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There are 37 low-income apartments in Lake Village that offer reduced rents to eligible households. Low-income rents in Lake Village, Arkansas can range from $861 to $960 depending on the number of bedrooms.
Rental assistance programs support 237 low-income homes in Lake Village where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-5 towards rent each month.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Lake Village, 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 |
|---|---|
| Lake Village Housing Authority | Section 8 Housing Choice Voucher (HCV) |
Lake Village, Arkansas Affordable Housing Data
Income Based Apartments in Lake Village, Arkansas
Lake Village features 237 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 Village, Arkansas
There are 37 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Village.
Housing Choice Vouchers in Lake Village, Arkansas
On average, Section 8 Housing Choice vouchers pay Lake Village landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Village.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Village, Arkansas for a two-bedroom apartment is between $733 and $895.
2024 Lake Village, 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 | |
|---|---|---|---|---|---|
| Lake Village, Arkansas Fair Market Rent | $604 | $620 | $814 | $1,089 | $1,376 |
| Lake Village, Arkansas Payment Standard Range | $544 to $664 | $558 to $682 | $733 to $895 | $980 to $1,198 | $1,238 to $1,514 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Lake Village, AR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 7 |
|---|---|
| Total Low Income Apartments | 274 |
| Total Housing Units with Rental Assistance | 237 |
| Percentage of Housing Units Occupied By Renters | 43.57% |
| Average Renter Household Size | 2.54 |
| Average Household Size | 2.33 |
| Median Household Income | $30,486 ±$10,739 |
| Median Rent | $580 ±$92 |
| Percentage Of Renters Overburdened | 40.47% ± 10.79pp |
| Total Population | 2,398 |
Population and Household Demographics
Lake Village is a city in Chicot County, Arkansas with a population of 2,398. There are 987 households in the city with an average household size of 2.33 persons. 43.57% of households in Lake Village are renters.
Income and Rent Overburden in Lake Village
The median gross income for households in Lake Village is $30,486 a year, or $2,541 a month. The median rent for the city is $580 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Village, a household making less than $1,933 a month would be considered overburdened when renting an apartment at or above the median rent. 40.47% of households who rent are overburdened in Lake Village.
Area Median Income In Lake Village
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 Village, the AMI is calculated from all households within Chicot County.
In Lake Village, HUD calculates the Area Median Income for a family of four as $49,800
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 Lake Village
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 Village
| 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 Village AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $30,000 | $34,250 | $36,800 | $39,350 | $41,850 |
| 50% AMI Income Limits Renters earning up to 50% of the Lake Village AMI may qualify for rental assistance programs that target Very Low Income households. |
$22,200 | $25,400 | $28,550 | $31,700 | $34,250 | $36,800 | $39,350 | $41,850 |
| 80% AMI Income Limits Renters earning up to 80% of the Lake Village AMI may qualify for rental assistance programs that target Low Income households. |
$35,500 | $40,600 | $45,650 | $50,700 | $54,800 | $58,850 | $62,900 | $66,950 |
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