Affordable Housing In Boones Mill
Franklin County,
Virginia
Housing Authorities that serve Boones Mill
| Housing Authority | Programs |
|---|---|
| Step Inc | Section 8 Housing Choice Voucher (HCV) |
| Virginia Housing | Section 8 Housing Choice Voucher (HCV) |
Guide To Affordable Housing in Boones Mill, Virginia
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Boones Mill, Virginia.
Income Based Apartments in Boones Mill, Virginia
Boones Mill 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 Boones Mill, Virginia
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Boones Mill.
Housing Choice Vouchers in Boones Mill, Virginia
On average, Section 8 Housing Choice vouchers pay Boones Mill landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Boones Mill.
The maximum amount a voucher would pay on behalf of a low-income tenant in Boones Mill, Virginia for a two-bedroom apartment is between $734 and $897.
2021 Boones Mill, Virginia 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 | |
|---|---|---|---|---|---|
| Boones Mill, Virginia Fair Market Rent | $575 | $618 | $815 | $1,014 | $1,127 |
| Boones Mill, Virginia Payment Standard Range | $518 to $633 | $556 to $680 | $734 to $897 | $913 to $1,115 | $1,014 to $1,240 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Boones Mill, VA Affordable Housing Snapshot
| Total Affordable Apartment Properties | 0 |
|---|---|
| Total Low Income Apartments | 0 |
| Total Housing Units with Rental Assistance | 0 |
| Percentage of Housing Units Occupied By Renters | 19.75% |
| Average Renter Household Size | 2.13 |
| Average Household Size | 1.95 |
| Median Household Income | $52,250 ±$8,513 |
| Median Rent | $813 ±$132 |
| Percentage Of Renters Overburdened | 43.75% ± 112.82pp |
| Total Population | 158 |
Population and Household Demographics
Boones Mill is a city in Franklin County, Virginia with a population of 158. There are 81 households in the city with an average household size of 1.95 persons. 19.75% of households in Boones Mill are renters.
Income and Rent Overburden in Boones Mill
The median gross income for households in Boones Mill is $52,250 a year, or $4,354 a month. The median rent for the city is $813 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Boones Mill, a household making less than $2,710 a month would be considered overburdened when renting an apartment at or above the median rent. 43.75% of households who rent are overburdened in Boones Mill.
Area Median Income In Boones Mill
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 Boones Mill, the AMI is calculated from all households within Franklin County.
In Boones Mill, HUD calculates the Area Median Income for a family of four as $67,000
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 Boones Mill
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 Boones Mill
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Boones Mill AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,100 | $17,420 | $21,960 | $26,500 | $31,040 | $35,580 | $40,120 | $44,250 |
| 50% AMI Income Limits Renters earning up to 50% of the Boones Mill AMI may qualify for rental assistance programs that target Very Low Income households. |
$23,450 | $26,800 | $30,150 | $33,500 | $36,200 | $38,900 | $41,550 | $44,250 |
| 80% AMI Income Limits Renters earning up to 80% of the Boones Mill AMI may qualify for rental assistance programs that target Low Income households. |
$37,550 | $42,900 | $48,250 | $53,600 | $57,900 | $62,200 | $66,500 | $70,800 |
