Affordable Housing In New Smyrna Beach
Volusia County, Florida

2 Low Income Apartment Communities In New Smyrna Beach

Enterprise Homes

500 3rd St
New Smyrna Beach, FL

Newport Sound I

10101 Newport Sound Pl
New Smyrna Beach, FL
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Housing Authorities that serve New Smyrna Beach

Housing Authority Programs
New Smyrna Beach Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing
Volusia County Community Assistance Division Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in New Smyrna Beach, Florida

There are 2 low income housing apartment communities offering 318 affordable apartments for rent in New Smyrna Beach, Florida. New Smyrna Beach features 126 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 192 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in New Smyrna Beach.

Sourced from federal housing data and AffordableHousingOnline.com research.

New Smyrna Beach, FL Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 318
Total Housing Units with Rental Assistance 126
Percentage of Housing Units Occupied By Renters 31.86%
Average Renter Household Size 2.16
Average Household Size 2.15
Median Household Income $50,950 ±$2,767
Median Rent $1,014 ±$59
Percentage Of Renters Overburdened 47.21% ± 6.63pp
Total Population 23,356

Population and Household Demographics

New Smyrna Beach is a City in Volusia County, Florida with a population of 23,356. There are 10,786 households in the city with an average household size of 2.15 persons. 31.86% of households in New Smyrna Beach are renters.

Income and Rent Overburden in New Smyrna Beach

The median gross income for households in New Smyrna Beach is $50,950 a year, or $4,246 a month. The median rent for the city is $1,014 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Smyrna Beach, a household making less than $3,380 a month would be considered overburdened when renting an apartment at or above the median rent. 47.21% of households who rent are overburdened in New Smyrna Beach.1

Area Median Income In New Smyrna Beach

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 New Smyrna Beach, the AMI is calculated from all households within Volusia County.

In New Smyrna Beach, HUD calculates the Area Median Income for a family of four as $59,100

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 New Smyrna Beach

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 New Smyrna Beach HUD Rental Assistance in New Smyrna Beach

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,850 $16,910 $21,330 $25,750 $30,170 $34,590 $37,950 $40,400
50% of Median $21,450 $24,500 $27,550 $30,600 $33,050 $35,500 $37,950 $40,400
80% of Median $34,300 $39,200 $44,100 $48,950 $52,900 $56,800 $60,700 $64,650
Low Income Housing Tax Credits in New Smyrna Beach

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

From 2004 to 2004, 1 low income apartment communities containing 192 rental apartments have been constructed and made affordable to low income persons in New Smyrna Beach 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 New Smyrna Beach

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $21,450 $24,500 $27,550 $30,600 $33,050 $35,500 $37,950 $40,400
60% of Median $25,740 $29,400 $33,060 $36,720 $39,660 $42,600 $45,540 $48,480

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 New Smyrna Beach is $33,060 a year, or $2,755 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,755 by 30% to get a maximum rent of $827 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% $536 $574 $689 $796 $888 $979
60% $644 $689 $827 $955 $1,065 $1,175
Fair Market Rents in New Smyrna Beach

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
$750 $900 $1,111 $1,494 $1,690