The actual rent is determined by the income of the tenant. (30% of the area medium gross income, AMGI 50% of the AMGI, 60% of the AMGI and 80% of the AMGI or market rent because they exceed 80%).
Lavaca Landing Apartments was developed and operates with Federal housing financing. The property utilizes Federal housing programs to make rent affordable to lower income tenants. These programs are Section 515 and Project Based Sec. 8.
Lavaca Landing Apartments has a project-based section 8 contract. 24 of the 24 total units at the property receive Section 8 assistance. This means that 100% of the renter households in the property pay no more than 30% of their adjusted income for rent.
The current Section 8 contract was effective on 01/01/13 and the contract expires on 12/31/32.
The property was constructed using the USDA Rural Development Section 515 Rural Rental Housing Program. The program provides low interest rates with longer amortization periods for rental housing built in rural areas of America.
Lavaca Landing Apartments provides rental subsidies to renters. The type of subsidy provided to apartment renters in Hallettsville, TX by this property is Project Based Sec. 8.
This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.
There is a minimum payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.