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Affordable Housing In Cresco
Howard County, Iowa

3 Low Income Apartment Communities In Cresco

Heritage Haven Cresco

301 1st Avenue E.
Cresco, Iowa
Income Based
Studio-1 BR
62+
Elderly Supportive Housing

Alert Manor Inc

502 5th Ave W
Cresco, Iowa
Subsidized

Crestview Village

206 2nd St SW
Cresco, Iowa
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Guide To Affordable Housing in Cresco, Iowa

There are 3 low income housing apartment communities offering 136 affordable apartments for rent in Cresco, Iowa.

Income Based Apartments in Cresco, Iowa

Cresco features 104 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 Cresco, Iowa

There are 32 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cresco.

Housing Choice Vouchers in Cresco, Iowa

On average, Section 8 Housing Choice vouchers pay Cresco landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Cresco.

The maximum amount a voucher would pay on behalf of a low-income tenant in Cresco, Iowa for a two-bedroom apartment is between $644 and $787.

2021 Cresco, 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 $519 $627 $715 $970 $1,011
Payment Standard Range $467 to $571 $564 to $690 $644 to $787 $873 to $1,067 $910 to $1,112

Sourced from federal housing data and AffordableHousingOnline.com research.

Cresco, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 136
Total Housing Units with Rental Assistance 104
Percentage of Housing Units Occupied By Renters 28.93%
Average Renter Household Size 2.16
Average Household Size 2.36
Median Household Income $47,426 ±$6,637
Median Rent $619 ±$36
Percentage Of Renters Overburdened 54.39% ± 14.1pp
Total Population 3,865

Population and Household Demographics

Cresco is a city in Howard County, Iowa with a population of 3,865. There are 1,576 households in the city with an average household size of 2.36 persons. 28.93% of households in Cresco are renters.

Income and Rent Overburden in Cresco

The median gross income for households in Cresco is $47,426 a year, or $3,952 a month. The median rent for the city is $619 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cresco, a household making less than $2,063 a month would be considered overburdened when renting an apartment at or above the median rent. 54.39% of households who rent are overburdened in Cresco.

Area Median Income In Cresco

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 Cresco, the AMI is calculated from all households within Howard County.

In Cresco, HUD calculates the Area Median Income for a family of four as $66,200

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 Cresco

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 Cresco

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,250 $17,400 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $25,400 $29,000 $32,650 $36,250 $39,150 $42,050 $44,950 $47,850
80% of Median $40,600 $46,400 $52,200 $58,000 $62,650 $67,300 $71,950 $76,600