Affordable Housing In Cowan
Franklin County, Tennessee

3 Low Income Apartment Communities In Cowan

Kc Home of Cowan

214 England St W
Cowan, TN
62+
Accessible
Elderly Supportive Housing
Subsidized

Mountain View Apartments

631 Click Rd
Cowan, TN
Subsidized

Cedar Ridge Apartments

910 Cumberland St W
Cowan, TN
Subsidized
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There are 3 low income housing apartment complexes which contain 59 affordable apartments for rent in Cowan. Many of these rental apartments are income based housing with 59 apartments that set rent based on your income. In Cowan, HUD housing programs support 24 rental assistance apartments through programs like Project-based Section 8. There are 0 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Cowan

Housing Authority Programs
Franklin Housing Authority Public Housing; Section 8 Project-Based Voucher (PBV)
Tennessee Housing Development Agency Central Office Section 8 Housing Choice Voucher (HCV)
Tennessee Housing Development Agency South Central Tennessee Office Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Cowan, Tennessee

Cowan, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 59
Total Rent Assisted Apartments 59
Percentage of Housing Units Occupied By Renters 36.85%
Average Renter Household Size 2.41
Total Population 1,436
Housing Units 635
Average Household Size 2.24
Median Household Income $30,417 ±$6,486
Median Rent $501 ±$140
Percentage Of Renters Overburdened 33.76% ± 12.78pp

Population and Household Demographics

Cowan is a City in Franklin County, Tennessee with a population of 1,436. There are 635 households in the city with an average household size of 2.24 persons. 36.85% of households in Cowan are renters.

Income and Rent Overburden in Cowan

The median gross income for households in Cowan is $30,417 a year, or $2,535 a month. The median rent for the city is $501 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cowan, a household making less than $1,670 a month would be considered overburdened when renting an apartment at or above the median rent. 33.76% of households who rent are overburdened in Cowan.1

Area Median Income In Cowan

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 Cowan, the AMI is calculated from all households within Franklin County.

In Cowan, 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 Cowan

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 Cowan HUD Rental Assistance in Cowan

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 $29,800 $32,000 $34,200 $36,400
50% of Median $19,300 $22,050 $24,800 $27,550 $29,800 $32,000 $34,200 $36,400
80% of Median $30,900 $35,300 $39,700 $44,100 $47,650 $51,200 $54,700 $58,250
Low Income Housing Tax Credits in Cowan

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

From 1994 to 1994, 1 low income apartment communities containing 23 rental apartments have been constructed and made affordable to low income persons in Cowan 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 Cowan

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $19,300 $22,050 $24,800 $27,550 $29,800 $32,000 $34,200 $36,400
60% of Median $23,160 $26,460 $29,760 $33,060 $35,760 $38,400 $41,040 $43,680

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 Cowan is $29,760 a year, or $2,480 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,480 by 30% to get a maximum rent of $744 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% $483 $517 $620 $717 $800 $883
60% $579 $620 $744 $860 $960 $1,059
Fair Market Rents in Cowan

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
$457 $468 $619 $895 $1,060