Affordable Housing In Traverse City
Grand Traverse County, Michigan


Waiting List Openings In Traverse City

Waiting ListStatus
Michigan State Housing Development Authority Housing Choice Voucher Open Now
Michigan State Housing Development Authority Housing Choice Voucher Open Now
Michigan State Housing Development Authority Housing Choice Voucher Open Now

16 Low Income Apartment Communities In Traverse City

Churchside Village

6105 Center Rd
Traverse City, MI
62+
Accessible
Elderly Supportive Housing
Subsidized

Tradewinds Terrace

851 Fitzhugh Dr
Traverse City, MI
Subsidized

Aspen Hills

1291 Oak Terrace Dr
Traverse City, MI
Subsidized

Grand Traverse Area Clc

935 Barlow St
Traverse City, MI
Subsidized

Grand Traverse Community Living Apartments

920 Grant St
Traverse City, MI
Accessible
Disabled Supportive Housing
Subsidized

Oak Park Apartments

1650 Maylane
Traverse City, MI

Keystone Village Apartments

2943 Keystone Rd N
Traverse City, MI
HCV Welcome

Oak Terrace Apartments

1240 Oak Terrace Dr
Traverse City, MI
Subsidized

Bay Front Apartments

872 E Front St
Traverse City, MI
HCV Welcome

Village at Bay Ridge ( Fka Traverse Srv )

3848 Silver Lake Rd
Traverse City, MI
HCV Welcome

Housing Authorities that serve Traverse City

Housing Authority Programs
Traverse City Housing Commission Section 8 Housing Choice Voucher (HCV); Public Housing
Michigan State Housing Development Authority Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-sufficiency; Veteran Affairs Supportive Housing (VASH); Section 8 Project-Based Voucher (PBV)

Guide To Affordable Housing in Traverse City, Michigan

According to federal housing data and AffordableHousingOnline.com research, there are 16 low income housing apartment communities offering 1,331 affordable apartments for rent in Traverse City, Michigan. Traverse City features 473 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 848 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Traverse City.

Traverse City, MI Affordable Housing Snapshot

Total Affordable Apartment Properties 16
Total Low Income Apartments 1,331
Total Housing Units with Rental Assistance 473
Percentage of Housing Units Occupied By Renters 38.46%
Average Renter Household Size 2.01
Average Household Size 2.23
Median Household Income $47,284 ±$4,217
Median Rent $808 ±$31
Percentage Of Renters Overburdened 46.84% ± 6.97pp
Total Population 15,168

Population and Household Demographics

Traverse City is a City in Grand Traverse County, Michigan with a population of 15,168. There are 6,467 households in the city with an average household size of 2.23 persons. 38.46% of households in Traverse City are renters.

Income and Rent Overburden in Traverse City

The median gross income for households in Traverse City is $47,284 a year, or $3,940 a month. The median rent for the city is $808 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Traverse City, a household making less than $2,693 a month would be considered overburdened when renting an apartment at or above the median rent. 46.84% of households who rent are overburdened in Traverse City.1

Area Median Income In Traverse City

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 Traverse City, the AMI is calculated from all households within Grand Traverse County.

In Traverse City, HUD calculates the Area Median Income for a family of four as $77,500

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 Traverse City

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 Traverse City HUD Rental Assistance in Traverse City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,300 $18,600 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $27,150 $31,000 $34,900 $38,750 $41,850 $44,950 $48,050 $51,150
80% of Median $43,400 $49,600 $55,800 $62,000 $67,000 $71,950 $76,900 $81,850
Low Income Housing Tax Credits in Traverse City

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

From 1989 to 2010, 8 low income apartment communities containing 394 rental apartments have been constructed and made affordable to low income persons in Traverse City 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 Traverse City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $27,150 $31,000 $34,900 $38,750 $41,850 $44,950 $48,050 $51,150
60% of Median $32,580 $37,200 $41,880 $46,500 $50,220 $53,940 $57,660 $61,380

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 Traverse City is $41,880 a year, or $3,490 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,490 by 30% to get a maximum rent of $1,047 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% $679 $727 $873 $1,008 $1,124 $1,240
60% $815 $872 $1,047 $1,209 $1,349 $1,488
Fair Market Rents in Traverse City

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
$633 $788 $911 $1,203 $1,421