Low Income Apartments In Peoria
Peoria County, Illinois

Low Income Apartments In Peoria

Dunlap Falls

6900 North Summershade Circle
Peoria, IL
$845-1,170
1-3 BR

The Heartland Apartments

607 North Hightower Street
Peoria, IL
Call For Rent
1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

Glen Oak Towers Apartments

926 Main Street
Peoria, IL
Call For Rent
1 BR

River West

312 S Merriman St
Peoria, IL
HCV Welcome

Village Green Apartments

725 W Hurlburt St
Peoria, IL
Subsidized

T M Wallick Residences

2401 N Gail Ave
Peoria, IL
Subsidized

Landmark Apartments

706 N Shipman Street
Peoria, IL
Subsidized

Oak Woods ( Ihda )

740 W Joan Ct
Peoria, IL
Subsidized

Parc Community Homes

1913 W Townline Rd
Peoria, IL
Accessible
Disabled Supportive Housing
Subsidized

Dorchester Ridge Apartments

3215 N University St
Peoria, IL
Accessible
Disabled Supportive Housing
Subsidized

There are 50 low income housing apartment complexes which contain 4,183 affordable apartments for rent in Peoria. Many of these rental apartments are income based housing with 3,104 apartments that set rent based on your income. In Peoria, HUD housing programs support 1,195 rental assistance apartments through programs like Project-based Section 8. There are 1,079 other low income apartments that don't have rental assistance but are still considered to be affordable housing for low income families.

Housing Authorities that serve Peoria

Housing Authority Programs
Peoria Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-sufficiency

Guide To Affordable Housing in Peoria, Illinois

Peoria, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 50
Total Low Income Apartments 4,183
Total Rent Assisted Apartments 3,104
Percentage of Housing Units Occupied By Renters 44.77%
Average Renter Household Size 2.26
Total Population 115,847
Housing Units 47,239
Average Household Size 2.37
Median Household Income $45,552 ±$1,486
Median Rent $718 ±$14
Percentage Of Renters Overburdened 46.3% ± 2.69pp

Population and Household Demographics

Peoria is a City in Peoria County, Illinois with a population of 115,847. There are 47,239 households in the city with an average household size of 2.37 persons. 44.77% of households in Peoria are renters.

Income and Rent Overburden in Peoria

The median gross income for households in Peoria is $45,552 a year, or $3,796 a month. The median rent for the city is $718 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Peoria, a household making less than $2,393 a month would be considered overburdened when renting an apartment at or above the median rent. 46.3% of households who rent are overburdened in Peoria.1

Area Median Income In Peoria

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 Peoria, the AMI is calculated from all households within Peoria County.

In Peoria, HUD calculates the Area Median Income for a family of four as $76,900

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 Peoria

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 Peoria HUD Rental Assistance in Peoria

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,150 $18,450 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,950 $30,800 $34,650 $38,450 $41,550 $44,650 $47,700 $50,800
80% of Median $43,050 $49,200 $55,350 $61,500 $66,450 $71,350 $76,300 $81,200
Low Income Housing Tax Credits in Peoria

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

From 1992 to 2008, 13 low income apartment communities containing 1,345 rental apartments have been constructed and made affordable to low income persons in Peoria 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 Peoria

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
60% of Median $32,340 $36,960 $41,580 $46,140 $49,860 $53,580 $57,240 $60,960

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 Peoria is $41,580 a year, or $3,465 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,465 by 30% to get a maximum rent of $1,040 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% $674 $722 $866 $1,000 $1,116 $1,231
60% $809 $866 $1,040 $1,200 $1,340 $1,478
Fair Market Rents in Peoria

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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$573 $629 $798 $1,022 $1,151