Affordable Housing In Gibson City
Ford County, Illinois

5 Low Income Apartment Communities In Gibson City

Meadow Village

601 N State St
Gibson City, IL
Subsidized

Gibson Gardens

500 E 13th St
Gibson City, IL
Subsidized

Scattered Sites

214 E 7th St
Gibson City, IL

Schoolhouse Apartments

200 N Melvin St
Gibson City, IL
Subsidized

Gibson City Apartments

637 N State St
Gibson City, IL
HCV Welcome
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Housing Authorities that serve Gibson City

Housing Authority Programs
Housing Authority of the County of Ford Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Gibson City, Illinois

There are 5 low income housing apartment communities offering 142 affordable apartments for rent in Gibson City, Illinois. Gibson City features 142 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Gibson City.

Sourced from federal housing data and AffordableHousingOnline.com research.

Gibson City, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 142
Total Housing Units with Rental Assistance 142
Percentage of Housing Units Occupied By Renters 37.83%
Average Renter Household Size 2.43
Average Household Size 2.37
Median Household Income $41,450 ±$5,161
Median Rent $569 ±$65
Percentage Of Renters Overburdened 41.62% ± 15.33pp
Total Population 3,542

Population and Household Demographics

Gibson City is a City in Ford County, Illinois with a population of 3,542. There are 1,467 households in the city with an average household size of 2.37 persons. 37.83% of households in Gibson City are renters.

Income and Rent Overburden in Gibson City

The median gross income for households in Gibson City is $41,450 a year, or $3,454 a month. The median rent for the city is $569 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Gibson City, a household making less than $1,897 a month would be considered overburdened when renting an apartment at or above the median rent. 41.62% of households who rent are overburdened in Gibson City.1

Area Median Income In Gibson City

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 Gibson City, the AMI is calculated from all households within Ford County.

In Gibson City, HUD calculates the Area Median Income for a family of four as $79,500

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 Gibson City

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 Gibson City HUD Rental Assistance in Gibson City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,700 $19,100 $21,500 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $27,850 $31,800 $35,800 $39,750 $42,950 $46,150 $49,300 $52,500
80% of Median $44,550 $50,900 $57,250 $63,600 $68,700 $73,800 $78,900 $84,000
Low Income Housing Tax Credits in Gibson City

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1993 to 1994, 2 low income apartment communities containing 58 rental apartments have been constructed and made affordable to low income persons in Gibson City by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Gibson City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $27,850 $31,800 $35,800 $39,750 $42,950 $46,150 $49,300 $52,500
60% of Median $33,420 $38,160 $42,960 $47,700 $51,540 $55,380 $59,160 $63,000

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Gibson City is $42,960 a year, or $3,580 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,580 by 30% to get a maximum rent of $1,074 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $696 $746 $895 $1,034 $1,154 $1,273
60% $836 $895 $1,074 $1,241 $1,385 $1,527
Fair Market Rents in Gibson City

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$725 $730 $862 $1,108 $1,305