Affordable Housing In Loris
Horry County, South Carolina

4 Low Income Apartment Communities In Loris

Loris Gardens

4265 Suggs Street
Loris, SC
Call For Rent
1-2 BR
HCV Welcome

Tall Pines I

4300 Harrelson Ave
Loris, SC
Subsidized

Palmettos Way Apartments

4399 Suggs St
Loris, SC
HCV Welcome

Watsons Place

Heritage RD
Loris, SC
62+
Accessible
Elderly Supportive Housing
Subsidized
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Guide To Affordable Housing in Loris, South Carolina

According to federal housing data and AffordableHousingOnline.com research, there are 4 low income housing apartment communities offering 128 affordable apartments for rent in Loris, South Carolina. Loris features 52 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 76 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Loris.

Loris, SC Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 128
Total Housing Units with Rental Assistance 52
Percentage of Housing Units Occupied By Renters 38.99%
Average Renter Household Size 2.23
Average Household Size 2.58
Median Household Income $33,393 ±$5,123
Median Rent $656 ±$38
Percentage Of Renters Overburdened 65.01% ± 18.21pp
Total Population 2,500

Population and Household Demographics

Loris is a City in Horry County, South Carolina with a population of 2,500. There are 931 households in the city with an average household size of 2.58 persons. 38.99% of households in Loris are renters.

Income and Rent Overburden in Loris

The median gross income for households in Loris is $33,393 a year, or $2,783 a month. The median rent for the city is $656 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Loris, a household making less than $2,187 a month would be considered overburdened when renting an apartment at or above the median rent. 65.01% of households who rent are overburdened in Loris.1

Area Median Income In Loris

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 Loris, the AMI is calculated from all households within Horry County.

In Loris, HUD calculates the Area Median Income for a family of four as $61,200

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 Loris

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 Loris HUD Rental Assistance in Loris

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,850 $16,910 $21,330 $25,750 $30,170 $34,590 $37,950 $40,400
50% of Median $21,450 $24,500 $27,550 $30,600 $33,050 $35,500 $37,950 $40,400
80% of Median $34,300 $39,200 $44,100 $48,950 $52,900 $56,800 $60,700 $64,650
Low Income Housing Tax Credits in Loris

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 76 rental apartments have been constructed and made affordable to low income persons in Loris 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 Loris

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $21,450 $24,500 $27,550 $30,600 $33,050 $35,500 $37,950 $40,400
60% of Median $25,740 $29,400 $33,060 $36,720 $39,660 $42,600 $45,540 $48,480

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 Loris is $33,060 a year, or $2,755 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,755 by 30% to get a maximum rent of $827 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% $536 $574 $689 $796 $888 $979
60% $644 $689 $827 $955 $1,065 $1,175
Fair Market Rents in Loris

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
$812 $847 $997 $1,288 $1,460