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Affordable Housing In Forest City
Hancock County, Iowa

3 Low Income Apartment Communities In Forest City

Town Square Apartments

127 Winnebago Way
Forest City, Iowa
Subsidized

Winngate Village

101 Westgate Dr
Forest City, Iowa

New Life Estates

145 Westgate Drive
Forest City, Iowa
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Housing Authorities that serve Forest City

Housing Authority Programs
North Iowa Regional Housing Authority Public Housing

Guide To Affordable Housing in Forest City, Iowa

There are 3 low income housing apartment communities offering 77 affordable apartments for rent in Forest City, Iowa.

Income Based Apartments in Forest City, Iowa

Forest City features 61 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 Forest City, Iowa

There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Forest City.

Housing Choice Vouchers in Forest City, Iowa

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Forest City, Iowa for a two-bedroom apartment is between $618 and $756.

2020 Forest City, 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 $497 $546 $687 $873 $1,146
Payment Standard Range $447 to $547 $491 to $601 $618 to $756 $786 to $960 $1,031 to $1,261

Sourced from federal housing data and AffordableHousingOnline.com research.

Forest City, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 77
Total Housing Units with Rental Assistance 61
Percentage of Housing Units Occupied By Renters 32.65%
Average Renter Household Size 1.62
Average Household Size 2.13
Median Household Income $46,146 ±$5,780
Median Rent $503 ±$125
Percentage Of Renters Overburdened 39.25% ± 13.87pp
Total Population 4,110

Population and Household Demographics

Forest City is a city in Hancock County, Iowa with a population of 4,110. There are 1,709 households in the city with an average household size of 2.13 persons. 32.65% of households in Forest City are renters.

Income and Rent Overburden in Forest City

The median gross income for households in Forest City is $46,146 a year, or $3,846 a month. The median rent for the city is $503 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Forest City, a household making less than $1,677 a month would be considered overburdened when renting an apartment at or above the median rent. 39.25% of households who rent are overburdened in Forest City.

Area Median Income In Forest City

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 Forest City, the AMI is calculated from all households within Hancock County.

In Forest City, HUD calculates the Area Median Income for a family of four as $71,500

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 Forest City

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 Forest City

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