Affordable Housing In Monticello
Sullivan County, New York

7 Low Income Apartment Communities In Monticello

John Crawford Senior Citizens Housing

33 Liberty St
Monticello, NY
Subsidized

Sleepy Hollow

39 Terry Ln
Monticello, NY
Subsidized

Evergreen Drive

1 Evergreen Dr
Monticello, NY

Tannery Village

47 Richardson Ave
Monticello, NY
Subsidized

Horizons at Monticello

100 Harmony Ln
Monticello, NY
HCV Welcome

West Broadway

West Broadway
Monticello, NY
HCV Welcome

Regency Manor

74 Sturgis Rd
Monticello, NY
HCV Welcome
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Housing Authorities that serve Monticello

Housing Authority Programs
Monticello Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing
PathStone Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Monticello, New York

According to federal housing data and AffordableHousingOnline.com research, there are 7 low income housing apartment communities offering 595 affordable apartments for rent in Monticello, New York. Monticello features 455 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 140 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Monticello.

Monticello, NY Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 595
Total Housing Units with Rental Assistance 455
Percentage of Housing Units Occupied By Renters 74.54%
Average Renter Household Size 2.10
Average Household Size 2.20
Median Household Income $26,376 ±$8,321
Median Rent $791 ±$66
Percentage Of Renters Overburdened 63.48% ± 12.18pp
Total Population 6,685

Population and Household Demographics

Monticello is a City in Sullivan County, New York with a population of 6,685. There are 2,887 households in the city with an average household size of 2.20 persons. 74.54% of households in Monticello are renters.

Income and Rent Overburden in Monticello

The median gross income for households in Monticello is $26,376 a year, or $2,198 a month. The median rent for the city is $791 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Monticello, a household making less than $2,637 a month would be considered overburdened when renting an apartment at or above the median rent. 63.48% of households who rent are overburdened in Monticello.1

Area Median Income In Monticello

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 Monticello, the AMI is calculated from all households within Sullivan County.

In Monticello, HUD calculates the Area Median Income for a family of four as $74,800

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 Monticello

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 Monticello HUD Rental Assistance in Monticello

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,750 $18,000 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,200 $29,950 $33,700 $37,400 $40,400 $43,400 $46,400 $49,400
80% of Median $41,900 $47,900 $53,900 $59,850 $64,650 $69,450 $74,250 $79,050
Low Income Housing Tax Credits in Monticello

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

From 2003 to 2007, 3 low income apartment communities containing 162 rental apartments have been constructed and made affordable to low income persons in Monticello 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 Monticello

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,200 $29,950 $33,700 $37,400 $40,400 $43,400 $46,400 $49,400
60% of Median $31,440 $35,940 $40,440 $44,880 $48,480 $52,080 $55,680 $59,280

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 Monticello is $40,440 a year, or $3,370 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,370 by 30% to get a maximum rent of $1,011 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% $655 $702 $843 $973 $1,085 $1,198
60% $786 $842 $1,011 $1,167 $1,302 $1,437
Fair Market Rents in Monticello

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
$652 $806 $1,000 $1,259 $1,384