Affordable Housing In East Spencer
Rowan County North Carolina

1 Low Income Apartment Communities In East Spencer

Eastwinds

420 N Boundary Es St
East Spencer, NC
Subsidized
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There are 1 low income housing apartment complexes which contain 50 affordable apartments for rent in East Spencer. Many of these rental apartments are income based housing with 50 apartments that set rent based on your income. In East Spencer, HUD housing programs support 50 rental assistance apartments through programs like Project-based Section 8. There are 0 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Other Housing Authorities located in East Spencer

Housing Authority Programs
Town of East Spencer Housing Authority Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in East Spencer, North Carolina

East Spencer, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 50
Total Rent Assisted Apartments 50
Percentage of Housing Units Occupied By Renters 62.45%
Average Renter Household Size 2.52
Total Population 1,453
Housing Units 538
Average Household Size 2.70
Median Household Income $14,803 ±$2,652
Median Rent $450 ±$140
Percentage Of Renters Overburdened 69.94% ± 13.35pp

Population and Household Demographics

East Spencer is a City in Rowan County, North Carolina with a population of 1,453. There are 538 households in the city with an average household size of 2.70 persons. 62.45% of households in East Spencer are renters.

Income and Rent Overburden in East Spencer

The median gross income for households in East Spencer is $14,803 a year, or $1,234 a month. The median rent for the city is $450 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In East Spencer, a household making less than $1,500 a month would be considered overburdened when renting an apartment at or above the median rent. 69.94% of households who rent are overburdened in East Spencer.1

Area Median Income In East Spencer

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 East Spencer, the AMI is calculated from all households within Rowan County.

In East Spencer, HUD calculates the Area Median Income for a family of four as $59,700

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 East Spencer

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 East Spencer HUD Rental Assistance in East Spencer

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,550 $16,910 $21,330 $25,750 $30,170 $34,590 $37,050 $39,450
50% of Median $20,900 $23,900 $26,900 $29,850 $32,250 $34,650 $37,050 $39,450
80% of Median $33,450 $38,200 $43,000 $47,750 $51,600 $55,400 $59,250 $63,050

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 East Spencer

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
60% of Median $25,080 $28,680 $32,280 $35,820 $38,700 $41,580 $44,460 $47,340

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 East Spencer is $32,280 a year, or $2,690 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,690 by 30% to get a maximum rent of $807 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% $523 $560 $673 $776 $866 $956
60% $627 $672 $807 $932 $1,040 $1,148
Fair Market Rents in East Spencer

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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$621 $673 $838 $1,112 $1,133