Affordable Housing In Colorado City
Mitchell County, Texas

3 Low Income Apartment Communities In Colorado City

Texas

1105 Nicholosa St
Colorado City, TX
HCV Welcome

Colorado City Apartments, II, Ltd

2330 N State Highway 208
Colorado City, TX
HCV Welcome

Colorado City Seniors

1324 E 10th St
Colorado City, TX
Subsidized
  • «
  • 1
  • »

There are 3 low income housing apartment complexes which contain 61 affordable apartments for rent in Colorado City. Many of these rental apartments are income based housing with 24 apartments that set rent based on your income. In Colorado City, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 37 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Colorado City

Housing Authority Programs
Housing Authority of Colorado City Public Housing
Abilene Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-sufficiency; Veteran Affairs Supportive Housing (VASH); Section 8 Project-Based Voucher (PBV); Mainstream Voucher; Section 8 HCV Money Follows the Person (MFP); Public Housing Money Follows the Person (MFP)

Guide To Affordable Housing in Colorado City, Texas

Colorado City, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 61
Total Rent Assisted Apartments 24
Percentage of Housing Units Occupied By Renters 37.43%
Average Renter Household Size 2.89
Total Population 4,122
Housing Units 1,595
Average Household Size 2.49
Median Household Income $48,205 ±$7,115
Median Rent $609 ±$32
Percentage Of Renters Overburdened 25.63% ± 15.8pp

Population and Household Demographics

Colorado City is a City in Mitchell County, Texas with a population of 4,122. There are 1,595 households in the city with an average household size of 2.49 persons. 37.43% of households in Colorado City are renters.

Income and Rent Overburden in Colorado City

The median gross income for households in Colorado City is $48,205 a year, or $4,017 a month. The median rent for the city is $609 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Colorado City, a household making less than $2,030 a month would be considered overburdened when renting an apartment at or above the median rent. 25.63% of households who rent are overburdened in Colorado City.1

Area Median Income In Colorado City

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 Colorado City, the AMI is calculated from all households within Mitchell County.

In Colorado City, HUD calculates the Area Median Income for a family of four as $66,400

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 Colorado City

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 Colorado City HUD Rental Assistance in Colorado City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,950 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $23,250 $26,600 $29,900 $33,200 $35,900 $38,550 $41,200 $43,850
80% of Median $37,200 $42,500 $47,800 $53,100 $57,350 $61,600 $65,850 $70,100
Low Income Housing Tax Credits in Colorado City

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

From 1991 to 2000, 2 low income apartment communities containing 56 rental apartments have been constructed and made affordable to low income persons in Colorado City 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 Colorado City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $23,250 $26,600 $29,900 $33,200 $35,900 $38,550 $41,200 $43,850
60% of Median $27,900 $31,920 $35,880 $39,840 $43,080 $46,260 $49,440 $52,620

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 Colorado City is $35,880 a year, or $2,990 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,990 by 30% to get a maximum rent of $897 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% $581 $623 $748 $864 $964 $1,063
60% $698 $748 $897 $1,037 $1,157 $1,276
Fair Market Rents in Colorado City

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
$526 $529 $700 $877 $1,079