Affordable Housing In Waterloo
5 Low Income Apartment Communities In Waterloo
Guide To Affordable Housing in Waterloo, Illinois
There are 5 low income housing apartment communities offering 190 affordable apartments for rent in Waterloo, Illinois.
Income Based Apartments in Waterloo, Illinois
Waterloo features 100 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 Waterloo, Illinois
There are 90 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Waterloo.
Housing Choice Vouchers in Waterloo, Illinois
On average, Section 8 Housing Choice vouchers pay Waterloo landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Waterloo.
The maximum amount a voucher would pay on behalf of a low-income tenant in Waterloo, Illinois for a two-bedroom apartment is between $852 and $1,042.
2022 Waterloo, 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|
|Waterloo, Illinois Fair Market Rent||$689||$745||$947||$1,230||$1,449|
|Waterloo, Illinois Payment Standard Range||$620 to $758||$671 to $820||$852 to $1,042||$1,107 to $1,353||$1,304 to $1,594|
Sourced from federal housing data and AffordableHousingOnline.com research.
Waterloo, IL Affordable Housing Snapshot
|Total Affordable Apartment Properties||5|
|Total Low Income Apartments||190|
|Total Housing Units with Rental Assistance||100|
|Percentage of Housing Units Occupied By Renters||22.97%|
|Average Renter Household Size||2.18|
|Average Household Size||2.55|
|Median Household Income||$73,765 ±$5,597|
|Median Rent||$849 ±$95|
|Percentage Of Renters Overburdened||49.94% ± 14.7pp|
Population and Household Demographics
Waterloo is a city in Monroe County, Illinois with a population of 10,151. There are 3,913 households in the city with an average household size of 2.55 persons. 22.97% of households in Waterloo are renters.
Income and Rent Overburden in Waterloo
The median gross income for households in Waterloo is $73,765 a year, or $6,147 a month. The median rent for the city is $849 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Waterloo, a household making less than $2,830 a month would be considered overburdened when renting an apartment at or above the median rent. 49.94% of households who rent are overburdened in Waterloo.
Area Median Income In Waterloo
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 Waterloo, the AMI is calculated from all households within Monroe County.
In Waterloo, HUD calculates the Area Median Income for a family of four as $84,900
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 Waterloo
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 Waterloo
|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 Waterloo AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Waterloo AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Waterloo AMI may qualify for rental assistance programs that target Low Income households.