Affordable Housing In Fort Madison
Lee County, Iowa

6 Low Income Apartment Communities In Fort Madison

Bluff Apartments

5202 River Valley Road
Fort Madison, IA
Call For Rent
1-3 BR
HCV Welcome

Rose Michael Gardens

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

Fort Madison IHA II

2803 A Ave Phase 1
Fort Madison, IA
HCV Welcome

Ft Madison Iha Senior Housing II

2803 Avenue a
Fort Madison, IA
HCV Welcome

Hillview Village

1102 48th St
Fort Madison, IA

Ft. Madison Park Apartments

1125A 48th St
Fort Madison, IA
HCV Welcome
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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

According to federal housing data and AffordableHousingOnline.com research, there are 6 low income housing apartment communities offering 282 affordable apartments for rent in Fort Madison, Iowa. Fort Madison features 148 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 134 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Fort Madison.

Fort Madison, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 282
Total Housing Units with Rental Assistance 148
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 Fort Madison 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
Low Income Housing Tax Credits in Fort Madison

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

From 1989 to 2011, 3 low income apartment communities containing 158 rental apartments have been constructed and made affordable to low income persons in Fort Madison 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 Fort Madison

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 Fort Madison 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 Fort Madison

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
$450 $550 $690 $912 $1,085