Affordable Housing In Lake Monticello
Housing Authorities that serve Lake Monticello
|Virginia Housing||Section 8 Housing Choice Voucher (HCV)|
|Central Virginia Resource Corporation - Main||Section 8 Housing Choice Voucher (HCV)|
|Fluvanna-Louisa County Housing Foundation||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Lake Monticello, Virginia
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lake Monticello, Virginia.
Income Based Apartments in Lake Monticello, Virginia
Lake Monticello 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 Lake Monticello, Virginia
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Monticello.
Housing Choice Vouchers in Lake Monticello, Virginia
On average, Section 8 Housing Choice vouchers pay Lake Monticello landlords $800 per month towards rent. The average voucher holder contributes $300 towards rent in Lake Monticello.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Monticello, Virginia for a two-bedroom apartment is between $1,139 and $1,393.
2021 Lake Monticello, 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|
|Lake Monticello, Virginia Fair Market Rent||$949||$1,077||$1,266||$1,575||$1,965|
|Lake Monticello, 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 AffordableHousingOnline.com research.
Lake Monticello, 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||16.69%|
|Average Renter Household Size||2.51|
|Average Household Size||2.42|
|Median Household Income||$72,144 ±$2,844|
|Median Rent||$1,410 ±$54|
|Percentage Of Renters Overburdened||26.62% ± 13.11pp|
Population and Household Demographics
Lake Monticello is a city in Fluvanna County, Virginia with a population of 9,629. There are 3,985 households in the city with an average household size of 2.42 persons. 16.69% of households in Lake Monticello are renters.
Income and Rent Overburden in Lake Monticello
The median gross income for households in Lake Monticello is $72,144 a year, or $6,012 a month. The median rent for the city is $1,410 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Monticello, a household making less than $4,700 a month would be considered overburdened when renting an apartment at or above the median rent. 26.62% of households who rent are overburdened in Lake Monticello.
Area Median Income In Lake Monticello
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 Lake Monticello, the AMI is calculated from all households within Fluvanna County.
In Lake Monticello, 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 Lake Monticello
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 Lake Monticello
|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 Lake Monticello AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Lake Monticello AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Lake Monticello AMI may qualify for rental assistance programs that target Low Income households.