Affordable Housing In Covington
Tipton County, Tennessee

10 Low Income Apartment Communities In Covington

Fox Hollow Community

100 Fox Hollow Run
Covington, TN
Call For Rent
Studio-1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

Glendale Commons

351 Mueller Brass Rd
Covington, TN
Call For Rent
1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

Cantebury Apartments

100 Canterbury Cir
Covington, TN
HCV Welcome

Broadmeadow Place Apartments

150 Peeler Rd
Covington, TN
Subsidized

Meadowview Elderly Apartments

1000 Meadowview Cv
Covington, TN
Subsidized

Cottonwood Apartments

1981 Cottonwood Pl
Covington, TN
HCV Welcome

Tiptonville Village

149 Jamie Lynn Cv
Covington, TN
Subsidized

Eaglewood 8 Apartments

50 Eaglewood Cove
Covington, TN
Subsidized

Sunrise

1150 Simonton St
Covington, TN
HCV Welcome

Cottonwood Estates

1981 Cottonwood Way
Covington, TN
HCV Welcome
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There are 10 low income housing apartment complexes which contain 601 affordable apartments for rent in Covington. Many of these rental apartments are income based housing with 369 apartments that set rent based on your income. In Covington, HUD housing programs support 198 rental assistance apartments through programs like Project-based Section 8. There are 232 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Covington

Housing Authority Programs
Covington Housing Authority Public Housing
Tennessee Housing Development Agency Central Office Section 8 Housing Choice Voucher (HCV)
Tennessee Housing Development Agency West Tennessee Office Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-sufficiency; Veteran Affairs Supportive Housing (VASH); Mainstream Voucher

Guide To Affordable Housing in Covington, Tennessee

Covington, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 10
Total Low Income Apartments 601
Total Rent Assisted Apartments 369
Percentage of Housing Units Occupied By Renters 53.37%
Average Renter Household Size 2.46
Total Population 9,036
Housing Units 3,592
Average Household Size 2.41
Median Household Income $28,571 ±$5,499
Median Rent $616 ±$81
Percentage Of Renters Overburdened 48.88% ± 12.39pp

Population and Household Demographics

Covington is a City in Tipton County, Tennessee with a population of 9,036. There are 3,592 households in the city with an average household size of 2.41 persons. 53.37% of households in Covington are renters.

Income and Rent Overburden in Covington

The median gross income for households in Covington is $28,571 a year, or $2,381 a month. The median rent for the city is $616 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Covington, a household making less than $2,053 a month would be considered overburdened when renting an apartment at or above the median rent. 48.88% of households who rent are overburdened in Covington.1

Area Median Income In Covington

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 Covington, the AMI is calculated from all households within Tipton County.

In Covington, HUD calculates the Area Median Income for a family of four as $65,900

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 Covington

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 Covington HUD Rental Assistance in Covington

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,850 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $23,100 $26,400 $29,700 $32,950 $35,600 $38,250 $40,900 $43,500
80% of Median $36,900 $42,200 $47,450 $52,700 $56,950 $61,150 $65,350 $69,600
Low Income Housing Tax Credits in Covington

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

From 1990 to 2003, 6 low income apartment communities containing 319 rental apartments have been constructed and made affordable to low income persons in Covington 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 Covington

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $23,100 $26,400 $29,700 $32,950 $35,600 $38,250 $40,900 $43,500
60% of Median $27,720 $31,680 $35,640 $39,540 $42,720 $45,900 $49,080 $52,200

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 Covington is $35,640 a year, or $2,970 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,970 by 30% to get a maximum rent of $891 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% $578 $619 $743 $857 $956 $1,055
60% $693 $743 $891 $1,028 $1,148 $1,266
Fair Market Rents in Covington

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
$658 $742 $875 $1,194 $1,372