; Low Income Apartments For Rent in Altamont, TN

Public Housing Agencies Serving Altamont, Tennessee

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Housing Authority Programs
Southeast Tennessee Human Resource Agency Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency
Go to the Tennessee Public Housing and Low-Income Apartments Waiting Lists page for openings near Altamont.

Altamont, Tennessee Affordable Housing Data

Income Based Apartments in Altamont, Tennessee

Altamont features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Altamont, Tennessee

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Altamont.

Housing Choice Vouchers in Altamont, Tennessee

On average, Section 8 Housing Choice vouchers pay Altamont landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Altamont.

The maximum amount a voucher would pay on behalf of a low-income tenant in Altamont, Tennessee for a two-bedroom apartment is between $672 and $822.

2023 Altamont, Tennessee Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Altamont, Tennessee Fair Market Rent $597 $601 $747 $938 $1,051
Altamont, Tennessee Payment Standard Range $537 to $657 $541 to $661 $672 to $822 $844 to $1,032 $946 to $1,156

Sourced from federal housing data and AffordableHousingOnline.com research.

Altamont, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 19.58%
Average Renter Household Size 2.35
Average Household Size 2.65
Median Household Income $25,641 ±$3,046
Median Rent $622 ±$180
Percentage Of Renters Overburdened 19.28% ± 28.35pp
Total Population 1,174

Population and Household Demographics

Altamont is a city in Grundy County, Tennessee with a population of 1,174. There are 424 households in the city with an average household size of 2.65 persons. 19.58% of households in Altamont are renters.

Income and Rent Overburden in Altamont

The median gross income for households in Altamont is $25,641 a year, or $2,137 a month. The median rent for the city is $622 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Altamont, a household making less than $2,073 a month would be considered overburdened when renting an apartment at or above the median rent. 19.28% of households who rent are overburdened in Altamont.

Area Median Income In Altamont

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 Altamont, the AMI is calculated from all households within Grundy County.

In Altamont, HUD calculates the Area Median Income for a family of four as $58,000

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 Altamont

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 HUD Rental Assistance in Altamont

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30% AMI Income Limits
Renters earning up to 30% of the Altamont AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,580 $19,720 $24,860 $30,000 $35,140 $38,750 $41,450 $44,100
50% AMI Income Limits
Renters earning up to 50% of the Altamont AMI may qualify for rental assistance programs that target Very Low Income households.
$23,400 $26,750 $30,100 $33,400 $36,100 $38,750 $41,450 $44,100
80% AMI Income Limits
Renters earning up to 80% of the Altamont AMI may qualify for rental assistance programs that target Low Income households.
$37,400 $42,750 $48,100 $53,400 $57,700 $61,950 $66,250 $70,500