About This Property
Powell Spring is a 48-unit affordable housing community in Pittsboro, NC that serves elderly residents. The property includes 24 one-bedroom units and 24 two-bedroom units and has been in service since 2011. Funding for the development comes from HOME and TCAP programs, with financing through 9% Low-Income Housing Tax Credits.
Property Details
Fair Market Rent - Chatham County, NC
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $1,385 |
| 1 Bedroom | $1,418 |
| 2 Bedroom | $1,631 |
| 3 Bedroom | $2,051 |
| 4 Bedroom | $2,510 |
Income Limits - Chatham County, NC
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $18,150
- Very Low (50%)
- $30,250
- Low (80%)
- $48,400
- Extremely Low (30%)
- $20,750
- Very Low (50%)
- $34,600
- Low (80%)
- $55,300
- Extremely Low (30%)
- $23,350
- Very Low (50%)
- $38,900
- Low (80%)
- $62,200
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $43,200
- Low (80%)
- $69,100
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $46,700
- Low (80%)
- $74,650
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $50,150
- Low (80%)
- $80,200
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $53,600
- Low (80%)
- $85,700
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $57,050
- Low (80%)
- $91,250
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $18,150 | $30,250 | $48,400 |
| 2 Persons | $20,750 | $34,600 | $55,300 |
| 3 Persons | $23,350 | $38,900 | $62,200 |
| 4 Persons | $26,500 | $43,200 | $69,100 |
| 5 Persons | $31,040 | $46,700 | $74,650 |
| 6 Persons | $35,580 | $50,150 | $80,200 |
| 7 Persons | $40,120 | $53,600 | $85,700 |
| 8 Persons | $44,660 | $57,050 | $91,250 |
Advertisement
Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Pittsboro, NC?+
The Fair Market Rent (FMR) for Chatham County, NC is: $1385 (Studio), $1418 (1BR), $1631 (2BR), $2051 (3BR), $2510 (4BR). Actual rent at subsidized properties like Powell Spring is typically 30% of household income or less.
What size apartments are available at Powell Spring?+
Powell Spring offers the following unit types: 24 One-Bedroom, 24 Two-Bedroom units, for a total of 48 units.
Who is eligible to live at Powell Spring?+
Powell Spring primarily serves elderly residents. All applicants must also meet income eligibility requirements for the area. Contact the property for specific eligibility criteria.
How do I apply for housing at Powell Spring?+
Powell Spring is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , or visiting their website, or contacting the property management office. Contact the property to learn about availability and application requirements. Eligibility is based on income limits set for the area.
Who manages Powell Spring?+
Powell Spring is managed by . You can reach them at . Visit their website for more information.
What are the income limits for affordable housing in Chatham County, NC?+
For a 4-person household in Chatham County, NC, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $43,200, Low Income (80% AMI): $69,100. These limits are set by HUD and updated annually.
What is the price range for apartments in Pittsboro, NC?+
Based on Fair Market Rent for Chatham County, the estimated price range is: 1-bedroom: $1418, 2-bedroom: $1631. Actual rent at Powell Spring may be lower for income-eligible households.
Contact Information
Walk Score
Almost All Errands Require a Car
Nearby Schools
Ratings provided by GreatSchools.org. Ratings are on a 1-10 scale.