Affordable Housing In Henry County
Indiana

13 Low Income Apartment Communities In Henry County

New Castle Elderly Housing

100 Woodside Manor Ct
New Castle, IN

Fosters Landing Apartments

317 Fosters Way
New Castle, IN
HCV Welcome

Academy Place Apartments

340 N Adams St
Knightstown, IN
Subsidized

There are 13 low income housing apartment complexes which contain 790 affordable apartments for rent in Henry County. Many of these rental apartments are income based housing with 446 apartments that set rent based on your income. In Henry County, HUD housing programs support 198 rental assistance apartments through programs like Project-based Section 8. There are 344 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Henry County

Housing Authority Programs
Interlocal Community Action Program Inc Section 8 Housing Choice Voucher (HCV)

Other Housing Authorities located in Henry County

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

Guide To Affordable Housing in Henry County, Indiana

Henry County, IN Affordable Housing Snapshot

Total Affordable Apartment Properties 13
Total Low Income Apartments 790
Total Rent Assisted Apartments 446
Percentage of Housing Units Occupied By Renters 26.54%
Average Renter Household Size 2.29
Total Population 49,146
Housing Units 18,010
Average Household Size 2.54
Median Household Income $41,855 ±$1,443
Median Rent $626 ±$21
Percentage Of Renters Overburdened 44.36% ± 4.38pp

Population and Household Demographics

Henry County is a County in Indiana with a population of 49,146. There are 18,010 households in the county with an average household size of 2.54 persons. 26.54% of households in Henry County are renters.

Income and Rent Overburden in Henry County

The median gross income for households in Henry County is $41,855 a year, or $3,488 a month. The median rent for the county is $626 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Henry County, a household making less than $2,087 a month would be considered overburdened when renting an apartment at or above the median rent. 44.36% of households who rent are overburdened in Henry County.1

Area Median Income In Henry County

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.

In Henry County, HUD calculates the Area Median Income for a family of four as $58,600

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 Henry County

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 Henry County HUD Rental Assistance in Henry County

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 Henry County

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

From 1993 to 2011, 7 low income apartment communities containing 437 rental apartments have been constructed and made affordable to low income persons in Henry County 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 Henry County

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 Henry County 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 Henry County

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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$493 $553 $688 $926 $958

Cities In Henry County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
New Castle 10 The HUD funded Public Housing Agency that serves New Castle is the New Castle Housing Authority.
Knightstown 3 The HUD funded Public Housing Agency that serves Knightstown is the Interlocal Community Action Program Inc.
Middletown 0 The HUD funded Public Housing Agency that serves Middletown is the Interlocal Community Action Program Inc.
Blountsville 0 The HUD funded Public Housing Agency that serves Blountsville is the Interlocal Community Action Program Inc.
Cadiz 0 The HUD funded Public Housing Agency that serves Cadiz is the Interlocal Community Action Program Inc.
Dunreith 0 The HUD funded Public Housing Agency that serves Dunreith is the Interlocal Community Action Program Inc.
Greensboro 0 The HUD funded Public Housing Agency that serves Greensboro is the Interlocal Community Action Program Inc.
Kennard 0 The HUD funded Public Housing Agency that serves Kennard is the Interlocal Community Action Program Inc.
Lewisville 0 The HUD funded Public Housing Agency that serves Lewisville is the Interlocal Community Action Program Inc.
Mooreland 0 The HUD funded Public Housing Agency that serves Mooreland is the Interlocal Community Action Program Inc.
Mount Summit 0 The HUD funded Public Housing Agency that serves Mount Summit is the Interlocal Community Action Program Inc.
Spiceland 0 The HUD funded Public Housing Agency that serves Spiceland is the Interlocal Community Action Program Inc.
Springport 0 The HUD funded Public Housing Agency that serves Springport is the Interlocal Community Action Program Inc.
Straughn 0 The HUD funded Public Housing Agency that serves Straughn is the Interlocal Community Action Program Inc.
Sulphur Springs 0 The HUD funded Public Housing Agency that serves Sulphur Springs is the Interlocal Community Action Program Inc.