Affordable Housing In Lake Colorado City
Mitchell County, Texas

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

Housing Authorities that serve Lake Colorado City

Housing Authority Programs
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 Lake Colorado City, Texas

Lake Colorado City, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Rent Assisted Apartments 0
Percentage of Housing Units Occupied By Renters 21.96%
Average Renter Household Size 1.96
Total Population 518
Housing Units 255
Average Household Size 2.03
Median Household Income $73,906 ±$37,907
Median Rent $794 ±$524
Percentage Of Renters Overburdened 33.93% ± 46.8pp

Population and Household Demographics

Lake Colorado City is a City in Mitchell County, Texas with a population of 518. There are 255 households in the city with an average household size of 2.03 persons. 21.96% of households in Lake Colorado City are renters.

Income and Rent Overburden in Lake Colorado City

The median gross income for households in Lake Colorado City is $73,906 a year, or $6,159 a month. The median rent for the city is $794 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Colorado City, a household making less than $2,647 a month would be considered overburdened when renting an apartment at or above the median rent. 33.93% of households who rent are overburdened in Lake Colorado City.1

Area Median Income In Lake 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 Lake Colorado City, the AMI is calculated from all households within Mitchell County.

In Lake 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 Lake 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 Lake Colorado City HUD Rental Assistance in Lake 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

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 Lake 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 Lake 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 Lake 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