Affordable Housing In Loretto
1 Low Income Apartment Communities In Loretto
Housing Authorities that serve Loretto
|Tennessee Housing Development Agency Central Office||Section 8 Housing Choice Voucher (HCV); Mainstream Voucher|
|Tennessee Housing Development Agency South Central Tennessee Office||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Loretto, Tennessee
There are 1 low income housing apartment communities offering 20 affordable apartments for rent in Loretto, Tennessee.
Income Based Apartments in Loretto, Tennessee
Loretto features 20 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Loretto, Tennessee
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Loretto.
Housing Choice Vouchers in Loretto, Tennessee
On average, Section 8 Housing Choice vouchers pay Loretto landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Loretto.
The maximum amount a voucher would pay on behalf of a low-income tenant in Loretto, Tennessee for a two-bedroom apartment is between $592 and $724.
2020 Loretto, Tennessee Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Fair Market Rent||$499||$538||$658||$863||$985|
|Payment Standard Range||$449 to $549||$484 to $592||$592 to $724||$777 to $949||$887 to $1,084|
Sourced from federal housing data and AffordableHousingOnline.com research.
Loretto, TN Affordable Housing Snapshot
|Total Affordable Apartment Properties||1|
|Total Low Income Apartments||20|
|Total Housing Units with Rental Assistance||20|
|Percentage of Housing Units Occupied By Renters||19.13%|
|Average Renter Household Size||2.04|
|Average Household Size||2.38|
|Median Household Income||$40,793 ±$4,487|
|Median Rent||$531 ±$31|
|Percentage Of Renters Overburdened||28.57% ± 10.81pp|
Population and Household Demographics
Loretto is a City in Lawrence County, Tennessee with a population of 2,092. There are 878 households in the city with an average household size of 2.38 persons. 19.13% of households in Loretto are renters.
Income and Rent Overburden in Loretto
The median gross income for households in Loretto is $40,793 a year, or $3,399 a month. The median rent for the city is $531 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Loretto, a household making less than $1,770 a month would be considered overburdened when renting an apartment at or above the median rent. 28.57% of households who rent are overburdened in Loretto.1
Area Median Income In Loretto
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 Loretto, the AMI is calculated from all households within Lawrence County.
In Loretto, HUD calculates the Area Median Income for a family of four as $51,000
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 Loretto
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 Loretto HUD Rental Assistance in Loretto
|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|