Low Income Apartments For Rent in Bono, AR

Rental assistance programs support 70 low-income homes in Bono where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $413 towards rent each month.

Affordable rent data for some communities last confirmed on April 23rd, 2021. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Bono, Arkansas

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Housing Authority	Programs
Jonesboro Urban Renewal and Housing Authority	Section 8 Housing Choice Voucher (HCV); Public Housing

Go to the Arkansas Public Housing and Low-Income Apartments Waiting Lists page for openings near Bono.

Bono, Arkansas Affordable Housing Data

Income Based Apartments in Bono, Arkansas

Bono features 70 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 Bono, Arkansas

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

Housing Choice Vouchers in Bono, Arkansas

On average, Section 8 Housing Choice vouchers pay Bono landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Bono.

The maximum amount a voucher would pay on behalf of a low-income tenant in Bono, Arkansas for a two-bedroom apartment is between $842 and $1,030.

2024 Bono, Arkansas 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
Bono, Arkansas Fair Market Rent	$634	$767	$936	$1,226	$1,560
Bono, Arkansas Payment Standard Range	$571 to $697	$690 to $844	$842 to $1,030	$1,103 to $1,349	$1,404 to $1,716

Sourced from federal housing data and AffordableHousingOnline.com research.

Bono, AR Affordable Housing Snapshot

Total Affordable Apartment Properties 4

Total Low Income Apartments 72

Total Housing Units with Rental Assistance 70

Percentage of Housing Units Occupied By Renters 45.27%

Average Renter Household Size 2.72

Average Household Size 2.64

Median Household Income $36,875 ±$9,745

Median Rent $660 ±$35

Percentage Of Renters Overburdened 45.54% ± 16.37pp

Total Population 2,488

Total Affordable Apartment Properties	4
Total Low Income Apartments	72
Total Housing Units with Rental Assistance	70
Percentage of Housing Units Occupied By Renters	45.27%
Average Renter Household Size	2.72
Average Household Size	2.64
Median Household Income	$36,875 ±$9,745
Median Rent	$660 ±$35
Percentage Of Renters Overburdened	45.54% ± 16.37pp
Total Population	2,488

Population and Household Demographics

Bono is a city in Craighead County, Arkansas with a population of 2,488. There are 941 households in the city with an average household size of 2.64 persons. 45.27% of households in Bono are renters.

Income and Rent Overburden in Bono

The median gross income for households in Bono is $36,875 a year, or $3,073 a month. The median rent for the city is $660 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Bono, a household making less than $2,200 a month would be considered overburdened when renting an apartment at or above the median rent. 45.54% of households who rent are overburdened in Bono.

Area Median Income In Bono

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 Bono, the AMI is calculated from all households within Craighead County.

In Bono, HUD calculates the Area Median Income for a family of four as $76,800

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 Bono

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 Bono

	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 Bono AMI may qualify for rental assistance programs that target Extremely Low Income households.	$14,700	$19,720	$24,860	$30,000	$35,140	$40,280	$43,300	$46,100
50% AMI Income Limits Renters earning up to 50% of the Bono AMI may qualify for rental assistance programs that target Very Low Income households.	$24,450	$27,950	$31,450	$34,900	$37,700	$40,500	$43,300	$46,100
80% AMI Income Limits Renters earning up to 80% of the Bono AMI may qualify for rental assistance programs that target Low Income households.	$39,100	$44,650	$50,250	$55,800	$60,300	$64,750	$69,200	$73,700