Low Income Apartments In Lake County
Tennessee

Low Income Apartments In Lake County

Sun Valley Apartments

498 Riley Rd
Ridgely, TN
Call For Rent
1-2 BR
62+
Subsidized

Lake Ridge Apartments

900 Vaughn Dr
Tiptonville, TN
Call For Rent
1-2 BR
Subsidized

Lake Point Apartments

1775 Vaughn Dr
Tiptonville, TN
Call For Rent
1-2 BR
62+
Subsidized

Blue Ridge Apartments

210 S Main St
Ridgely, TN
Call For Rent
2-3 BR
Subsidized

Camelot Manor

303 Dillard St
Ridgely, TN
Subsidized

Colonial House Apartments

1131 Vaughn Dr.
Tiptonville, TN

Wesley Apartments

1155 Reelfoot St
Tiptonville, TN
62+
Accessible
Elderly Supportive Housing
Subsidized

Ridgely Manor Apartments

500 Riley Rd
Ridgely, TN
Subsidized

Reelfoot Village Apartments

496 Maze Rd
Ridgely, TN
Subsidized

Tiptonville Meadows Apartments

550 Moss St
Tiptonville, TN
Subsidized

There are 14 low income housing apartment complexes which contain 531 affordable apartments for rent in Lake County. Many of these rental apartments are income based housing with 526 apartments that set rent based on your income. In Lake County, HUD housing programs support 130 rental assistance apartments through programs like Project-based Section 8. There are 5 other low income apartments that don't have rental assistance but are still considered to be affordable housing for low income families.

Housing Authorities that serve Lake County

Housing Authority Programs
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 Lake County, Tennessee

Lake County, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 14
Total Low Income Apartments 531
Total Rent Assisted Apartments 526
Percentage of Housing Units Occupied By Renters 39.67%
Average Renter Household Size 2.60
Total Population 7,687
Housing Units 2,092
Average Household Size 2.38
Median Household Income $30,086 ±$2,604
Median Rent $478 ±$74
Percentage Of Renters Overburdened 29.4% ± 6.06pp

Population and Household Demographics

Lake County is a County in Tennessee with a population of 7,687. There are 2,092 households in the county with an average household size of 2.38 persons. 39.67% of households in Lake County are renters.

Income and Rent Overburden in Lake County

The median gross income for households in Lake County is $30,086 a year, or $2,507 a month. The median rent for the county is $478 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake County, a household making less than $1,593 a month would be considered overburdened when renting an apartment at or above the median rent. 29.4% of households who rent are overburdened in Lake County.1

Area Median Income In Lake 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 Lake County, HUD calculates the Area Median Income for a family of four as $46,700

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 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 Lake County HUD Rental Assistance in Lake 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 Lake County

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

From 1988 to 1994, 6 low income apartment communities containing 183 rental apartments have been constructed and made affordable to low income persons in Lake 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 Lake County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
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 Lake 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 Lake 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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$457 $518 $619 $825 $837

Cities In Lake County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Ridgely 6 The HUD funded Public Housing Agencies that serve Ridgely are the Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency West Tennessee Office.
Tiptonville 8 The HUD funded Public Housing Agencies that serve Tiptonville are the Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency West Tennessee Office.
Leadville North 0 The HUD funded Public Housing Agencies that serve Leadville North are the Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency West Tennessee Office.
Twin Lakes 0 The HUD funded Public Housing Agencies that serve Twin Lakes are the Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency West Tennessee Office.