Affordable Housing In Hancock County
Tennessee

5 Low Income Apartment Communities In Hancock County

Sneedville Gardens

3300 Otis Greene Drive
Sneedville, TN
Subsidized

Tremount Apartments

153 Whitney Cir
Sneedville, TN
HCV Welcome

Mountain View Apartments

235 JOHN MCNELL JR
Sneedville, TN
Subsidized

Mountain View Apartments

235 John McNeil Blvd
Sneedville, TN
HCV Welcome

Tremount Apartments

119 John McNeil Blvd
Sneedville, TN
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Guide To Affordable Housing in Hancock County, Tennessee

There are 5 low income housing apartment communities offering 231 affordable apartments for rent in Hancock County, Tennessee. Hancock County features 96 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 135 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Hancock County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Hancock County, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 231
Total Housing Units with Rental Assistance 96
Percentage of Housing Units Occupied By Renters 23.6%
Average Renter Household Size 2.16
Average Household Size 2.35
Median Household Income $26,898 ±$2,485
Median Rent $358 ±$69
Percentage Of Renters Overburdened 30% ± 8.38pp
Total Population 6,642

Population and Household Demographics

Hancock County is a County in Tennessee with a population of 6,642. There are 2,754 households in the county with an average household size of 2.35 persons. 23.6% of households in Hancock County are renters.

Income and Rent Overburden in Hancock County

The median gross income for households in Hancock County is $26,898 a year, or $2,242 a month. The median rent for the county is $358 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hancock County, a household making less than $1,193 a month would be considered overburdened when renting an apartment at or above the median rent. 30% of households who rent are overburdened in Hancock County.1

Area Median Income In Hancock County

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.

In Hancock County, HUD calculates the Area Median Income for a family of four as $41,300

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 Hancock County

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 Hancock County HUD Rental Assistance in Hancock County

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 $28,350 $30,450 $32,550 $34,650
50% of Median $18,400 $21,000 $23,650 $26,250 $28,350 $30,450 $32,550 $34,650
80% of Median $29,400 $33,600 $37,800 $42,000 $45,400 $48,750 $52,100 $55,450
Low Income Housing Tax Credits in Hancock County

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

From 1991 to 1992, 2 low income apartment communities containing 89 rental apartments have been constructed and made affordable to low income persons in Hancock County 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 Hancock County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $18,400 $21,000 $23,650 $26,250 $28,350 $30,450 $32,550 $34,650
60% of Median $22,080 $25,200 $28,380 $31,500 $34,020 $36,540 $39,060 $41,580

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 Hancock County is $28,380 a year, or $2,365 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,365 by 30% to get a maximum rent of $710 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% $460 $493 $591 $683 $761 $840
60% $552 $591 $710 $819 $914 $1,008
Fair Market Rents in Hancock County

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
$492 $497 $649 $936 $1,139

Cities In Hancock County

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City Listings Served By
Sneedville 5