Affordable Housing In Ridgely
Lake County, Tennessee

6 Low Income Apartment Communities In Ridgely

Sun Valley Apartments

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

Blue Ridge Apartments

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

Camelot Manor

303 Dillard St
Ridgely, TN

Ridgely Manor Apartments

500 Riley Rd
Ridgely, TN

Reelfoot Village Apartments

496 Maze Rd
Ridgely, TN

Hickman Homes and Mayes Homes

217 Sands St
Ridgely, TN
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Housing Authorities that serve Ridgely

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 Ridgely, Tennessee

There are 6 low income housing apartment communities offering 274 affordable apartments for rent in Ridgely, Tennessee. Ridgely features 274 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Ridgely.

Sourced from federal housing data and research.

Ridgely, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 274
Total Housing Units with Rental Assistance 274
Percentage of Housing Units Occupied By Renters 49.05%
Average Renter Household Size 2.55
Average Household Size 2.44
Median Household Income $28,534 ±$6,208
Median Rent $488 ±$70
Percentage Of Renters Overburdened 29.56% ± 9.37pp
Total Population 1,902

Population and Household Demographics

Ridgely is a City in Lake County, Tennessee with a population of 1,902. There are 738 households in the city with an average household size of 2.44 persons. 49.05% of households in Ridgely are renters.

Income and Rent Overburden in Ridgely

The median gross income for households in Ridgely is $28,534 a year, or $2,378 a month. The median rent for the city is $488 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Ridgely, a household making less than $1,627 a month would be considered overburdened when renting an apartment at or above the median rent. 29.56% of households who rent are overburdened in Ridgely.1

Area Median Income In Ridgely

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

In Ridgely, 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 Ridgely

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 Ridgely HUD Rental Assistance in Ridgely

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 Ridgely

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

From 1989 to 1994, 3 low income apartment communities containing 68 rental apartments have been constructed and made affordable to low income persons in Ridgely 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 Ridgely

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 Ridgely 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 Ridgely

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 $823 $879