Affordable Housing In New Castle
Henry County, Indiana

10 Low Income Apartment Communities In New Castle

Willow Glen Apartments

2800 S Main St
New Castle, IN
Income Based
1 BR
62+
Subsidized

Stonegate Village Apartments

3302 Stonegate Dr
New Castle, IN
Subsidized

Faith Community

2238 Q Ave
New Castle, IN
62+
Accessible
Elderly Supportive Housing
Subsidized

Bethany Village Apartments New Castle

1509 Washington St
New Castle, IN
62+
Accessible
Elderly Supportive Housing
Subsidized

Grand Avenue Commons

1628 A Ave
New Castle, IN
HCV Welcome

Maplewood Terrace

274 S 14th St
New Castle, IN

Rose Court Apartments

720 S 14th St
New Castle, IN
HCV Welcome

Autumn Oaks Apartments

100 Autumn Oaks Blvd
New Castle, IN
HCV Welcome

New Castle Elderly Housing

100 Woodside Manor Ct
New Castle, IN

Fosters Landing Apartments

317 Fosters Way
New Castle, IN
HCV Welcome
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Housing Authorities that serve New Castle

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

Other Housing Authorities located in New Castle

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

Guide To Affordable Housing in New Castle, Indiana

There are 10 low income housing apartment communities offering 652 affordable apartments for rent in New Castle, Indiana. New Castle features 384 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 268 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in New Castle.

Sourced from federal housing data and AffordableHousingOnline.com research.

New Castle, IN Affordable Housing Snapshot

Total Affordable Apartment Properties 10
Total Low Income Apartments 652
Total Housing Units with Rental Assistance 384
Percentage of Housing Units Occupied By Renters 41.46%
Average Renter Household Size 2.21
Average Household Size 2.35
Median Household Income $32,840 ±$2,266
Median Rent $602 ±$24
Percentage Of Renters Overburdened 48.09% ± 6.17pp
Total Population 17,755

Population and Household Demographics

New Castle is a City in Henry County, Indiana with a population of 17,755. There are 7,369 households in the city with an average household size of 2.35 persons. 41.46% of households in New Castle are renters.

Income and Rent Overburden in New Castle

The median gross income for households in New Castle is $32,840 a year, or $2,737 a month. The median rent for the city is $602 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Castle, a household making less than $2,007 a month would be considered overburdened when renting an apartment at or above the median rent. 48.09% of households who rent are overburdened in New Castle.1

Area Median Income In New Castle

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 Castle, the AMI is calculated from all households within Henry County.

In New Castle, 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 New Castle

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 Castle HUD Rental Assistance in New Castle

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 New Castle

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

From 1998 to 2011, 6 low income apartment communities containing 399 rental apartments have been constructed and made affordable to low income persons in New Castle 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 Castle

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 New Castle 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 New Castle

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
$502 $580 $717 $958 $1,009