Affordable Housing In Eldorado
Schleicher County, Texas

2 Low Income Apartment Communities In Eldorado

El Dorado Place Apartments II, Ltd

102 E Fields Ave
Eldorado, TX
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First Homes

13 E Hill Ave
Eldorado, TX
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Housing Authorities that serve Eldorado

Housing Authority Programs
Housing Authority of Eldorado Public Housing

Guide To Affordable Housing in Eldorado, Texas

According to federal housing data and AffordableHousingOnline.com research, there are 2 low income housing apartment communities offering 72 affordable apartments for rent in Eldorado, Texas. Eldorado features 40 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 32 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Eldorado.

Eldorado, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 72
Total Housing Units with Rental Assistance 40
Percentage of Housing Units Occupied By Renters 26.23%
Average Renter Household Size 2.48
Average Household Size 2.75
Median Household Income $48,125 ±$12,108
Median Rent $501 ±$103
Percentage Of Renters Overburdened 34.25% ± 18.7pp
Total Population 1,897

Population and Household Demographics

Eldorado is a City in Schleicher County, Texas with a population of 1,897. There are 690 households in the city with an average household size of 2.75 persons. 26.23% of households in Eldorado are renters.

Income and Rent Overburden in Eldorado

The median gross income for households in Eldorado is $48,125 a year, or $4,010 a month. The median rent for the city is $501 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Eldorado, a household making less than $1,670 a month would be considered overburdened when renting an apartment at or above the median rent. 34.25% of households who rent are overburdened in Eldorado.1

Area Median Income In Eldorado

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 Eldorado, the AMI is calculated from all households within Schleicher County.

In Eldorado, HUD calculates the Area Median Income for a family of four as $74,200

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 Eldorado

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 Eldorado HUD Rental Assistance in Eldorado

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,600 $17,800 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,000 $29,700 $33,400 $37,100 $40,100 $43,050 $46,050 $49,000
80% of Median $41,550 $47,500 $53,450 $59,350 $64,100 $68,850 $73,600 $78,350
Low Income Housing Tax Credits in Eldorado

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

From 2001 to 2001, 1 low income apartment communities containing 32 rental apartments have been constructed and made affordable to low income persons in Eldorado 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 Eldorado

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,000 $29,700 $33,400 $37,100 $40,100 $43,050 $46,050 $49,000
60% of Median $31,200 $35,640 $40,080 $44,520 $48,120 $51,660 $55,260 $58,800

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 Eldorado is $40,080 a year, or $3,340 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,340 by 30% to get a maximum rent of $1,002 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% $650 $696 $835 $965 $1,076 $1,188
60% $780 $836 $1,002 $1,158 $1,292 $1,426
Fair Market Rents in Eldorado

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
$549 $592 $741 $984 $1,114