Affordable Housing In Friars Point
Coahoma County, Mississippi

3 Low Income Apartment Communities In Friars Point

Levee Apartments

County Line Rd And Jones St
Friars Point, MS
HCV Welcome

Levee Apartments II

381 South St
Friars Point, MS
HCV Welcome

Friars Point Village, Lp

501 Wright St
Friars Point, MS
Subsidized
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Guide To Affordable Housing in Friars Point, Mississippi

According to federal housing data and AffordableHousingOnline.com research, there are 3 low income housing apartment communities offering 104 affordable apartments for rent in Friars Point, Mississippi. Friars Point features 56 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 48 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Friars Point.

Friars Point, MS Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 104
Total Housing Units with Rental Assistance 56
Percentage of Housing Units Occupied By Renters 49.23%
Average Renter Household Size 2.42
Average Household Size 2.24
Median Household Income $18,889 ±$3,313
Median Rent $453 ±$149
Percentage Of Renters Overburdened 39.27% ± 14.2pp
Total Population 870

Population and Household Demographics

Friars Point is a City in Coahoma County, Mississippi with a population of 870. There are 388 households in the city with an average household size of 2.24 persons. 49.23% of households in Friars Point are renters.

Income and Rent Overburden in Friars Point

The median gross income for households in Friars Point is $18,889 a year, or $1,574 a month. The median rent for the city is $453 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Friars Point, a household making less than $1,510 a month would be considered overburdened when renting an apartment at or above the median rent. 39.27% of households who rent are overburdened in Friars Point.1

Area Median Income In Friars Point

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 Friars Point, the AMI is calculated from all households within Coahoma County.

In Friars Point, HUD calculates the Area Median Income for a family of four as $35,100

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 Friars Point

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 Friars Point HUD Rental Assistance in Friars Point

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $24,750 $26,750 $28,750 $30,700 $32,700
50% of Median $17,350 $19,800 $22,300 $24,750 $26,750 $28,750 $30,700 $32,700
80% of Median $27,750 $31,700 $35,650 $39,600 $42,800 $45,950 $49,150 $52,300
Low Income Housing Tax Credits in Friars Point

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

From 1997 to 1998, 2 low income apartment communities containing 45 rental apartments have been constructed and made affordable to low income persons in Friars Point 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 Friars Point

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $17,350 $19,800 $22,300 $24,750 $26,750 $28,750 $30,700 $32,700
60% of Median $20,820 $23,760 $26,760 $29,700 $32,100 $34,500 $36,840 $39,240

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 Friars Point is $26,760 a year, or $2,230 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,230 by 30% to get a maximum rent of $669 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% $434 $464 $558 $644 $719 $793
60% $521 $557 $669 $773 $863 $951
Fair Market Rents in Friars Point

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
$428 $525 $657 $819 $890