Affordable Housing In Hancock County
Iowa

3 Low Income Apartment Communities In Hancock County

Town Square Apartments

127 Winnebago Way
Forest City, IA
Subsidized

Garner Village Apartments

355 W 12th St
Garner, IA
Subsidized

Winngate Village

101 Westgate Dr
Forest City, IA
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There are 3 low income housing apartment complexes which contain 89 affordable apartments for rent in Hancock County. Many of these rental apartments are income based housing with 73 apartments that set rent based on your income. In Hancock County, HUD housing programs support 49 rental assistance apartments through programs like Project-based Section 8. There are 16 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Hancock County

Housing Authority Programs
North Iowa Regional Housing Authority Public Housing

Guide To Affordable Housing in Hancock County, Iowa

Hancock County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 89
Total Rent Assisted Apartments 73
Percentage of Housing Units Occupied By Renters 19.88%
Average Renter Household Size 2.19
Total Population 11,092
Housing Units 4,673
Average Household Size 2.33
Median Household Income $52,981 ±$3,570
Median Rent $551 ±$30
Percentage Of Renters Overburdened 30.14% ± 7.69pp

Population and Household Demographics

Hancock County is a County in Iowa with a population of 11,092. There are 4,673 households in the county with an average household size of 2.33 persons. 19.88% of households in Hancock County are renters.

Income and Rent Overburden in Hancock County

The median gross income for households in Hancock County is $52,981 a year, or $4,415 a month. The median rent for the county is $551 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hancock County, a household making less than $1,837 a month would be considered overburdened when renting an apartment at or above the median rent. 30.14% of households who rent are overburdened in Hancock County.1

Area Median Income In Hancock 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 Hancock County, HUD calculates the Area Median Income for a family of four as $70,200

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 Hancock 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 Hancock County HUD Rental Assistance in Hancock County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,750 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $24,600 $28,100 $31,600 $35,100 $37,950 $40,750 $43,550 $46,350
80% of Median $39,350 $44,950 $50,550 $56,150 $60,650 $65,150 $69,650 $74,150
Low Income Housing Tax Credits in Hancock County

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

From 1989 to 2001, 2 low income apartment communities containing 40 rental apartments have been constructed and made affordable to low income persons in Hancock 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 Hancock County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $24,600 $28,100 $31,600 $35,100 $37,950 $40,750 $43,550 $46,350
60% of Median $29,520 $33,720 $37,920 $42,120 $45,540 $48,900 $52,260 $55,620

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 Hancock County is $37,920 a year, or $3,160 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,160 by 30% to get a maximum rent of $948 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% $615 $659 $790 $913 $1,019 $1,124
60% $738 $791 $948 $1,096 $1,223 $1,349
Fair Market Rents in Hancock 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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$481 $517 $664 $832 $1,064

Cities In Hancock County

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

City Listings Served By
Garner 1 The HUD funded Public Housing Agency that serves Garner is the North Iowa Regional Housing Authority.
Forest City 2 The HUD funded Public Housing Agency that serves Forest City is the North Iowa Regional Housing Authority.
Britt 0 The HUD funded Public Housing Agency that serves Britt is the North Iowa Regional Housing Authority.
Corwith 0 The HUD funded Public Housing Agency that serves Corwith is the North Iowa Regional Housing Authority.
Duncan 0 The HUD funded Public Housing Agency that serves Duncan is the North Iowa Regional Housing Authority.
Kanawha 0 The HUD funded Public Housing Agency that serves Kanawha is the North Iowa Regional Housing Authority.
Klemme 0 The HUD funded Public Housing Agency that serves Klemme is the North Iowa Regional Housing Authority.
Woden 0 The HUD funded Public Housing Agency that serves Woden is the North Iowa Regional Housing Authority.
Crystal Lake 0 The HUD funded Public Housing Agency that serves Crystal Lake is the North Iowa Regional Housing Authority.
Goodell 0 The HUD funded Public Housing Agency that serves Goodell is the North Iowa Regional Housing Authority.
Hayfield 0 The HUD funded Public Housing Agency that serves Hayfield is the North Iowa Regional Housing Authority.
Hutchins 0 The HUD funded Public Housing Agency that serves Hutchins is the North Iowa Regional Housing Authority.
Miller 0 The HUD funded Public Housing Agency that serves Miller is the North Iowa Regional Housing Authority.