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There are 234 low-income apartments in New Castle that offer reduced rents to eligible households.
Rental assistance programs support 417 low-income homes in New Castle where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $298 towards rent each month.
Affordable rent data for some communities last confirmed on June 25th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving New Castle, Indiana
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 |
|---|---|
| New Castle Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
| Interlocal Community Action Program Inc | Section 8 Housing Choice Voucher (HCV) |
New Castle, Indiana Affordable Housing Data
Income Based Apartments in New Castle, Indiana
New Castle features 417 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 New Castle, Indiana
There are 234 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Castle.
Housing Choice Vouchers in New Castle, Indiana
On average, Section 8 Housing Choice vouchers pay New Castle landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in New Castle.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Castle, Indiana for a two-bedroom apartment is between $777 and $949.
2024 New Castle, Indiana 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 | |
|---|---|---|---|---|---|
| New Castle, Indiana Fair Market Rent | $678 | $682 | $863 | $1,083 | $1,204 |
| New Castle, Indiana Payment Standard Range | $610 to $746 | $614 to $750 | $777 to $949 | $975 to $1,191 | $1,084 to $1,324 |
Sourced from federal housing data and AffordableHousingOnline.com research.
New Castle, IN Affordable Housing Snapshot
| Total Affordable Apartment Properties | 17 |
|---|---|
| Total Low Income Apartments | 658 |
| Total Housing Units with Rental Assistance | 417 |
| Percentage of Housing Units Occupied By Renters | 41.46% |
| Average Renter Household Size | 2.21 |
| Average Household Size | 2.35 |
| Median Household Income | $32,840 ±$2,266 |
| Median Rent | $602 ±$24 |
| Percentage Of Renters Overburdened | 48.09% ± 6.17pp |
| Total Population | 17,755 |
Population and Household Demographics
New Castle is a city in Henry County, Indiana with a population of 17,755. There are 7,369 households in the city with an average household size of 2.35 persons. 41.46% of households in New Castle are renters.
Income and Rent Overburden in New Castle
The median gross income for households in New Castle is $32,840 a year, or $2,737 a month. The median rent for the city is $602 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Castle, a household making less than $2,007 a month would be considered overburdened when renting an apartment at or above the median rent. 48.09% of households who rent are overburdened in New Castle.
Area Median Income In New Castle
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 New Castle, the AMI is calculated from all households within Henry County.
In New Castle, HUD calculates the Area Median Income for a family of four as $74,900
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 New Castle
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 New Castle
| 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 New Castle AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$16,600 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the New Castle AMI may qualify for rental assistance programs that target Very Low Income households. |
$27,650 | $31,600 | $35,550 | $39,450 | $42,650 | $45,800 | $48,950 | $52,100 |
| 80% AMI Income Limits Renters earning up to 80% of the New Castle AMI may qualify for rental assistance programs that target Low Income households. |
$44,200 | $50,500 | $56,800 | $63,100 | $68,150 | $73,200 | $78,250 | $83,300 |
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