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Affordable Housing In Bancroft
Kossuth County, Iowa

1 Low Income Apartment Communities In Bancroft

Pleasantview Manor

304 N Walnut St
Bancroft, Iowa
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Housing Authorities that serve Bancroft

Housing Authority Programs
North Iowa Regional Housing Authority Public Housing

Guide To Affordable Housing in Bancroft, Iowa

There are 1 low income housing apartment communities offering 28 affordable apartments for rent in Bancroft, Iowa.

Income Based Apartments in Bancroft, Iowa

Bancroft features 28 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 Bancroft, Iowa

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Bancroft.

Housing Choice Vouchers in Bancroft, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Bancroft, Iowa for a two-bedroom apartment is between $618 and $756.

2020 Bancroft, Iowa 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 $517 $522 $687 $894 $931
Payment Standard Range $465 to $569 $470 to $574 $618 to $756 $805 to $983 $838 to $1,024

Sourced from federal housing data and research.

Bancroft, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 28
Total Housing Units with Rental Assistance 28
Percentage of Housing Units Occupied By Renters 27.04%
Average Renter Household Size 1.46
Average Household Size 2.34
Median Household Income $44,375 ±$12,503
Median Rent $525 ±$206
Percentage Of Renters Overburdened 33.73% ± 22.39pp
Total Population 747

Population and Household Demographics

Bancroft is a city in Kossuth County, Iowa with a population of 747. There are 307 households in the city with an average household size of 2.34 persons. 27.04% of households in Bancroft are renters.

Income and Rent Overburden in Bancroft

The median gross income for households in Bancroft is $44,375 a year, or $3,698 a month. The median rent for the city is $525 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Bancroft, a household making less than $1,750 a month would be considered overburdened when renting an apartment at or above the median rent. 33.73% of households who rent are overburdened in Bancroft.

Area Median Income In Bancroft

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 Bancroft, the AMI is calculated from all households within Kossuth County.

In Bancroft, HUD calculates the Area Median Income for a family of four as $73,600

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 Bancroft

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 Bancroft

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,500 $17,700 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $25,800 $29,450 $33,150 $36,800 $39,750 $42,700 $45,650 $48,600
80% of Median $41,250 $47,150 $53,050 $58,900 $63,650 $68,350 $73,050 $77,750