Affordable Housing In Monteagle
Franklin County, Tennessee

3 Low Income Apartment Communities In Monteagle

Ridgecrest Group Home

2nd Fairmont Ave
Monteagle, TN
62+
Accessible
Elderly Supportive Housing
Subsidized

Monteagle Greene Apartments

48 Madison Ave
Monteagle, TN
HCV Welcome

Woodland Ridge Apartments

RR 1 Box 2773
Monteagle, TN
HCV Welcome
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There are 3 low income housing apartment complexes which contain 107 affordable apartments for rent in Monteagle. Many of these rental apartments are income based housing with 11 apartments that set rent based on your income. In Monteagle, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 96 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Monteagle

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)

Other Housing Authorities located in Monteagle

Housing Authority Programs
Grundy Housing Authority Public Housing

Guide To Affordable Housing in Monteagle, Tennessee

Monteagle, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 107
Total Rent Assisted Apartments 11
Percentage of Housing Units Occupied By Renters 42.2%
Average Renter Household Size 2.37
Total Population 1,436
Housing Units 545
Average Household Size 2.31
Median Household Income $39,567 ±$5,184
Median Rent $577 ±$67
Percentage Of Renters Overburdened 31.3% ± 13.76pp

Population and Household Demographics

Monteagle is a City in Franklin County, Tennessee with a population of 1,436. There are 545 households in the city with an average household size of 2.31 persons. 42.2% of households in Monteagle are renters.

Income and Rent Overburden in Monteagle

The median gross income for households in Monteagle is $39,567 a year, or $3,297 a month. The median rent for the city is $577 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Monteagle, a household making less than $1,923 a month would be considered overburdened when renting an apartment at or above the median rent. 31.3% of households who rent are overburdened in Monteagle.1

Area Median Income In Monteagle

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

In Monteagle, 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 Monteagle

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 Monteagle HUD Rental Assistance in Monteagle

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 Monteagle

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

From 1987 to 2005, 2 low income apartment communities containing 96 rental apartments have been constructed and made affordable to low income persons in Monteagle 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 Monteagle

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 Monteagle 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 Monteagle

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