Low Income Apartments In Val Verde Park
Val Verde County, Texas

There are 0 low income housing apartment complexes which contain 0 affordable apartments for rent in Val Verde Park, Texas. Many of these rental apartments are income based housing with about 0 apartments that set rent based on your income. Often referred to as "HUD apartments", there are 0 Project-Based Section 8 subsidized apartments in Val Verde Park. There are 0 other low income apartments that don't have rental assistance but are still considered to be affordable housing for low income families.

Guide To Affordable Housing in Val Verde Park, Texas

Val Verde Park, 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 10.72%
Average Renter Household Size 2.47
Total Population 2,736
Housing Units 821
Average Household Size 3.33
Median Household Income $44,335 ±$16,971
Median Rent $563 ±$264
Percentage Of Renters Overburdened 29.55% ± 36.44pp

Population and Household Demographics

Val Verde Park is a City in Val Verde County, Texas with a population of 2,736. There are 821 households in the city with an average household size of 3.33 persons. 10.72% of households in Val Verde Park are renters.

Income and Rent Overburden in Val Verde Park

The median gross income for households in Val Verde Park is $44,335 a year, or $3,695 a month. The median rent for the city is $563 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Val Verde Park, a household making less than $1,877 a month would be considered overburdened when renting an apartment at or above the median rent. 29.55% of households who rent are overburdened in Val Verde Park.1

Area Median Income In Val Verde Park

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 Val Verde Park, the AMI is calculated from all households within Val Verde County.

In Val Verde Park, HUD calculates the Area Median Income for a family of four as $53,900

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 Val Verde Park

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 Val Verde Park HUD Rental Assistance in Val Verde Park

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

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 Val Verde Park

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
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 Val Verde Park 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 Val Verde Park

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
$539 $544 $717 $1,015 $1,018