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There are 0 low-income apartments in Mount Ida that offer reduced rents to eligible households.
Rental assistance programs support 15 low-income homes in Mount Ida where households pay rent based on how much they earn.
Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Mount Ida, 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 |
|---|---|
| Mount Ida Housing Authority | Public Housing |
Mount Ida, Arkansas Affordable Housing Data
Income Based Apartments in Mount Ida, Arkansas
Mount Ida features 15 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 Mount Ida, Arkansas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mount Ida.
Housing Choice Vouchers in Mount Ida, Arkansas
On average, Section 8 Housing Choice vouchers pay Mount Ida landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Mount Ida.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mount Ida, Arkansas for a two-bedroom apartment is between $733 and $895.
2024 Mount Ida, 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 | |
|---|---|---|---|---|---|
| Mount Ida, Arkansas Fair Market Rent | $604 | $725 | $814 | $1,073 | $1,381 |
| Mount Ida, Arkansas Payment Standard Range | $544 to $664 | $653 to $798 | $733 to $895 | $966 to $1,180 | $1,243 to $1,519 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Mount Ida, AR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 15 |
| Total Housing Units with Rental Assistance | 15 |
| Percentage of Housing Units Occupied By Renters | 35.15% |
| Average Renter Household Size | 2.29 |
| Average Household Size | 2.42 |
| Median Household Income | $38,631 ±$7,667 |
| Median Rent | $521 ±$55 |
| Percentage Of Renters Overburdened | 30.97% ± 13.78pp |
| Total Population | 1,191 |
Population and Household Demographics
Mount Ida is a city in Montgomery County, Arkansas with a population of 1,191. There are 441 households in the city with an average household size of 2.42 persons. 35.15% of households in Mount Ida are renters.
Income and Rent Overburden in Mount Ida
The median gross income for households in Mount Ida is $38,631 a year, or $3,219 a month. The median rent for the city is $521 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Mount Ida, a household making less than $1,737 a month would be considered overburdened when renting an apartment at or above the median rent. 30.97% of households who rent are overburdened in Mount Ida.
Area Median Income In Mount Ida
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 Mount Ida, the AMI is calculated from all households within Montgomery County.
In Mount Ida, HUD calculates the Area Median Income for a family of four as $55,900
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 Mount Ida
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 Mount Ida
| 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 Mount Ida 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 Mount Ida 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 Mount Ida 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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