Affordable Housing In Lake City
Anderson County, Tennessee

2 Low Income Apartment Communities In Lake City

Creekwood Apartments

612 4th St
Lake City, TN
HCV Welcome

Lake City Wartburg Jamestown

100 Hunter Dr
Lake City, TN
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Housing Authorities that serve Lake City

Housing Authority Programs
Tennessee Housing Development Agency Central Office Section 8 Housing Choice Voucher (HCV)
Tennessee Housing Development Agency East Tennessee Office Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-sufficiency

Guide To Affordable Housing in Lake City, Tennessee

There are 2 low income housing apartment communities offering 305 affordable apartments for rent in Lake City, Tennessee. Lake City features 261 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 44 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Lake City.

Sourced from federal housing data and AffordableHousingOnline.com research.

Lake City, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 305
Total Housing Units with Rental Assistance 261
Percentage of Housing Units Occupied By Renters 54.09%
Average Renter Household Size 2.32
Average Household Size 2.46
Median Household Income $22,663 ±$3,024
Median Rent $410 ±$31
Percentage Of Renters Overburdened 41.35% ± 11.42pp
Total Population 1,812

Population and Household Demographics

Lake City is a City in Anderson County, Tennessee with a population of 1,812. There are 684 households in the city with an average household size of 2.46 persons. 54.09% of households in Lake City are renters.

Income and Rent Overburden in Lake City

The median gross income for households in Lake City is $22,663 a year, or $1,889 a month. The median rent for the city is $410 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake City, a household making less than $1,367 a month would be considered overburdened when renting an apartment at or above the median rent. 41.35% of households who rent are overburdened in Lake City.1

Area Median Income In Lake City

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 Lake City, the AMI is calculated from all households within Anderson County.

In Lake City, HUD calculates the Area Median Income for a family of four as $69,900

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 Lake City

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 Lake City HUD Rental Assistance in Lake City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,700 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $24,500 $28,000 $31,500 $34,950 $37,750 $40,550 $43,350 $46,150
80% of Median $39,150 $44,750 $50,350 $55,900 $60,400 $64,850 $69,350 $73,800
Low Income Housing Tax Credits in Lake City

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

From 2008 to 2008, 1 low income apartment communities containing 44 rental apartments have been constructed and made affordable to low income persons in Lake City 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 Lake City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $24,500 $28,000 $31,500 $34,950 $37,750 $40,550 $43,350 $46,150
60% of Median $29,400 $33,600 $37,800 $41,940 $45,300 $48,660 $52,020 $55,380

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 Lake City is $37,800 a year, or $3,150 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,150 by 30% to get a maximum rent of $945 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% $613 $656 $788 $909 $1,014 $1,119
60% $735 $788 $945 $1,091 $1,217 $1,343
Fair Market Rents in Lake City

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
$624 $742 $915 $1,198 $1,476