Affordable Housing In Tellico Plains
2 Low Income Apartment Communities In Tellico Plains
Section 8 Vouchers, Apartments, and Waiting Lists in Tellico Plains, Tennessee
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Households who qualify for these programs may also qualify for Project-Based Section 8, which contributes rental assistance payments directly to private landlords on behalf of low-income tenants. Eligibility for the project-based program is similar to the voucher programs, but waiting list and application policies will vary depending on the landlord.
Public Housing Agencies Serving Tellico Plains, Tennessee
|Tennessee Housing Development Agency||Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency; Mainstream Voucher; Homeownership|
Guide To Affordable Housing in Tellico Plains, Tennessee
There are 2 low income housing apartment communities offering 112 affordable apartments for rent in Tellico Plains, Tennessee.
Income Based Apartments in Tellico Plains, Tennessee
Tellico Plains features 0 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 Tellico Plains, Tennessee
There are 112 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Tellico Plains.
Housing Choice Vouchers in Tellico Plains, Tennessee
On average, Section 8 Housing Choice vouchers pay Tellico Plains landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Tellico Plains.
The maximum amount a voucher would pay on behalf of a low-income tenant in Tellico Plains, Tennessee for a two-bedroom apartment is between $614 and $750.
2022 Tellico Plains, 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|
|Tellico Plains, Tennessee Fair Market Rent||$453||$556||$682||$907||$925|
|Tellico Plains, Tennessee Payment Standard Range||$408 to $498||$500 to $612||$614 to $750||$816 to $998||$833 to $1,018|
Sourced from federal housing data and AffordableHousingOnline.com research.
Tellico Plains, TN Affordable Housing Snapshot
|Total Affordable Apartment Properties||2|
|Total Low Income Apartments||112|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||37.2%|
|Average Renter Household Size||2.34|
|Average Household Size||2.44|
|Median Household Income||$25,469 ±$3,014|
|Median Rent||$442 ±$197|
|Percentage Of Renters Overburdened||34.4% ± 14.75pp|
Population and Household Demographics
Tellico Plains is a city in Monroe County, Tennessee with a population of 820. There are 336 households in the city with an average household size of 2.44 persons. 37.2% of households in Tellico Plains are renters.
Income and Rent Overburden in Tellico Plains
The median gross income for households in Tellico Plains is $25,469 a year, or $2,122 a month. The median rent for the city is $442 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Tellico Plains, a household making less than $1,473 a month would be considered overburdened when renting an apartment at or above the median rent. 34.4% of households who rent are overburdened in Tellico Plains.
Area Median Income In Tellico Plains
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 Tellico Plains, the AMI is calculated from all households within Monroe County.
In Tellico Plains, HUD calculates the Area Median Income for a family of four as $52,000
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 Tellico Plains
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 HUD Rental Assistance in Tellico Plains
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Tellico Plains AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Tellico Plains AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Tellico Plains AMI may qualify for rental assistance programs that target Low Income households.