Affordable Housing In Madison Heights
3 Low Income Apartment Communities In Madison Heights
Housing Authorities that serve Madison Heights
|Nelson County Community Development Foundation||Section 8 Housing Choice Voucher (HCV)|
|Virginia Housing||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Madison Heights, Virginia
There are 3 low income housing apartment communities offering 80 affordable apartments for rent in Madison Heights, Virginia.
Income Based Apartments in Madison Heights, Virginia
Madison Heights features 10 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 Madison Heights, Virginia
There are 70 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Madison Heights.
Housing Choice Vouchers in Madison Heights, Virginia
On average, Section 8 Housing Choice vouchers pay Madison Heights landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Madison Heights.
The maximum amount a voucher would pay on behalf of a low-income tenant in Madison Heights, Virginia for a two-bedroom apartment is between $706 and $862.
2021 Madison Heights, 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|
|Madison Heights, Virginia Fair Market Rent||$633||$660||$784||$1,053||$1,241|
|Madison Heights, Virginia Payment Standard Range||$570 to $696||$594 to $726||$706 to $862||$948 to $1,158||$1,117 to $1,365|
Sourced from federal housing data and AffordableHousingOnline.com research.
Madison Heights, VA Affordable Housing Snapshot
|Total Affordable Apartment Properties||3|
|Total Low Income Apartments||80|
|Total Housing Units with Rental Assistance||10|
|Percentage of Housing Units Occupied By Renters||31.87%|
|Average Renter Household Size||2.18|
|Average Household Size||2.37|
|Median Household Income||$37,775 ±$6,283|
|Median Rent||$700 ±$45|
|Percentage Of Renters Overburdened||43.58% ± 9.01pp|
Population and Household Demographics
Madison Heights is a city in Amherst County, Virginia with a population of 10,355. There are 4,371 households in the city with an average household size of 2.37 persons. 31.87% of households in Madison Heights are renters.
Income and Rent Overburden in Madison Heights
The median gross income for households in Madison Heights is $37,775 a year, or $3,148 a month. The median rent for the city is $700 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Madison Heights, a household making less than $2,333 a month would be considered overburdened when renting an apartment at or above the median rent. 43.58% of households who rent are overburdened in Madison Heights.
Area Median Income In Madison Heights
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 Madison Heights, the AMI is calculated from all households within Amherst County.
In Madison Heights, HUD calculates the Area Median Income for a family of four as $73,700
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 Madison Heights
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 Madison Heights
|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 Madison Heights AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Madison Heights AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Madison Heights AMI may qualify for rental assistance programs that target Low Income households.