Affordable Housing In Princess Anne
Somerset County, Maryland

10 Low Income Apartment Communities In Princess Anne

Princess Anne Townhouses

30475 Pine Knoll Dr
Princess Anne, MD
$889-996
2-3 BR
HCV Welcome

Samuel Chase

12380 Fenlon Circle
Princess Anne, MD
Call For Rent
1-2 BR
HCV Welcome
Subsidized

Somerset Commons

12370 Somerset Avenue
Princess Anne, MD
Call For Rent
2-3 BR
HCV Welcome

Reserves At Somerset Commons

30520 Hickory Rd
Princess Anne, MD
Call For Rent
1-4 BR

Princess Anne Th

30501 Pine Knoll Dr
Princess Anne, MD
Subsidized

Loretta Village I

12439 Loretto Rd
Princess Anne, MD
62+
Accessible
Elderly Supportive Housing
Subsidized

Loretta Village II

12450 Independence Ct
Princess Anne, MD
62+
Accessible
Elderly Supportive Housing
Subsidized

Stewarts Neck Apartments

30512 Nutters Ln
Princess Anne, MD
Subsidized

Fairwinds Apartments

30340 Maple Street
Princess Anne, MD
Subsidized

Princess Anne Villas

Rt Maple Ln
Princess Anne, MD
HCV Welcome
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Housing Authorities that serve Princess Anne

Housing Authority Programs
Maryland Department of Housing and Community Development Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Princess Anne, Maryland

According to federal housing data and AffordableHousingOnline.com research, there are 10 low income housing apartment communities offering 587 affordable apartments for rent in Princess Anne, Maryland. Princess Anne features 368 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 219 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Princess Anne.

Princess Anne, MD Affordable Housing Snapshot

Total Affordable Apartment Properties 10
Total Low Income Apartments 587
Total Housing Units with Rental Assistance 368
Percentage of Housing Units Occupied By Renters 62.86%
Average Renter Household Size 2.06
Average Household Size 2.09
Median Household Income $23,319 ±$4,066
Median Rent $730 ±$112
Percentage Of Renters Overburdened 68.14% ± 8.92pp
Total Population 3,325

Population and Household Demographics

Princess Anne is a City in Somerset County, Maryland with a population of 3,325. There are 1,508 households in the city with an average household size of 2.09 persons. 62.86% of households in Princess Anne are renters.

Income and Rent Overburden in Princess Anne

The median gross income for households in Princess Anne is $23,319 a year, or $1,943 a month. The median rent for the city is $730 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Princess Anne, a household making less than $2,433 a month would be considered overburdened when renting an apartment at or above the median rent. 68.14% of households who rent are overburdened in Princess Anne.1

Area Median Income In Princess Anne

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 Princess Anne, the AMI is calculated from all households within Somerset County.

In Princess Anne, HUD calculates the Area Median Income for a family of four as $49,800

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 Princess Anne

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 Princess Anne HUD Rental Assistance in Princess Anne

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,350 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $23,950 $27,400 $30,800 $34,200 $36,950 $39,700 $42,450 $45,150
80% of Median $38,300 $43,800 $49,250 $54,700 $59,100 $63,500 $67,850 $72,250
Low Income Housing Tax Credits in Princess Anne

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

From 1988 to 2010, 4 low income apartment communities containing 255 rental apartments have been constructed and made affordable to low income persons in Princess Anne 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 Princess Anne

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $23,950 $27,400 $30,800 $34,200 $36,950 $39,700 $42,450 $45,150
60% of Median $28,740 $32,880 $36,960 $41,040 $44,340 $47,640 $50,940 $54,180

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 Princess Anne is $36,960 a year, or $3,080 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,080 by 30% to get a maximum rent of $924 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% $599 $642 $770 $889 $993 $1,095
60% $719 $770 $924 $1,067 $1,191 $1,314
Fair Market Rents in Princess Anne

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
$501 $647 $740 $1,030 $1,151