Affordable Housing In Wood River
Madison County, Illinois

2 Low Income Apartment Communities In Wood River

Stevens Building

118 Haller St
Wood River, IL
Subsidized

Windham Terrace Apartments

2709 Windham Terrace Dr
Wood River, IL
HCV Welcome
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There are 2 low income housing apartment complexes which contain 106 affordable apartments for rent in Wood River. Many of these rental apartments are income based housing with 46 apartments that set rent based on your income. In Wood River, HUD housing programs support 46 rental assistance apartments through programs like Project-based Section 8. There are 60 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Wood River

Housing Authority Programs
Madison County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Wood River, Illinois

Wood River, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 106
Total Rent Assisted Apartments 46
Percentage of Housing Units Occupied By Renters 32.99%
Average Renter Household Size 2.20
Total Population 10,417
Housing Units 4,517
Average Household Size 2.26
Median Household Income $41,349 ±$11,076
Median Rent $716 ±$55
Percentage Of Renters Overburdened 44.83% ± 10.66pp

Population and Household Demographics

Wood River is a City in Madison County, Illinois with a population of 10,417. There are 4,517 households in the city with an average household size of 2.26 persons. 32.99% of households in Wood River are renters.

Income and Rent Overburden in Wood River

The median gross income for households in Wood River is $41,349 a year, or $3,446 a month. The median rent for the city is $716 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Wood River, a household making less than $2,387 a month would be considered overburdened when renting an apartment at or above the median rent. 44.83% of households who rent are overburdened in Wood River.1

Area Median Income In Wood River

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

In Wood River, HUD calculates the Area Median Income for a family of four as $81,300

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 Wood River

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 Wood River HUD Rental Assistance in Wood River

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $17,100 $19,550 $22,000 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $28,500 $32,550 $36,600 $40,650 $43,950 $47,200 $50,450 $53,700
80% of Median $45,550 $52,050 $58,550 $65,050 $70,300 $75,500 $80,700 $85,900
Low Income Housing Tax Credits in Wood River

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

From 2005 to 2005, 1 low income apartment communities containing 60 rental apartments have been constructed and made affordable to low income persons in Wood River 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 Wood River

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $28,500 $32,550 $36,600 $40,650 $43,950 $47,200 $50,450 $53,700
60% of Median $34,200 $39,060 $43,920 $48,780 $52,740 $56,640 $60,540 $64,440

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 Wood River is $43,920 a year, or $3,660 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,660 by 30% to get a maximum rent of $1,098 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% $713 $763 $915 $1,058 $1,180 $1,302
60% $855 $916 $1,098 $1,269 $1,416 $1,562
Fair Market Rents in Wood River

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
$635 $713 $924 $1,215 $1,430