Palos Park, Illinois Affordable Housing

Affordable Housing programs support 81 income based apartments in Palos Park where households pay rent based on how much they earn.

There are 0 affordable apartments in Palos Park that offer reduced rents to low-income households.

Waiting Lists in Palos Park, Illinois

There are no open Section 8 Housing Choice Voucher waiting lists in Palos Park. Go to the Illinois Section 8 Waiting Lists page for openings near Palos Park.

St Francis of Assisi Residence

12218 Will Cook Rd
Palos Park, Illinois
Income Based
1 BR
Rent Assisted
62+
Accessible
Elderly Supportive Housing
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Affordable Housing Near Palos Park

View affordable apartments and waiting lists in cities near Palos Park

City Apartments
Chicago, IL Affordable Housing programs support 766 apartment communities in Chicago.
Elgin, IL Affordable Housing programs support 15 apartment communities in Elgin.
Evanston, IL Affordable Housing programs support 12 apartment communities in Evanston.
Palatine, IL Affordable Housing programs support 7 apartment communities in Palatine.
Harvey, IL Affordable Housing programs support 7 apartment communities in Harvey.

Public Housing Agencies Serving Palos Park, Illinois

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
Housing Authority of Cook County Section 8 Housing Choice Voucher (HCV); Public Housing; Section 8 Project-Based Voucher (PBV)
Go to the Illinois Public Housing and Low-Income Apartments Waiting Lists page for openings near Palos Park.

Palos Park, Illinois Affordable Housing Data

Income Based Apartments in Palos Park, Illinois

Palos Park features 81 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 Palos Park, Illinois

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Palos Park.

Housing Choice Vouchers in Palos Park, Illinois

On average, Section 8 Housing Choice vouchers pay Palos Park landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Palos Park.

The maximum amount a voucher would pay on behalf of a low-income tenant in Palos Park, Illinois for a two-bedroom apartment is between $1,296 and $1,584.

2023 Palos Park, Illinois 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
Palos Park, Illinois Fair Market Rent $1,158 $1,255 $1,440 $1,827 $2,172
Palos Park, Illinois Payment Standard Range $1,042 to $1,274 $1,130 to $1,381 $1,296 to $1,584 $1,644 to $2,010 $1,955 to $2,389

Sourced from federal housing data and AffordableHousingOnline.com research.

Palos Park, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 81
Total Housing Units with Rental Assistance 81
Percentage of Housing Units Occupied By Renters 12.08%
Average Renter Household Size 1.56
Average Household Size 2.47
Median Household Income $77,546 ±$8,752
Median Rent $0 ±$0
Percentage Of Renters Overburdened 47.03% ± 20.2pp
Total Population 4,944

Population and Household Demographics

Palos Park is a city in Cook County, Illinois with a population of 4,944. There are 1,953 households in the city with an average household size of 2.47 persons. 12.08% of households in Palos Park are renters.

Income and Rent Overburden in Palos Park

The median gross income for households in Palos Park is $77,546 a year, or $6,462 a month. The median rent for the city is $0 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Palos Park, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 47.03% of households who rent are overburdened in Palos Park.

Area Median Income In Palos Park

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 Palos Park, the AMI is calculated from all households within Cook County.

In Palos Park, HUD calculates the Area Median Income for a family of four as $107,800

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 Palos Park

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 Palos Park

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 Palos Park AMI may qualify for rental assistance programs that target Extremely Low Income households.
$21,900 $25,000 $28,150 $31,250 $33,750 $37,190 $41,910 $46,630
50% AMI Income Limits
Renters earning up to 50% of the Palos Park AMI may qualify for rental assistance programs that target Very Low Income households.
$36,500 $41,700 $46,900 $52,100 $56,300 $60,450 $64,650 $68,800
80% AMI Income Limits
Renters earning up to 80% of the Palos Park AMI may qualify for rental assistance programs that target Low Income households.
$58,350 $66,700 $75,050 $83,350 $90,050 $96,700 $103,400 $110,050