Affordable Housing In Anderson
Madison County, Indiana

28 Low Income Apartment Communities In Anderson

Fairington of Anderson

1430 E 60th St
Anderson, IN
Call For Rent
1 BR
62+
Accessible
Subsidized

Longfellow Plaza Apartments

319 E 12th Street
Anderson, IN
62+
Accessible
Disabled Supportive Housing
Elderly Supportive Housing
Subsidized
Supportive Housing

Parkview Place

28 West 12th Street
Anderson, IN
Income Based
1-2 BR

Central School Senior Apartments - Anderson

2120 Central Ave
Anderson, IN
Call For Rent
1-2 BR
55+
HCV Welcome

Apartments Living

308 W 19th St
Anderson, IN
62+
Accessible
Elderly Supportive Housing
Subsidized

Group Living

1715 Main St
Anderson, IN
62+
Accessible
Elderly Supportive Housing
Subsidized

Group Living II

3115 Brown St
Anderson, IN
Accessible
Disabled Supportive Housing
Subsidized

The Towers

524 W 53rd St
Anderson, IN
62+
Accessible
Elderly Supportive Housing
Subsidized

Village at White River

1212 Pearl St
Anderson, IN
62+
Accessible
Elderly Supportive Housing
Subsidized

Madison Lakes (Autumn Ridge)

101 South Rangeline Road
Anderson, IN
HCV Welcome

Housing Authorities that serve Anderson

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

Guide To Affordable Housing in Anderson, Indiana

According to federal housing data and AffordableHousingOnline.com research, there are 28 low income housing apartment communities offering 2,093 affordable apartments for rent in Anderson, Indiana. Anderson features 783 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 1,280 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Anderson.

Anderson, IN Affordable Housing Snapshot

Total Affordable Apartment Properties 28
Total Low Income Apartments 2,093
Total Housing Units with Rental Assistance 783
Percentage of Housing Units Occupied By Renters 43.96%
Average Renter Household Size 2.31
Average Household Size 2.28
Median Household Income $33,644 ±$1,545
Median Rent $688 ±$17
Percentage Of Renters Overburdened 50.08% ± 3.44pp
Total Population 55,630

Population and Household Demographics

Anderson is a City in Madison County, Indiana with a population of 55,630. There are 23,224 households in the city with an average household size of 2.28 persons. 43.96% of households in Anderson are renters.

Income and Rent Overburden in Anderson

The median gross income for households in Anderson is $33,644 a year, or $2,804 a month. The median rent for the city is $688 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Anderson, a household making less than $2,293 a month would be considered overburdened when renting an apartment at or above the median rent. 50.08% of households who rent are overburdened in Anderson.1

Area Median Income In Anderson

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 Anderson, the AMI is calculated from all households within Madison County.

In Anderson, HUD calculates the Area Median Income for a family of four as $61,500

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 Anderson

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 Anderson HUD Rental Assistance in Anderson

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,550 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $42,600
50% of Median $22,600 $25,800 $29,050 $32,250 $34,850 $37,450 $40,000 $42,600
80% of Median $36,150 $41,300 $46,450 $51,600 $55,750 $59,900 $64,000 $68,150
Low Income Housing Tax Credits in Anderson

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

From 1989 to 2007, 15 low income apartment communities containing 843 rental apartments have been constructed and made affordable to low income persons in Anderson 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 Anderson

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $22,600 $25,800 $29,050 $32,250 $34,850 $37,450 $40,000 $42,600
60% of Median $27,120 $30,960 $34,860 $38,700 $41,820 $44,940 $48,000 $51,120

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 Anderson is $34,860 a year, or $2,905 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,905 by 30% to get a maximum rent of $872 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% $565 $605 $726 $839 $936 $1,033
60% $678 $726 $872 $1,007 $1,124 $1,239
Fair Market Rents in Anderson

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
$543 $624 $806 $1,050 $1,144