Affordable Housing In Sherman
Grayson County, Texas

3 Low Income Apartment Communities In Sherman

Villas of Sherman

1212 W Center St
Sherman, TX
Call For Rent
1-2 BR
62+
Accessible
HCV Welcome
Market Rate

301 E Carter St

301 E Carter St
Sherman, TX

Steeple Chase Farms

3621 Steeplechase Dr
Sherman, TX
HCV Welcome
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There are 3 low income housing apartment complexes which contain 578 affordable apartments for rent in Sherman. Many of these rental apartments are income based housing with 298 apartments that set rent based on your income. In Sherman, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 280 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Sherman

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

Other Housing Authorities located in Sherman

Housing Authority Programs
Sherman Housing Authority Public Housing

Guide To Affordable Housing in Sherman, Texas

Sherman, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 578
Total Rent Assisted Apartments 298
Percentage of Housing Units Occupied By Renters 47.53%
Average Renter Household Size 2.42
Total Population 39,569
Housing Units 15,002
Average Household Size 2.54
Median Household Income $42,923 ±$2,199
Median Rent $806 ±$27
Percentage Of Renters Overburdened 43.54% ± 5.14pp

Population and Household Demographics

Sherman is a City in Grayson County, Texas with a population of 39,569. There are 15,002 households in the city with an average household size of 2.54 persons. 47.53% of households in Sherman are renters.

Income and Rent Overburden in Sherman

The median gross income for households in Sherman is $42,923 a year, or $3,577 a month. The median rent for the city is $806 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Sherman, a household making less than $2,687 a month would be considered overburdened when renting an apartment at or above the median rent. 43.54% of households who rent are overburdened in Sherman.1

Area Median Income In Sherman

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 Sherman, the AMI is calculated from all households within Grayson County.

In Sherman, HUD calculates the Area Median Income for a family of four as $67,500

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 Sherman

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 Sherman HUD Rental Assistance in Sherman

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,200 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $23,650 $27,000 $30,400 $33,750 $36,450 $39,150 $41,850 $44,550
80% of Median $37,800 $43,200 $48,600 $54,000 $58,350 $62,650 $67,000 $71,300
Low Income Housing Tax Credits in Sherman

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

From 1999 to 1999, 1 low income apartment communities containing 249 rental apartments have been constructed and made affordable to low income persons in Sherman 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 Sherman

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $23,650 $27,000 $30,400 $33,750 $36,450 $39,150 $41,850 $44,550
60% of Median $28,380 $32,400 $36,480 $40,500 $43,740 $46,980 $50,220 $53,460

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 Sherman is $36,480 a year, or $3,040 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,040 by 30% to get a maximum rent of $912 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% $591 $633 $760 $878 $979 $1,080
60% $710 $760 $912 $1,053 $1,175 $1,296
Fair Market Rents in Sherman

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
$604 $708 $892 $1,212 $1,354