Troy, Illinois Affordable Housing

Waiting Lists in Troy, Illinois

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

Public Housing Agencies Serving Troy, 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.

Troy, Illinois Affordable Housing Data

Income Based Apartments in Troy, Illinois

Troy features 72 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 Troy, Illinois

There are 34 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Troy.

Housing Choice Vouchers in Troy, Illinois

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Troy, Illinois for a two-bedroom apartment is between $899 and $1,099.

2023 Troy, 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.

Sourced from federal housing data and AffordableHousingOnline.com research.

Troy, IL Affordable Housing Snapshot

Population and Household Demographics

Troy is a city in Madison County, Illinois with a population of 9,939. There are 3,587 households in the city with an average household size of 2.70 persons. 31.22% of households in Troy are renters.

Income and Rent Overburden in Troy

The median gross income for households in Troy is $69,137 a year, or $5,761 a month. The median rent for the city is $788 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Troy, a household making less than $2,627 a month would be considered overburdened when renting an apartment at or above the median rent. 31.61% of households who rent are overburdened in Troy.

Area Median Income In Troy

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 Troy, the AMI is calculated from all households within Madison County.

In Troy, HUD calculates the Area Median Income for a family of four as $97,200

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 Troy

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 Troy