Affordable Housing In Honey Grove
Fannin County, Texas

2 Low Income Apartment Communities In Honey Grove

Pine Run Apartments

700 Piner St
Honey Grove, TX
Call For Rent
1-2 BR
HCV Welcome

1106 15th St

1106 15th St
Honey Grove, TX
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Housing Authorities that serve Honey Grove

Housing Authority Programs
Texoma Council of Governments Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Honey Grove, Texas

According to federal housing data and AffordableHousingOnline.com research, there are 2 low income housing apartment communities offering 102 affordable apartments for rent in Honey Grove, Texas. Honey Grove features 70 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 Honey Grove.

Honey Grove, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 102
Total Housing Units with Rental Assistance 70
Percentage of Housing Units Occupied By Renters 28.02%
Average Renter Household Size 2.43
Average Household Size 2.71
Median Household Income $30,200 ±$5,768
Median Rent $368 ±$53
Percentage Of Renters Overburdened 43.14% ± 16.71pp
Total Population 1,975

Population and Household Demographics

Honey Grove is a City in Fannin County, Texas with a population of 1,975. There are 728 households in the city with an average household size of 2.71 persons. 28.02% of households in Honey Grove are renters.

Income and Rent Overburden in Honey Grove

The median gross income for households in Honey Grove is $30,200 a year, or $2,517 a month. The median rent for the city is $368 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Honey Grove, a household making less than $1,227 a month would be considered overburdened when renting an apartment at or above the median rent. 43.14% of households who rent are overburdened in Honey Grove.1

Area Median Income In Honey Grove

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 Honey Grove, the AMI is calculated from all households within Fannin County.

In Honey Grove, HUD calculates the Area Median Income for a family of four as $59,600

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 Honey Grove

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 Honey Grove HUD Rental Assistance in Honey Grove

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,550 $16,910 $21,330 $25,750 $30,170 $34,590 $37,000 $39,350
50% of Median $20,900 $23,850 $26,850 $29,800 $32,200 $34,600 $37,000 $39,350
80% of Median $33,400 $38,200 $42,950 $47,700 $51,550 $55,350 $59,150 $63,000
Low Income Housing Tax Credits in Honey Grove

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

From 2005 to 2005, 1 low income apartment communities containing 32 rental apartments have been constructed and made affordable to low income persons in Honey Grove 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 Honey Grove

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $20,900 $23,850 $26,850 $29,800 $32,200 $34,600 $37,000 $39,350
60% of Median $25,080 $28,620 $32,220 $35,760 $38,640 $41,520 $44,400 $47,220

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 Honey Grove is $32,220 a year, or $2,685 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,685 by 30% to get a maximum rent of $806 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% $523 $559 $671 $775 $865 $954
60% $627 $671 $806 $930 $1,038 $1,145
Fair Market Rents in Honey Grove

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
$550 $563 $742 $1,039 $1,133