Affordable Housing In Floyd County
Iowa

4 Low Income Apartment Communities In Floyd County

Cedar Crest

910 13th St
Charles City, IA
Call For Rent
1 BR
62+
Accessible
HCV Welcome

Ninth Street Group Home

310 9th St
Charles City, IA
62+
Accessible
Elderly Supportive Housing
Subsidized

Burling House

910 1st Ave
Charles City, IA
62+
Accessible
Elderly Supportive Housing
Subsidized

Cedar Terrace South

501 Court St
Charles City, IA
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Housing Authorities that serve Floyd County

Housing Authority Programs
North Iowa Regional Housing Authority Public Housing

Other Housing Authorities located in Floyd County

Housing Authority Programs
Charles City Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Floyd County, Iowa

There are 4 low income housing apartment communities offering 220 affordable apartments for rent in Floyd County, Iowa. Floyd County features 172 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 48 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Floyd County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Floyd County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 220
Total Housing Units with Rental Assistance 172
Percentage of Housing Units Occupied By Renters 28.02%
Average Renter Household Size 2.04
Average Household Size 2.28
Median Household Income $44,797 ±$3,209
Median Rent $556 ±$29
Percentage Of Renters Overburdened 38% ± 8.6pp
Total Population 16,050

Population and Household Demographics

Floyd County is a County in Iowa with a population of 16,050. There are 6,901 households in the county with an average household size of 2.28 persons. 28.02% of households in Floyd County are renters.

Income and Rent Overburden in Floyd County

The median gross income for households in Floyd County is $44,797 a year, or $3,733 a month. The median rent for the county is $556 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Floyd County, a household making less than $1,853 a month would be considered overburdened when renting an apartment at or above the median rent. 38% of households who rent are overburdened in Floyd County.1

Area Median Income In Floyd 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 Floyd 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 Floyd 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 Floyd County HUD Rental Assistance in Floyd 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 Floyd County

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

From 1991 to 1991, 1 low income apartment communities containing 21 rental apartments have been constructed and made affordable to low income persons in Floyd 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 Floyd 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 Floyd 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 Floyd 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
$497 $547 $687 $957 $994

Cities In Floyd County

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

City Listings Served By
Charles City 4 The HUD funded Public Housing Agency that serves Charles City is the Charles City Housing and Redevelopment Authority .
Rockford 0 The HUD funded Public Housing Agency that serves Rockford is the North Iowa Regional Housing Authority.
Floyd 0 The HUD funded Public Housing Agency that serves Floyd is the North Iowa Regional Housing Authority.
Marble Rock 0 The HUD funded Public Housing Agency that serves Marble Rock is the North Iowa Regional Housing Authority.
Roseville 0 The HUD funded Public Housing Agency that serves Roseville is the North Iowa Regional Housing Authority.
Rudd 0 The HUD funded Public Housing Agency that serves Rudd is the North Iowa Regional Housing Authority.
Colwell 0 The HUD funded Public Housing Agency that serves Colwell is the North Iowa Regional Housing Authority.