Affordable Housing In Olney
Montgomery County, Maryland

5 Low Income Apartment Communities In Olney

Manor at Fair Hill Farm

18301 Georgia Avenue
Olney, MD
$834-1,487
1-2 BR
62+
Accessible
HCV Welcome

Andrew Kim House

2100 Olney-Sandy Spring Road
Olney, MD
$597
1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

Towne Centre at Olney

3502 Morningwood Dr
Olney, MD

Sandy Spring Meadow

3537 Bantry Way
Olney, MD

Montgomery County

18100 Pond Ridge Ct
Olney, MD
HCV Welcome
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Housing Authorities that serve Olney

Housing Authority Programs
Housing Opportunities Commission of Montgomery County Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Olney, Maryland

There are 5 low income housing apartment communities offering 320 affordable apartments for rent in Olney, Maryland. Olney features 179 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 141 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Olney.

Sourced from federal housing data and AffordableHousingOnline.com research.

Olney, MD Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 320
Total Housing Units with Rental Assistance 179
Percentage of Housing Units Occupied By Renters 9.92%
Average Renter Household Size 2.70
Average Household Size 3.01
Median Household Income $133,121 ±$6,867
Median Rent $1,579 ±$176
Percentage Of Renters Overburdened 43.61% ± 12.54pp
Total Population 35,090

Population and Household Demographics

Olney is a City in Montgomery County, Maryland with a population of 35,090. There are 11,598 households in the city with an average household size of 3.01 persons. 9.92% of households in Olney are renters.

Income and Rent Overburden in Olney

The median gross income for households in Olney is $133,121 a year, or $11,093 a month. The median rent for the city is $1,579 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Olney, a household making less than $5,263 a month would be considered overburdened when renting an apartment at or above the median rent. 43.61% of households who rent are overburdened in Olney.1

Area Median Income In Olney

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 Olney, the AMI is calculated from all households within Montgomery County.

In Olney, HUD calculates the Area Median Income for a family of four as $121,300

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 Olney

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 Olney HUD Rental Assistance in Olney

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $25,500 $29,150 $32,800 $36,400 $39,350 $42,250 $45,150 $48,050
50% of Median $42,500 $48,550 $54,600 $60,650 $65,550 $70,400 $75,250 $80,100
80% of Median $54,350 $62,100 $69,850 $77,600 $83,850 $90,050 $96,250 $102,450
Low Income Housing Tax Credits in Olney

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

From 2005 to 2005, 1 low income apartment communities containing 139 rental apartments have been constructed and made affordable to low income persons in Olney 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 Olney

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $42,500 $48,550 $54,600 $60,650 $65,550 $70,400 $75,250 $80,100
60% of Median $51,000 $58,260 $65,520 $72,780 $78,660 $84,480 $90,300 $96,120

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 Olney is $65,520 a year, or $5,460 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $5,460 by 30% to get a maximum rent of $1,638 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% $1,063 $1,138 $1,365 $1,578 $1,760 $1,942
60% $1,275 $1,366 $1,638 $1,893 $2,112 $2,330
Fair Market Rents in Olney

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
$1,457 $1,500 $1,707 $2,215 $2,707