Affordable Housing In Wills Point
Van Zandt County, Texas

3 Low Income Apartment Communities In Wills Point

Wills Pt Crossing the Ashcroft Group

501 Lake Dr
Wills Point, TX
HCV Welcome

842 N 3rd St

842 N 3rd St
Wills Point, TX

Wills Point Manor the Ashcroft Group

600 Tennessee Cir
Wills Point, TX
HCV Welcome
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Housing Authorities that serve Wills Point

Housing Authority Programs
Housing Authority of Wills Point Section 8 Housing Choice Voucher (HCV); Public Housing
Housing Authority of Edgewood Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Wills Point, Texas

There are 3 low income housing apartment communities offering 117 affordable apartments for rent in Wills Point, Texas. Wills Point features 57 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 60 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Wills Point.

Sourced from federal housing data and AffordableHousingOnline.com research.

Wills Point, TX Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 117
Total Housing Units with Rental Assistance 57
Percentage of Housing Units Occupied By Renters 40.46%
Average Renter Household Size 2.70
Average Household Size 2.99
Median Household Income $36,797 ±$9,887
Median Rent $583 ±$195
Percentage Of Renters Overburdened 39.57% ± 13.96pp
Total Population 3,518

Population and Household Demographics

Wills Point is a City in Van Zandt County, Texas with a population of 3,518. There are 1,137 households in the city with an average household size of 2.99 persons. 40.46% of households in Wills Point are renters.

Income and Rent Overburden in Wills Point

The median gross income for households in Wills Point is $36,797 a year, or $3,066 a month. The median rent for the city is $583 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Wills Point, a household making less than $1,943 a month would be considered overburdened when renting an apartment at or above the median rent. 39.57% of households who rent are overburdened in Wills Point.1

Area Median Income In Wills Point

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 Wills Point, the AMI is calculated from all households within Van Zandt County.

In Wills Point, HUD calculates the Area Median Income for a family of four as $60,500

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 Wills Point

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 Wills Point HUD Rental Assistance in Wills Point

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,750 $16,910 $21,330 $25,750 $30,170 $34,590 $37,550 $39,950
50% of Median $21,200 $24,200 $27,250 $30,250 $32,700 $35,100 $37,550 $39,950
80% of Median $33,900 $38,750 $43,600 $48,400 $52,300 $56,150 $60,050 $63,900
Low Income Housing Tax Credits in Wills Point

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

From 1992 to 1995, 2 low income apartment communities containing 60 rental apartments have been constructed and made affordable to low income persons in Wills Point 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 Wills Point

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $21,200 $24,200 $27,250 $30,250 $32,700 $35,100 $37,550 $39,950
60% of Median $25,440 $29,040 $32,700 $36,300 $39,240 $42,120 $45,060 $47,940

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 Wills Point is $32,700 a year, or $2,725 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,725 by 30% to get a maximum rent of $818 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% $530 $568 $681 $787 $878 $969
60% $636 $681 $818 $944 $1,053 $1,163
Fair Market Rents in Wills Point

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
$568 $582 $766 $1,054 $1,131