Affordable Housing In Leonard
Fannin County Texas

2 Low Income Apartment Communities In Leonard

Lancet Court Apartments

Hwy 69 W
Leonard, TX
HCV Welcome

303 E Collin St

303 E Collin St
Leonard, TX
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There are 2 low income housing apartment complexes which contain 82 affordable apartments for rent in Leonard. Many of these rental apartments are income based housing with 50 apartments that set rent based on your income. In Leonard, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 32 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Leonard

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

Guide To Affordable Housing in Leonard, Texas

Leonard, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 82
Total Rent Assisted Apartments 50
Percentage of Housing Units Occupied By Renters 35.33%
Average Renter Household Size 2.60
Total Population 2,171
Housing Units 736
Average Household Size 2.90
Median Household Income $37,155 ±$4,582
Median Rent $566 ±$133
Percentage Of Renters Overburdened 54.23% ± 14.62pp

Population and Household Demographics

Leonard is a City in Fannin County, Texas with a population of 2,171. There are 736 households in the city with an average household size of 2.90 persons. 35.33% of households in Leonard are renters.

Income and Rent Overburden in Leonard

The median gross income for households in Leonard is $37,155 a year, or $3,096 a month. The median rent for the city is $566 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Leonard, a household making less than $1,887 a month would be considered overburdened when renting an apartment at or above the median rent. 54.23% of households who rent are overburdened in Leonard.1

Area Median Income In Leonard

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

In Leonard, 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 Leonard

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 Leonard HUD Rental Assistance in Leonard

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 Leonard

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

From 1989 to 1989, 1 low income apartment communities containing 32 rental apartments have been constructed and made affordable to low income persons in Leonard 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 Leonard

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
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 Leonard 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 Leonard

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
$477 $561 $742 $1,052 $1,199