Affordable Housing In Buena Vista County
Iowa

9 Low Income Apartment Communities In Buena Vista County

Storm Lake Senior Housing

210 E 13th St
Storm Lake, IA
Income Based
1 BR
Subsidized

Tenth Street Townhomes

1118 Ontario St
Storm Lake, IA
$503-821
2-3 BR
HCV Welcome

Lakeview Manor Apartments

904 East Milwaukee Ave
Storm Lake, IA
Call For Rent
1 BR
62+
Accessible
Elderly Supportive Housing
Subsidized

Rembrandt Housing Project

104 3rd Ave S
Rembrandt, IA
Subsidized

Northpark Apartments

1724 E Milwaukee Ave
Storm Lake, IA
Subsidized

Albert City Apartments

506 4th St S
Albert City, IA

Seneca Place Apartments

1405 Seneca St
Storm Lake, IA
HCV Welcome

Holly Heights Apartments

1800 E Milwaukee Ave
Storm Lake, IA
HCV Welcome

Sioux Rapids Rtrmt

900 Thomas St
Sioux Rapids, IA
Subsidized
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There are 9 low income housing apartment complexes which contain 369 affordable apartments for rent in Buena Vista County. Many of these rental apartments are income based housing with 199 apartments that set rent based on your income. In Buena Vista County, HUD housing programs support 82 rental assistance apartments through programs like Project-based Section 8. There are 170 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Guide To Affordable Housing in Buena Vista County, Iowa

Buena Vista County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 9
Total Low Income Apartments 369
Total Rent Assisted Apartments 199
Percentage of Housing Units Occupied By Renters 31.07%
Average Renter Household Size 2.43
Total Population 20,507
Housing Units 7,635
Average Household Size 2.55
Median Household Income $48,195 ±$2,162
Median Rent $593 ±$24
Percentage Of Renters Overburdened 27.78% ± 5.87pp

Population and Household Demographics

Buena Vista County is a County in Iowa with a population of 20,507. There are 7,635 households in the county with an average household size of 2.55 persons. 31.07% of households in Buena Vista County are renters.

Income and Rent Overburden in Buena Vista County

The median gross income for households in Buena Vista County is $48,195 a year, or $4,016 a month. The median rent for the county is $593 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Buena Vista County, a household making less than $1,977 a month would be considered overburdened when renting an apartment at or above the median rent. 27.78% of households who rent are overburdened in Buena Vista County.1

Area Median Income In Buena Vista 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 Buena Vista County, HUD calculates the Area Median Income for a family of four as $63,900

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 Buena Vista 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 Buena Vista County HUD Rental Assistance in Buena Vista County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,600 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
80% of Median $38,850 $44,400 $49,950 $55,500 $59,950 $64,400 $68,850 $73,300
Low Income Housing Tax Credits in Buena Vista County

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

From 1996 to 2006, 3 low income apartment communities containing 104 rental apartments have been constructed and made affordable to low income persons in Buena Vista 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 Buena Vista County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
60% of Median $29,160 $33,360 $37,500 $41,640 $45,000 $48,360 $51,660 $55,020

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 Buena Vista County is $37,500 a year, or $3,125 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,125 by 30% to get a maximum rent of $938 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% $608 $651 $781 $903 $1,008 $1,111
60% $729 $782 $938 $1,083 $1,209 $1,334
Fair Market Rents in Buena Vista 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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$444 $509 $664 $914 $1,020

Cities In Buena Vista County

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

City Listings Served By
Storm Lake 6
Sioux Rapids 1
Rembrandt 1
Albert City 1
Alta 0
Lakeside 0
Linn Grove 0
Marathon 0
Newell 0
Truesdale 0