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Affordable Housing In Fort Madison
Lee County, Iowa

5 Low Income Apartment Communities In Fort Madison

Bluff Apartments

5202 River Valley Road
Fort Madison, Iowa
Call For Rent
1-3 BR
Accepts Vouchers

Rose Michael Gardens

4516 Avenue L
Fort Madison, Iowa
Subsidized
62+
Accessible
Elderly Supportive Housing

Eagle Bluff

2803 A Avenue
Fort Madison, Iowa
Accepts Vouchers
Subsidized
62+

Fort Madison Park

1125 48th Street
Fort Madison, Iowa
Subsidized
62+

Hillview Village

1102 48th St
Fort Madison, Iowa
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Housing Authorities that serve Fort Madison

Housing Authority Programs
Fort Madison Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Fort Madison, Iowa

There are 5 low income housing apartment communities offering 258 affordable apartments for rent in Fort Madison, Iowa.

Income Based Apartments in Fort Madison, Iowa

Fort Madison features 218 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 Fort Madison, Iowa

There are 40 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fort Madison.

Housing Choice Vouchers in Fort Madison, Iowa

On average, Section 8 Housing Choice vouchers pay Fort Madison landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Fort Madison.

The maximum amount a voucher would pay on behalf of a low-income tenant in Fort Madison, Iowa for a two-bedroom apartment is between $621 and $759.

2020 Fort Madison, 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 $450 $550 $690 $912 $1,085
Payment Standard Range $405 to $495 $495 to $605 $621 to $759 $821 to $1,003 $977 to $1,194

Sourced from federal housing data and AffordableHousingOnline.com research.

Fort Madison, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 258
Total Housing Units with Rental Assistance 218
Percentage of Housing Units Occupied By Renters 26.44%
Average Renter Household Size 1.58
Average Household Size 2.34
Median Household Income $42,595 ±$3,795
Median Rent $592 ±$37
Percentage Of Renters Overburdened 31.53% ± 9.42pp
Total Population 10,832

Population and Household Demographics

Fort Madison is a City in Lee County, Iowa with a population of 10,832. There are 4,534 households in the city with an average household size of 2.34 persons. 26.44% of households in Fort Madison are renters.

Income and Rent Overburden in Fort Madison

The median gross income for households in Fort Madison is $42,595 a year, or $3,550 a month. The median rent for the city is $592 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fort Madison, a household making less than $1,973 a month would be considered overburdened when renting an apartment at or above the median rent. 31.53% of households who rent are overburdened in Fort Madison.1

Area Median Income In Fort Madison

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 Fort Madison, the AMI is calculated from all households within Lee County.

In Fort Madison, HUD calculates the Area Median Income for a family of four as $62,000

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 Fort Madison

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 Fort Madison

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