Affordable Housing In Boone County
Iowa

11 Low Income Apartment Communities In Boone County

Cedar Crossing Senior Apartments

2003 Cedar Street
Boone, IA
$663
1 BR
62+
HCV Welcome

Alice Place at Boone

1704 Hawkeye Dr
Boone, IA
$615-700
1-2 BR
55+
HCV Welcome
Market Rate

Boone Park Apartments

1127 South Linn Street
Boone, IA
Income Based
1-2 BR
Subsidized

Pinnacle Apartments

316 2nd St
Boone, IA
Subsidized

Bright Meadows

619 Haws Dr
Ogden, IA
Subsidized

Bn Linden, Lllp - 1015 Parkway Drive

1015 Parkway Dr
Boone, IA
HCV Welcome

Candleridge Boone

1024 Parkway Dr
Boone, IA

Boone Sundance Apartments

1309 S Linn St
Boone, IA
HCV Welcome

Candleridge Apartments of Boone

1012 Parkway Dr
Boone, IA
Subsidized

Cirha Public Housing

305 Greene St
Boone, IA

Housing Authorities that serve Boone County

Housing Authority Programs
Central Iowa Regional Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Boone County, Iowa

There are 11 low income housing apartment communities offering 414 affordable apartments for rent in Boone County, Iowa. Boone County features 260 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 154 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Boone County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Boone County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 11
Total Low Income Apartments 414
Total Housing Units with Rental Assistance 260
Percentage of Housing Units Occupied By Renters 24.58%
Average Renter Household Size 2.24
Average Household Size 2.37
Median Household Income $52,985 ±$2,343
Median Rent $644 ±$42
Percentage Of Renters Overburdened 36.9% ± 6.97pp
Total Population 26,401

Population and Household Demographics

Boone County is a County in Iowa with a population of 26,401. There are 10,759 households in the county with an average household size of 2.37 persons. 24.58% of households in Boone County are renters.

Income and Rent Overburden in Boone County

The median gross income for households in Boone County is $52,985 a year, or $4,415 a month. The median rent for the county is $644 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Boone County, a household making less than $2,147 a month would be considered overburdened when renting an apartment at or above the median rent. 36.9% of households who rent are overburdened in Boone County.1

Area Median Income In Boone County

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.

In Boone County, HUD calculates the Area Median Income for a family of four as $74,600

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 Boone County

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 Boone County HUD Rental Assistance in Boone County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,700 $17,950 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,150 $29,850 $33,600 $37,300 $40,300 $43,300 $46,300 $49,250
80% of Median $41,800 $47,800 $53,750 $59,700 $64,500 $69,300 $74,050 $78,850
Low Income Housing Tax Credits in Boone County

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

From 1988 to 2004, 5 low income apartment communities containing 145 rental apartments have been constructed and made affordable to low income persons in Boone County 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 Boone County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,150 $29,850 $33,600 $37,300 $40,300 $43,300 $46,300 $49,250
60% of Median $31,380 $35,820 $40,320 $44,760 $48,360 $51,960 $55,560 $59,100

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 Boone County is $40,320 a year, or $3,360 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,360 by 30% to get a maximum rent of $1,008 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% $654 $700 $840 $970 $1,083 $1,194
60% $785 $840 $1,008 $1,164 $1,299 $1,433
Fair Market Rents in Boone County

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.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$538 $607 $744 $997 $1,121

Cities In Boone County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Boone 10 The HUD funded Public Housing Agency that serves Boone is the Central Iowa Regional Housing Authority.
Ogden 1 The HUD funded Public Housing Agency that serves Ogden is the Central Iowa Regional Housing Authority.
Beaver 0 The HUD funded Public Housing Agency that serves Beaver is the Central Iowa Regional Housing Authority.
Pilot Mound 0 The HUD funded Public Housing Agency that serves Pilot Mound is the Central Iowa Regional Housing Authority.
Sheldahl 0 The HUD funded Public Housing Agency that serves Sheldahl is the Central Iowa Regional Housing Authority.
Berkley 0 The HUD funded Public Housing Agency that serves Berkley is the Central Iowa Regional Housing Authority.
Boxholm 0 The HUD funded Public Housing Agency that serves Boxholm is the Central Iowa Regional Housing Authority.
Fraser 0 The HUD funded Public Housing Agency that serves Fraser is the Central Iowa Regional Housing Authority.
Luther 0 The HUD funded Public Housing Agency that serves Luther is the Central Iowa Regional Housing Authority.
Madrid 0 The HUD funded Public Housing Agency that serves Madrid is the Central Iowa Regional Housing Authority.