Low Income Apartments In Iredell County
North Carolina

Low Income Apartments In Iredell County

Oak Hill Apartments

831 Beaty St
Davidson, NC
1-2 BR
HCV Welcome

The Retreat at Statesville

194 North Pointe Blvd
Statesville, NC
HCV Welcome

Summit Village Apartments

1353 Pearl St
Statesville, NC
Subsidized

Mooresville Manor

323 E Statesville Ave
Mooresville, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

Statesville Elderly Housing - Emmanuels Place

700 Wils Way
Statesville, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

Greylin Ridge Apartments

107 Greylin Loop
Statesville, NC
HCV Welcome

Kelly Home of Iredell County, Inc

804 Hunter St
Statesville, NC
Accessible
Disabled Supportive Housing
Subsidized

Wnc Community Homes 2

203 N Toria Dr
Statesville, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

Hillside Apartments

451 Hillside Drive
Mooresville, NC
Subsidized

Kings Grant II

410 Kings Grant Ct
Statesville, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

There are 46 low income housing apartment complexes which contain 2,402 affordable apartments for rent in Iredell County, North Carolina. Many of these rental apartments are income based housing with about 1,193 apartments that set rent based on your income. Often referred to as "HUD apartments", there are 248 Project-Based Section 8 subsidized apartments in Iredell County. There are 1,209 other low income apartments that don't have rental assistance but are still considered to be affordable housing for low income families.

Housing Authorities that serve Iredell County

Housing Authority Programs
Statesville Housing Authority Section 8 Housing Choice Voucher; Public Housing

Other Housing Authorities located in Iredell County

Housing Authority Programs
Mooresville Housing Authority Public Housing

Guide To Affordable Housing in Iredell County, North Carolina

Iredell County, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 46
Total Low Income Apartments 2,402
Total Rent Assisted Apartments 1,193
Percentage of Housing Units Occupied By Renters 27.1%
Average Renter Household Size 2.68
Total Population 165,066
Housing Units 60,893
Average Household Size 2.69
Median Household Income $52,306 ±$1,352
Median Rent $796 ±$23
Percentage Of Renters Overburdened 41.74% ± 3.12pp

Population and Household Demographics

Iredell County is a County in North Carolina with a population of 165,066. There are 60,893 households in the county with an average household size of 2.69 persons. 27.1% of households in Iredell County are renters.

Income and Rent Overburden in Iredell County

The median gross income for households in Iredell County is $52,306 a year, or $4,359 a month. The median rent for the county is $796 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Iredell County, a household making less than $2,653 a month would be considered overburdened when renting an apartment at or above the median rent. 41.74% of households who rent are overburdened in Iredell County.1

Area Median Income In Iredell County

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.

In Iredell County, HUD calculates the Area Median Income for a family of four as $73,400

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 Iredell County

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 Iredell County HUD Rental Assistance in Iredell County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,350 $17,550 $20,780 $25,100 $29,420 $33,740 $38,060 $42,380
50% of Median $25,550 $29,200 $32,850 $36,500 $39,450 $42,350 $45,300 $48,200
80% of Median $40,900 $46,750 $52,600 $58,400 $63,100 $67,750 $72,450 $77,100
Low Income Housing Tax Credits in Iredell County

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

From 1988 to 2010, 26 low income apartment communities containing 865 rental apartments have been constructed and made affordable to low income persons in Iredell County 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 Iredell County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
60% of Median $30,660 $35,040 $39,420 $43,800 $47,340 $50,820 $54,360 $57,840

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 Iredell County is $39,420 a year, or $3,285 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,285 by 30% to get a maximum rent of $986 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% $639 $684 $821 $949 $1,059 $1,169
60% $767 $821 $986 $1,139 $1,271 $1,403
Fair Market Rents in Iredell County

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
$743 $763 $873 $1,153 $1,533

Cities In Iredell County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Statesville 27 The HUD funded Public Housing Agency that serves Statesville is the Statesville Housing Authority.
Mooresville 15 The HUD funded Public Housing Agencies that serve Mooresville are the Mooresville Housing Authority and Statesville Housing Authority.
Davidson 4 The HUD funded Public Housing Agency that serves Davidson is the Statesville Housing Authority.
Harmony 0 The HUD funded Public Housing Agency that serves Harmony is the Statesville Housing Authority.
Love Valley 0 The HUD funded Public Housing Agency that serves Love Valley is the Statesville Housing Authority.
Troutman 0 The HUD funded Public Housing Agency that serves Troutman is the Statesville Housing Authority.