Affordable Housing In Albemarle
Stanly County, North Carolina

21 Low Income Apartment Communities In Albemarle

Edgewood Place Apartments

1401 N 6th St
Albemarle, NC
Subsidized

Cac of Stanly Co.

425 Pee Dee Ave
Albemarle, NC
Accessible
Disabled Supportive Housing
Subsidized

Morrow Chase Apartments

2002 Foxrun Dr
Albemarle, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

Arc Hds Stanly County Group Home 2

207 Anderson Rd
Albemarle, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

Matthews Place

411 S 4th St
Albemarle, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

Arc Hds Stanly Co Group Home 4

1100 Lafayette Dr
Albemarle, NC
Accessible
Disabled Supportive Housing
Subsidized

As Stanly Co. G.H. 1

510 N 4th St
Albemarle, NC
Accessible
Disabled Supportive Housing
Subsidized

Arc Hds Stanly County Group Home 3

1213 Moss Springs Rd
Albemarle, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

As Stanly Co. Apartments 2

501 Heathwood Dr
Albemarle, NC
Accessible
Disabled Supportive Housing
Subsidized

Forest Oaks

1911 Midwood Drive
Albemarle, NC
Subsidized

Housing Authorities that serve Albemarle

Housing Authority Programs
City of Albemarle Department of Public Housing Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Albemarle, North Carolina

According to federal housing data and AffordableHousingOnline.com research, there are 21 low income housing apartment communities offering 623 affordable apartments for rent in Albemarle, North Carolina. Albemarle features 428 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 195 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Albemarle.

Albemarle, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 21
Total Low Income Apartments 623
Total Housing Units with Rental Assistance 428
Percentage of Housing Units Occupied By Renters 42.67%
Average Renter Household Size 2.28
Average Household Size 2.34
Median Household Income $32,606 ±$2,300
Median Rent $613 ±$48
Percentage Of Renters Overburdened 56.81% ± 7.91pp
Total Population 15,969

Population and Household Demographics

Albemarle is a City in Stanly County, North Carolina with a population of 15,969. There are 6,522 households in the city with an average household size of 2.34 persons. 42.67% of households in Albemarle are renters.

Income and Rent Overburden in Albemarle

The median gross income for households in Albemarle is $32,606 a year, or $2,717 a month. The median rent for the city is $613 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Albemarle, a household making less than $2,043 a month would be considered overburdened when renting an apartment at or above the median rent. 56.81% of households who rent are overburdened in Albemarle.1

Area Median Income In Albemarle

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 Albemarle, the AMI is calculated from all households within Stanly County.

In Albemarle, HUD calculates the Area Median Income for a family of four as $58,700

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 Albemarle

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 Albemarle HUD Rental Assistance in Albemarle

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 $25,750 $30,170 $34,050 $36,400 $38,750
50% of Median $20,550 $23,500 $26,450 $29,350 $31,700 $34,050 $36,400 $38,750
80% of Median $32,900 $37,600 $42,300 $46,950 $50,750 $54,500 $58,250 $62,000
Low Income Housing Tax Credits in Albemarle

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

From 1988 to 2008, 8 low income apartment communities containing 179 rental apartments have been constructed and made affordable to low income persons in Albemarle 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 Albemarle

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $20,550 $23,500 $26,450 $29,350 $31,700 $34,050 $36,400 $38,750
60% of Median $24,660 $28,200 $31,740 $35,220 $38,040 $40,860 $43,680 $46,500

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 Albemarle is $31,740 a year, or $2,645 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,645 by 30% to get a maximum rent of $794 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% $514 $551 $661 $763 $851 $939
60% $617 $661 $794 $916 $1,022 $1,127
Fair Market Rents in Albemarle

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
$534 $537 $671 $913 $1,063