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Affordable Housing In Troy
Madison County, Illinois

5 Low Income Apartment Communities In Troy

Idlewood Apartments

527 Lower Marine Rd
Troy, Illinois
Income Based
1 BR

Liberty Square

200 Taylor
Troy, Illinois

Senior Citizens Housing

944 Carla Dr
Troy, Illinois

Idlewood Apartments

601 Lower Marine Rd
Troy, Illinois
Subsidized

Silvercreek Apts

402-424 Meadow Dr.
Troy, Illinois
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Housing Authorities that serve Troy

Housing Authority Programs
Madison County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-Sufficiency

Guide To Affordable Housing in Troy, Illinois

There are 5 low income housing apartment communities offering 106 affordable apartments for rent in Troy, Illinois.

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 $815 and $996.

2020 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.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $633 $701 $905 $1,185 $1,395
Payment Standard Range $570 to $696 $631 to $771 $815 to $996 $1,067 to $1,304 $1,256 to $1,535

Sourced from federal housing data and AffordableHousingOnline.com research.

Troy, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 106
Total Housing Units with Rental Assistance 72
Percentage of Housing Units Occupied By Renters 31.22%
Average Renter Household Size 2.50
Average Household Size 2.70
Median Household Income $69,137 ±$7,844
Median Rent $788 ±$83
Percentage Of Renters Overburdened 31.61% ± 11.92pp
Total Population 9,939

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 $82,900

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 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

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $17,400 $19,900 $22,400 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $29,050 $33,200 $37,350 $41,450 $44,800 $48,100 $51,400 $54,750
80% of Median $46,450 $53,050 $59,700 $66,300 $71,650 $76,950 $82,250 $87,550