Affordable Housing In Cedar Falls
Black Hawk County, Iowa

6 Low Income Apartment Communities In Cedar Falls

Cedar Square

1811 W 8th St
Cedar Falls, IA
Income Based
2-3 BR
Subsidized

Horizon Towers

2724 Bicentennial Dr
Cedar Falls, IA
Income Based
1 BR
Subsidized

Thunder Ridge

2206 Thunder Ridge Blvd
Cedar Falls, IA
Income Based
1-2 BR

College Square Manor

3112 Boulder Dr
Cedar Falls, IA
Subsidized

College Square Village II

1119 Maplewood Dr
Cedar Falls, IA
HCV Welcome

College Square Village

1207 Maplewood Dr
Cedar Falls, IA
HCV Welcome
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There are 6 low income housing apartment complexes which contain 286 affordable apartments for rent in Cedar Falls. Many of these rental apartments are income based housing with 120 apartments that set rent based on your income. In Cedar Falls, HUD housing programs support 120 rental assistance apartments through programs like Project-based Section 8. There are 124 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Cedar Falls

Housing Authority Programs
Housing Authority of the City of Cedar Falls Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Cedar Falls, Iowa

Cedar Falls, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 286
Total Rent Assisted Apartments 120
Percentage of Housing Units Occupied By Renters 35.23%
Average Renter Household Size 2.35
Total Population 40,439
Housing Units 14,566
Average Household Size 2.46
Median Household Income $55,808 ±$4,103
Median Rent $759 ±$29
Percentage Of Renters Overburdened 51.69% ± 5.22pp

Population and Household Demographics

Cedar Falls is a City in Black Hawk County, Iowa with a population of 40,439. There are 14,566 households in the city with an average household size of 2.46 persons. 35.23% of households in Cedar Falls are renters.

Income and Rent Overburden in Cedar Falls

The median gross income for households in Cedar Falls is $55,808 a year, or $4,651 a month. The median rent for the city is $759 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cedar Falls, a household making less than $2,530 a month would be considered overburdened when renting an apartment at or above the median rent. 51.69% of households who rent are overburdened in Cedar Falls.1

Area Median Income In Cedar Falls

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 Cedar Falls, the AMI is calculated from all households within Black Hawk County.

In Cedar Falls, 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 Cedar Falls

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 Cedar Falls HUD Rental Assistance in Cedar Falls

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,650 $17,900 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,100 $29,800 $33,550 $37,250 $40,250 $43,250 $46,200 $49,200
80% of Median $41,750 $47,700 $53,650 $59,600 $64,400 $69,150 $73,950 $78,700
Low Income Housing Tax Credits in Cedar Falls

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

From 1992 to 1995, 2 low income apartment communities containing 124 rental apartments have been constructed and made affordable to low income persons in Cedar Falls 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 Cedar Falls

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,100 $29,800 $33,550 $37,250 $40,250 $43,250 $46,200 $49,200
60% of Median $31,320 $35,760 $40,260 $44,700 $48,300 $51,900 $55,440 $59,040

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 Cedar Falls is $40,260 a year, or $3,355 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,355 by 30% to get a maximum rent of $1,007 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% $653 $699 $839 $969 $1,081 $1,193
60% $783 $839 $1,007 $1,163 $1,298 $1,431
Fair Market Rents in Cedar Falls

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
$554 $662 $836 $1,087 $1,355