Affordable Housing In Mineral Wells
Palo Pinto County, Texas

6 Low Income Apartment Communities In Mineral Wells

Cedar View Apartments

1701 Highway 180 West
Mineral Wells, TX
HCV Welcome

Sandstone Foothills

402 Brazos Dr
Mineral Wells, TX
62+
Accessible
Elderly Supportive Housing
Subsidized

Mineral Wells Pioneer Crossing

2509 E Hubbard St
Mineral Wells, TX
HCV Welcome

Royal Gardens Mineral Wells

1500 SE Martin Luther King Jr St
Mineral Wells, TX
HCV Welcome

201 NE 27th St

201 NE 27th St
Mineral Wells, TX

Southridge Apartments

103 SE 19th St
Mineral Wells, TX
Subsidized
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Housing Authorities that serve Mineral Wells

Housing Authority Programs
Housing Authority the City of Mineral Wells Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Mineral Wells, Texas

There are 6 low income housing apartment communities offering 407 affordable apartments for rent in Mineral Wells, Texas. Mineral Wells features 180 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 227 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Mineral Wells.

Sourced from federal housing data and AffordableHousingOnline.com research.

Mineral Wells, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 407
Total Housing Units with Rental Assistance 180
Percentage of Housing Units Occupied By Renters 46.92%
Average Renter Household Size 2.78
Average Household Size 2.76
Median Household Income $33,125 ±$2,676
Median Rent $708 ±$45
Percentage Of Renters Overburdened 51.11% ± 7.16pp
Total Population 16,159

Population and Household Demographics

Mineral Wells is a City in Palo Pinto County, Texas with a population of 16,159. There are 5,279 households in the city with an average household size of 2.76 persons. 46.92% of households in Mineral Wells are renters.

Income and Rent Overburden in Mineral Wells

The median gross income for households in Mineral Wells is $33,125 a year, or $2,760 a month. The median rent for the city is $708 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Mineral Wells, a household making less than $2,360 a month would be considered overburdened when renting an apartment at or above the median rent. 51.11% of households who rent are overburdened in Mineral Wells.1

Area Median Income In Mineral Wells

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 Mineral Wells, the AMI is calculated from all households within Palo Pinto County.

In Mineral Wells, HUD calculates the Area Median Income for a family of four as $54,300

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 Mineral Wells

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 Mineral Wells HUD Rental Assistance in Mineral Wells

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,750 $30,170 $34,050 $36,400 $38,750
50% of Median $20,550 $23,500 $26,450 $29,350 $31,700 $34,050 $36,400 $38,750
80% of Median $32,900 $37,600 $42,300 $46,950 $50,750 $54,500 $58,250 $62,000
Low Income Housing Tax Credits in Mineral Wells

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

From 1992 to 2010, 3 low income apartment communities containing 267 rental apartments have been constructed and made affordable to low income persons in Mineral Wells 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 Mineral Wells

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $20,550 $23,500 $26,450 $29,350 $31,700 $34,050 $36,400 $38,750
60% of Median $24,660 $28,200 $31,740 $35,220 $38,040 $40,860 $43,680 $46,500

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 Mineral Wells is $31,740 a year, or $2,645 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,645 by 30% to get a maximum rent of $794 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% $514 $551 $661 $763 $851 $939
60% $617 $661 $794 $916 $1,022 $1,127
Fair Market Rents in Mineral Wells

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
$526 $599 $771 $1,031 $1,227