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Affordable Housing In Hollymead
Albemarle County, Virginia

Housing Authorities that serve Hollymead

Housing Authority Programs
Virginia Housing Section 8 Housing Choice Voucher (HCV)
Albemarle County Office of Housing Section 8 Housing Choice Voucher (HCV); Section 8 Project-Based Rental Assistance (PBRA)

Guide To Affordable Housing in Hollymead, Virginia

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Hollymead, Virginia.

Income Based Apartments in Hollymead, Virginia

Hollymead 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 Hollymead, Virginia

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hollymead.

Housing Choice Vouchers in Hollymead, Virginia

On average, Section 8 Housing Choice vouchers pay Hollymead landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Hollymead.

The maximum amount a voucher would pay on behalf of a low-income tenant in Hollymead, Virginia for a two-bedroom apartment is between $1,139 and $1,393.

2021 Hollymead, 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
Hollymead, Virginia Fair Market Rent $949 $1,077 $1,266 $1,575 $1,965
Hollymead, Virginia Payment Standard Range $854 to $1,044 $969 to $1,185 $1,139 to $1,393 $1,418 to $1,733 $1,769 to $2,162

Sourced from federal housing data and research.

Hollymead, 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 33.27%
Average Renter Household Size 2.13
Average Household Size 2.65
Median Household Income $84,479 ±$8,563
Median Rent $1,217 ±$161
Percentage Of Renters Overburdened 24.64% ± 10.13pp
Total Population 8,352

Population and Household Demographics

Hollymead is a city in Albemarle County, Virginia with a population of 8,352. There are 3,135 households in the city with an average household size of 2.65 persons. 33.27% of households in Hollymead are renters.

Income and Rent Overburden in Hollymead

The median gross income for households in Hollymead is $84,479 a year, or $7,040 a month. The median rent for the city is $1,217 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hollymead, a household making less than $4,057 a month would be considered overburdened when renting an apartment at or above the median rent. 24.64% of households who rent are overburdened in Hollymead.

Area Median Income In Hollymead

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 Hollymead, the AMI is calculated from all households within Albemarle County.

In Hollymead, HUD calculates the Area Median Income for a family of four as $93,700

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 Hollymead

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 Hollymead

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 Hollymead AMI may qualify for rental assistance programs that target Extremely Low Income households.
$19,700 $22,500 $25,300 $28,100 $31,040 $35,580 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Hollymead AMI may qualify for rental assistance programs that target Very Low Income households.
$32,800 $37,500 $42,200 $46,850 $50,600 $54,350 $58,100 $61,850
80% AMI Income Limits
Renters earning up to 80% of the Hollymead AMI may qualify for rental assistance programs that target Low Income households.
$52,500 $60,000 $67,500 $74,950 $80,950 $86,950 $92,950 $98,950