Affordable Housing In Palatka
Putnam County, Florida

19 Low Income Apartment Communities In Palatka

Cherry Tree Apartments

206 Zeagler Drive
Palatka, FL
$530-770
1-2 BR
Subsidized

Forest Glen Apartments

700 Forest Glen Drive
Palatka, FL
$615-705
1-2 BR

College Arms I

2305 Husson Ave
Palatka, FL
Call For Rent
1-4 BR
HCV Welcome
Subsidized

St. Johns River Apartments

3421 St. Johns Avenue
Palatka, FL
Income Based
1-2 BR

Mellon Manor Apartments

3701 Saint Johns Ave
Palatka, FL
Subsidized

Carriage Gate of Palatka

6501 Saint Johns Ave
Palatka, FL
HCV Welcome

Arc of Putnam County Group Home

1015 S 10th St
Palatka, FL
62+
Accessible
Elderly Supportive Housing
Subsidized

Progressive Housing

2201 Husson Ave
Palatka, FL
62+
Accessible
Elderly Supportive Housing
Subsidized

Barry Manor

1000 Husson Ave
Palatka, FL
62+
Accessible
Elderly Supportive Housing
Subsidized

Holly Ridge

6401 Saint Johns Ave
Palatka, FL
HCV Welcome

Housing Authorities that serve Palatka

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

Guide To Affordable Housing in Palatka, Florida

According to federal housing data and AffordableHousingOnline.com research, there are 19 low income housing apartment communities offering 1,171 affordable apartments for rent in Palatka, Florida. Palatka features 710 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 461 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Palatka.

Palatka, FL Affordable Housing Snapshot

Total Affordable Apartment Properties 19
Total Low Income Apartments 1,171
Total Housing Units with Rental Assistance 710
Percentage of Housing Units Occupied By Renters 54.14%
Average Renter Household Size 2.51
Average Household Size 2.57
Median Household Income $20,837 ±$3,752
Median Rent $565 ±$39
Percentage Of Renters Overburdened 59.17% ± 11.8pp
Total Population 10,414

Population and Household Demographics

Palatka is a City in Putnam County, Florida with a population of 10,414. There are 3,827 households in the city with an average household size of 2.57 persons. 54.14% of households in Palatka are renters.

Income and Rent Overburden in Palatka

The median gross income for households in Palatka is $20,837 a year, or $1,736 a month. The median rent for the city is $565 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Palatka, a household making less than $1,883 a month would be considered overburdened when renting an apartment at or above the median rent. 59.17% of households who rent are overburdened in Palatka.1

Area Median Income In Palatka

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 Palatka, the AMI is calculated from all households within Putnam County.

In Palatka, HUD calculates the Area Median Income for a family of four as $45,700

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 Palatka

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 Palatka HUD Rental Assistance in Palatka

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 $27,950 $30,000 $32,100 $34,150
50% of Median $18,100 $20,700 $23,300 $25,850 $27,950 $30,000 $32,100 $34,150
80% of Median $28,950 $33,100 $37,250 $41,350 $44,700 $48,000 $51,300 $54,600
Low Income Housing Tax Credits in Palatka

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

From 1993 to 2004, 5 low income apartment communities containing 494 rental apartments have been constructed and made affordable to low income persons in Palatka 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 Palatka

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $18,100 $20,700 $23,300 $25,850 $27,950 $30,000 $32,100 $34,150
60% of Median $21,720 $24,840 $27,960 $31,020 $33,540 $36,000 $38,520 $40,980

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 Palatka is $27,960 a year, or $2,330 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,330 by 30% to get a maximum rent of $699 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% $453 $485 $583 $673 $750 $828
60% $543 $582 $699 $807 $900 $994
Fair Market Rents in Palatka

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
$620 $638 $726 $967 $983