Affordable Housing In The Colony
1 Low Income Apartment Communities In The Colony
Housing Authorities that serve The Colony
|Texas Department of Housing and Community Affairs||Section 8 Housing Choice Voucher (HCV)|
|Dallas Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Section 8 Project-Based Voucher (PBV)|
Guide To Affordable Housing in The Colony, Texas
There are 1 low income housing apartment communities offering 145 affordable apartments for rent in The Colony, Texas.
Income Based Apartments in The Colony, Texas
The Colony features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in The Colony, Texas
There are 145 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in The Colony.
Housing Choice Vouchers in The Colony, Texas
On average, Section 8 Housing Choice vouchers pay The Colony landlords $900 per month towards rent. The average voucher holder contributes $500 towards rent in The Colony.
The maximum amount a voucher would pay on behalf of a low-income tenant in The Colony, Texas for a two-bedroom apartment is between $1,183 and $1,445.
2020 The Colony, Texas Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Fair Market Rent||$957||$1,093||$1,314||$1,727||$2,262|
|Payment Standard Range||$861 to $1,053||$984 to $1,202||$1,183 to $1,445||$1,554 to $1,900||$2,036 to $2,488|
Sourced from federal housing data and AffordableHousingOnline.com research.
The Colony, TX Affordable Housing Snapshot
|Total Affordable Apartment Properties||1|
|Total Low Income Apartments||145|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||38.56%|
|Average Renter Household Size||2.32|
|Average Household Size||2.72|
|Median Household Income||$71,488 ±$4,873|
|Median Rent||$1,170 ±$53|
|Percentage Of Renters Overburdened||42.68% ± 7.69pp|
Population and Household Demographics
The Colony is a city in Denton County, Texas with a population of 39,736. There are 14,626 households in the city with an average household size of 2.72 persons. 38.56% of households in The Colony are renters.
Income and Rent Overburden in The Colony
The median gross income for households in The Colony is $71,488 a year, or $5,957 a month. The median rent for the city is $1,170 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In The Colony, a household making less than $3,900 a month would be considered overburdened when renting an apartment at or above the median rent. 42.68% of households who rent are overburdened in The Colony.
Area Median Income In The Colony
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 The Colony, the AMI is calculated from all households within Denton County.
In The Colony, HUD calculates the Area Median Income for a family of four as $86,200
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 The Colony
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 HUD Rental Assistance in The Colony
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$18,100||$20,700||$23,300||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$30,200||$34,500||$38,800||$43,100||$46,550||$50,000||$53,450||$56,900|
|80% of Median||$48,300||$55,200||$62,100||$68,950||$74,500||$80,000||$85,500||$91,050|