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Affordable Housing In Cambridge
Story County, Iowa

1 Low Income Apartment Communities In Cambridge

Cambridge Hsg

101 West Third Street
Cambridge, Iowa
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Housing Authorities that serve Cambridge

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

Guide To Affordable Housing in Cambridge, Iowa

There are 1 low income housing apartment communities offering 12 affordable apartments for rent in Cambridge, Iowa.

Income Based Apartments in Cambridge, Iowa

Cambridge features 12 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 Cambridge, Iowa

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

Housing Choice Vouchers in Cambridge, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Cambridge, Iowa for a two-bedroom apartment is between $813 and $993.

2021 Cambridge, 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
Cambridge, Iowa Fair Market Rent $749 $752 $903 $1,282 $1,481
Cambridge, Iowa Payment Standard Range $674 to $824 $677 to $827 $813 to $993 $1,154 to $1,410 $1,333 to $1,629

Sourced from federal housing data and research.

Cambridge, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 12
Total Housing Units with Rental Assistance 12
Percentage of Housing Units Occupied By Renters 19.66%
Average Renter Household Size 2.91
Average Household Size 2.73
Median Household Income $54,196 ±$11,740
Median Rent $856 ±$189
Percentage Of Renters Overburdened 25.86% ± 24.11pp
Total Population 806

Population and Household Demographics

Cambridge is a city in Story County, Iowa with a population of 806. There are 295 households in the city with an average household size of 2.73 persons. 19.66% of households in Cambridge are renters.

Income and Rent Overburden in Cambridge

The median gross income for households in Cambridge is $54,196 a year, or $4,516 a month. The median rent for the city is $856 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cambridge, a household making less than $2,853 a month would be considered overburdened when renting an apartment at or above the median rent. 25.86% of households who rent are overburdened in Cambridge.

Area Median Income In Cambridge

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 Cambridge, the AMI is calculated from all households within Story County.

In Cambridge, HUD calculates the Area Median Income for a family of four as $104,300

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 Cambridge

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 Cambridge

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 Cambridge AMI may qualify for rental assistance programs that target Extremely Low Income households.
$19,900 $22,750 $25,600 $28,400 $30,700 $35,160 $39,640 $44,120
50% AMI Income Limits
Renters earning up to 50% of the Cambridge AMI may qualify for rental assistance programs that target Very Low Income households.
$33,150 $37,850 $42,600 $47,300 $51,100 $54,900 $58,700 $62,450
80% AMI Income Limits
Renters earning up to 80% of the Cambridge AMI may qualify for rental assistance programs that target Low Income households.
$53,000 $60,600 $68,150 $75,700 $81,800 $87,850 $93,900 $99,950