Affordable Housing In Richmond County

5 Low Income Apartment Communities In Richmond County

College Green Apartments I

30 Bluebird Ln
Warsaw, VA
Call For Rent
1 BR

College Green Apartments II

324 Wallace St
Warsaw, VA
Call For Rent
1 BR
HCV Welcome

Miller Lofts

500 Stockton St
Richmond, VA
HCV Welcome

Goodwyn at Union Hill

2230, 2236, 2238,2238.5 Venable Street
Richmond, VA
HCV Welcome

Warsaw Manor Apartments

121 Jones Ln
Warsaw, VA
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There are 5 low income housing apartment complexes which contain 156 affordable apartments for rent in Richmond County. Many of these rental apartments are income based housing with 88 apartments that set rent based on your income. In Richmond County, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 68 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Guide To Affordable Housing in Richmond County, Virginia

Richmond County, VA Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 156
Total Rent Assisted Apartments 88
Percentage of Housing Units Occupied By Renters 25.63%
Average Renter Household Size 2.48
Total Population 8,989
Housing Units 2,875
Average Household Size 2.47
Median Household Income $47,288 ±$6,065
Median Rent $773 ±$49
Percentage Of Renters Overburdened 41.25% ± 10.37pp

Population and Household Demographics

Richmond County is a County in Virginia with a population of 8,989. There are 2,875 households in the county with an average household size of 2.47 persons. 25.63% of households in Richmond County are renters.

Income and Rent Overburden in Richmond County

The median gross income for households in Richmond County is $47,288 a year, or $3,941 a month. The median rent for the county is $773 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Richmond County, a household making less than $2,577 a month would be considered overburdened when renting an apartment at or above the median rent. 41.25% of households who rent are overburdened in Richmond County.1

Area Median Income In Richmond County

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.

In Richmond County, HUD calculates the Area Median Income for a family of four as $50,400

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 Richmond County

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 Richmond County HUD Rental Assistance in Richmond County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,900 $16,910 $21,330 $25,750 $30,170 $34,590 $38,050 $40,500
50% of Median $21,500 $24,550 $27,600 $30,650 $33,150 $35,600 $38,050 $40,500
80% of Median $34,350 $39,250 $44,150 $49,050 $53,000 $56,900 $60,850 $64,750
Low Income Housing Tax Credits in Richmond County

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

From 1996 to 2009, 3 low income apartment communities containing 104 rental apartments have been constructed and made affordable to low income persons in Richmond County 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 Richmond County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
60% of Median $25,800 $29,460 $33,120 $36,780 $39,780 $42,720 $45,660 $48,600

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 Richmond County is $33,120 a year, or $2,760 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,760 by 30% to get a maximum rent of $828 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% $538 $576 $690 $798 $890 $982
60% $645 $691 $828 $957 $1,068 $1,178
Fair Market Rents in Richmond County

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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$568 $640 $846 $1,109 $1,308

Cities In Richmond County

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Warsaw 3