Affordable Housing In Olive Branch
Housing Authorities that serve Olive Branch
|Alexander County Housing Authority||Public Housing|
|Menard County Housing Authority||Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency; Section 8 Project-Based Voucher (PBV)|
Guide To Affordable Housing in Olive Branch, Illinois
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Olive Branch, Illinois.
Income Based Apartments in Olive Branch, Illinois
Olive Branch features 0 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 Olive Branch, Illinois
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Olive Branch.
Housing Choice Vouchers in Olive Branch, Illinois
On average, Section 8 Housing Choice vouchers pay Olive Branch landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Olive Branch.
The maximum amount a voucher would pay on behalf of a low-income tenant in Olive Branch, Illinois for a two-bedroom apartment is between $726 and $888.
2021 Olive Branch, Illinois 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|
|Olive Branch, Illinois Fair Market Rent||$537||$612||$807||$1,155||$1,216|
|Olive Branch, Illinois Payment Standard Range||$483 to $591||$551 to $673||$726 to $888||$1,040 to $1,271||$1,094 to $1,338|
Sourced from federal housing data and AffordableHousingOnline.com research.
Olive Branch, IL Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||13.56%|
|Average Renter Household Size||3.72|
|Average Household Size||2.96|
|Median Household Income||$35,577 ±$13,320|
|Median Rent||$581 ±$222|
|Percentage Of Renters Overburdened||50% ± 59.7pp|
Population and Household Demographics
Olive Branch is a city in Alexander County, Illinois with a population of 698. There are 236 households in the city with an average household size of 2.96 persons. 13.56% of households in Olive Branch are renters.
Income and Rent Overburden in Olive Branch
The median gross income for households in Olive Branch is $35,577 a year, or $2,965 a month. The median rent for the city is $581 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Olive Branch, a household making less than $1,937 a month would be considered overburdened when renting an apartment at or above the median rent. 50% of households who rent are overburdened in Olive Branch.
Area Median Income In Olive Branch
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 Olive Branch, the AMI is calculated from all households within Alexander County.
In Olive Branch, HUD calculates the Area Median Income for a family of four as $67,000
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 Olive Branch
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 Olive Branch
|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 Olive Branch AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Olive Branch AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Olive Branch AMI may qualify for rental assistance programs that target Low Income households.