Low Income Apartments In Stanton
Haywood County, Tennessee

Low Income Apartments In Stanton

Stanton Village Apartments

20 1st St E
Stanton, TN
HCV Welcome
  • «
  • 1
  • »

There are 1 low income housing apartment complexes which contain 40 affordable apartments for rent in Stanton, Tennessee. Many of these rental apartments are income based housing with about 0 apartments that set rent based on your income. Often referred to as "HUD apartments", there are 0 Project-Based Section 8 subsidized apartments in Stanton. There are 40 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 Stanton

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 Stanton, Tennessee

Stanton, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 40
Total Rent Assisted Apartments 0
Percentage of Housing Units Occupied By Renters 50.38%
Average Renter Household Size 2.95
Total Population 396
Housing Units 131
Average Household Size 3.02
Median Household Income $16,917 ±$10,402
Median Rent $500 ±$109
Percentage Of Renters Overburdened 63.64% ± 18.89pp

Population and Household Demographics

Stanton is a City in Haywood County, Tennessee with a population of 396. There are 131 households in the city with an average household size of 3.02 persons. 50.38% of households in Stanton are renters.

Income and Rent Overburden in Stanton

The median gross income for households in Stanton is $16,917 a year, or $1,410 a month. The median rent for the city is $500 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Stanton, a household making less than $1,667 a month would be considered overburdened when renting an apartment at or above the median rent. 63.64% of households who rent are overburdened in Stanton.1

Area Median Income In Stanton

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 Stanton, the AMI is calculated from all households within Haywood County.

In Stanton, HUD calculates the Area Median Income for a family of four as $47,800

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 Stanton

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 Stanton HUD Rental Assistance in Stanton

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 Stanton

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

From 1995 to 1995, 1 low income apartment communities containing 40 rental apartments have been constructed and made affordable to low income persons in Stanton 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 Stanton

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 Stanton 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 Stanton

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
$445 $491 $649 $895 $1,019