Affordable Housing In Waco
McLennan County, Texas

16 Low Income Apartment Communities In Waco

Barron's Branch

817 Colcord Avenue
Waco, TX
1-3 BR
HCV Welcome

Trendwood Apartments

1700 Dallas Circle
Waco, TX

University Apartments - Waco

2900 Primrose Dr
Waco, TX

Tanglewood Apartments Company

4500 N 19th St
Waco, TX

Catherine Booth Gardens

2001 Stewart Dr
Waco, TX
Elderly Supportive Housing

Dripping Springs Senior Village

2405 J J Flewellen Rd
Waco, TX
HCV Welcome

Robinson Garden Apartments

2724 Robinson Dr
Waco, TX

Villages of Waco, The

1100 N 6th St
Waco, TX

William Booth Towers

4200 N 19th St
Waco, TX
Elderly Supportive Housing

Brazos Village Apartments

2525 E Lake Shore Dr
Waco, TX
HCV Welcome

There are 16 low income housing apartment complexes which contain 2,530 affordable apartments for rent in Waco. Many of these rental apartments are income based housing with 1,658 apartments that set rent based on your income. In Waco, HUD housing programs support 810 rental assistance apartments through programs like Project-based Section 8. There are 872 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Waco

Housing Authority Programs
Waco Housing Authority and Affiliates Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Waco, Texas

Waco, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 16
Total Low Income Apartments 2,530
Total Rent Assisted Apartments 1,658
Percentage of Housing Units Occupied By Renters 54.02%
Average Renter Household Size 2.38
Total Population 129,193
Housing Units 46,719
Average Household Size 2.59
Median Household Income $33,147 ±$1,056
Median Rent $743 ±$15
Percentage Of Renters Overburdened 53.29% ± 2.87pp

Population and Household Demographics

Waco is a City in McLennan County, Texas with a population of 129,193. There are 46,719 households in the city with an average household size of 2.59 persons. 54.02% of households in Waco are renters.

Income and Rent Overburden in Waco

The median gross income for households in Waco is $33,147 a year, or $2,762 a month. The median rent for the city is $743 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Waco, a household making less than $2,477 a month would be considered overburdened when renting an apartment at or above the median rent. 53.29% of households who rent are overburdened in Waco.1

Area Median Income In Waco

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 Waco, the AMI is calculated from all households within McLennan County.

In Waco, HUD calculates the Area Median Income for a family of four as $64,500

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 Waco

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 Waco HUD Rental Assistance in Waco

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,550 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $42,600
50% of Median $22,600 $25,800 $29,050 $32,250 $34,850 $37,450 $40,000 $42,600
80% of Median $36,150 $41,300 $46,450 $51,600 $55,750 $59,900 $64,000 $68,150
Low Income Housing Tax Credits in Waco

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

From 1995 to 2005, 5 low income apartment communities containing 725 rental apartments have been constructed and made affordable to low income persons in Waco 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 Waco

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $22,600 $25,800 $29,050 $32,250 $34,850 $37,450 $40,000 $42,600
60% of Median $27,120 $30,960 $34,860 $38,700 $41,820 $44,940 $48,000 $51,120

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 Waco is $34,860 a year, or $2,905 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,905 by 30% to get a maximum rent of $872 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% $565 $605 $726 $839 $936 $1,033
60% $678 $726 $872 $1,007 $1,124 $1,239
Fair Market Rents in Waco

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
$572 $628 $823 $1,124 $1,325