investment Partnerships Program
Accepts Section 8 Housing Choice Vouchers (HCV)
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There are 2 low income housing apartment complexes which contain 116 affordable apartments for rent in Key Largo, Florida. Many of these rental apartments are income based housing with about 50 apartments that set rent based on your income. Often referred to as "HUD apartments", there are 0 Project-Based Section 8 subsidized apartments in Key Largo. There are 132 other low income apartments that don't have rental assistance but are still considered to be affordable housing for low income families.

Housing Authorities that serve Key Largo

The Monroe County Housing Authority is a Section 8 and Public Housing public housing agency in Key West, Florida.

Understanding Affordable Housing in Key Largo, Florida

Key Largo, FL Affordable Housing Snapshot

Total Affordable Apartment Properties2
Total Low Income Apartments116
Total Rent Assisted Apartments50
Percentage of Housing Units Occupied By Renters27.34%
Average Renter Household Size2.73
Total Population10,496
Housing Units4,207
Average Household Size2.48
Median Household Income$56,805 ±$3,411
Median Rent$1,295 ±$100
Percentage Of Renters Overburdened61.91% ± 8.45pp

Population and Household Demographics

Key Largo is a City in Monroe County, Florida with a population of 10,496. There are 4,207 households in the city with an average household size of 2.48 persons. 27.34% of households in Key Largo are renters.

Income and Rent Overburden in Key Largo

The median gross income for households in Key Largo is $56,805 a year, or $4,734 a month. The median rent for the city is $1,295 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Key Largo, a household making less than $4,317 a month would be considered overburdened when renting an apartment at or above the median rent.61.91% of households who rent are overburdened in Key Largo.1

Data derived from 2010 Census and 2015 5-Year American Community Survey. Learn More.
1 Margin of Error: ± 8.45 percentage points.

Area Median Income In Key Largo

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 Key Largo, the AMI is calculated from all households within Monroe County.

In Key Largo, HUD calculates the Area Median Income for a family of four as $84,400

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 Key Largo

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 Key Largo HUD Rental Assistance in Key Largo

AMI Band1 Person2 Person3 Person4 Person5 Person6 Person7 Person8 Person
30%$18,550$21,200$23,850$26,450$29,420$33,740$38,060$42,380
50%$30,900$35,300$39,700$44,100$47,650$51,200$54,700$58,250
80%$49,400$56,450$63,500$70,550$76,200$81,850$87,500$93,150

You can identify apartment communities that participate in a program that provides rental assistance by looking for the tags in the apartment list above. View Apartments.

Low Income Housing Tax Credits in Key Largo

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

From 2002 to 2002, 1 low income apartment communities containing 66 rental apartments have been constructed and made affordable to low income persons in Key Largo by the Low Income Housing Tax Credit Program.

You can identify apartment communities that participate in the program in Key Largo by looking for the tag in the apartment list above. View Apartments.

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 Key Largo

AMI Band1 Person2 Person3 Person4 Person5 Person6 Person7 Person8 Person
50%$30,900$35,300$39,700$44,100$47,650$51,200$54,700$58,250
HERA 50%$32,200$36,800$41,400$45,950$49,650$53,350$57,000$60,700
60%$37,080$42,360$47,640$52,920$57,180$61,440$65,640$69,900
HERA 60%$38,640$44,160$49,680$55,140$59,580$64,020$68,400$72,840

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 Key Largo is $47,640 a year, or $3,970 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,970 by 30% to get a maximum rent of $1,191 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 AMIStudio1 Bed2 Bed3 Bed4 Bed5 Bed
50%$773$828$993$1,147$1,280$1,412
60%$927$993$1,191$1,376$1,536$1,694
Fair Market Rents in Key Largo

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.

2018 Fair Market Rents
StudioOne BRTwo BRThree BRFour BR
$960$1,139$1,514$1,914$2,514