Affordable Housing In Valdese
Burke County, North Carolina

5 Low Income Apartment Communities In Valdese

High Meadows Apartments

2400 Mourglea Ave SE
Valdese, NC
$466-515
1-2 BR

Valdese Village Apartments

1120 Refour Ave SE
Valdese, NC
Subsidized

Agape Retirement Home, Inc

212 Church St NW
Valdese, NC
62+
Accessible
Elderly Supportive Housing
Subsidized

Falls Road Terrace Praley Heights

511 Rora Ave SW
Valdese, NC

Blue Ridge Apartments

903 Pineburr Ave SE
Valdese, NC
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Housing Authorities that serve Valdese

Housing Authority Programs
Valdese Housing Authority Public Housing
Western Piedmont Council of Governments Regional Housing Authority Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Valdese, North Carolina

According to federal housing data and AffordableHousingOnline.com research, there are 5 low income housing apartment communities offering 323 affordable apartments for rent in Valdese, North Carolina. Valdese features 185 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 138 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Valdese.

Valdese, NC Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 323
Total Housing Units with Rental Assistance 185
Percentage of Housing Units Occupied By Renters 33%
Average Renter Household Size 2.09
Average Household Size 2.32
Median Household Income $31,621 ±$9,689
Median Rent $354 ±$175
Percentage Of Renters Overburdened 33.66% ± 18.75pp
Total Population 4,471

Population and Household Demographics

Valdese is a City in Burke County, North Carolina with a population of 4,471. There are 1,873 households in the city with an average household size of 2.32 persons. 33% of households in Valdese are renters.

Income and Rent Overburden in Valdese

The median gross income for households in Valdese is $31,621 a year, or $2,635 a month. The median rent for the city is $354 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Valdese, a household making less than $1,180 a month would be considered overburdened when renting an apartment at or above the median rent. 33.66% of households who rent are overburdened in Valdese.1

Area Median Income In Valdese

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 Valdese, the AMI is calculated from all households within Burke County.

In Valdese, HUD calculates the Area Median Income for a family of four as $55,100

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 Valdese

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 Valdese HUD Rental Assistance in Valdese

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 $29,850 $32,050 $34,250 $36,450
50% of Median $19,350 $22,100 $24,850 $27,600 $29,850 $32,050 $34,250 $36,450
80% of Median $30,950 $35,350 $39,750 $44,150 $47,700 $51,250 $54,750 $58,300
Low Income Housing Tax Credits in Valdese

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

From 2005 to 2005, 1 low income apartment communities containing 34 rental apartments have been constructed and made affordable to low income persons in Valdese 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 Valdese

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $19,350 $22,100 $24,850 $27,600 $29,850 $32,050 $34,250 $36,450
60% of Median $23,220 $26,520 $29,820 $33,120 $35,820 $38,460 $41,100 $43,740

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 Valdese is $29,820 a year, or $2,485 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,485 by 30% to get a maximum rent of $746 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% $484 $518 $621 $718 $801 $884
60% $581 $622 $746 $862 $962 $1,061
Fair Market Rents in Valdese

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
$569 $573 $712 $918 $1,035