Affordable Housing In Henry County

11 Low Income Apartment Communities In Henry County

Maple Place Apartments

405 S Maple St
Winfield, IA
Call For Rent
1-3 BR
HCV Welcome

Mapleleaf Apartments

704 E Mapleleaf Dr
Mount Pleasant, IA

The Folks Apartments

308 N Adams St
Mount Pleasant, IA

Chesapeake Apartments Phase I

800 N Palm Ave
Mount Pleasant, IA
HCV Welcome

Harlan House Apartments

122 N Jefferson St
Mount Pleasant, IA
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Salem Community

109 N Main St
Salem, IA

Winfield Village - 425 - 429 E Wallace

425 E Wallace St
Winfield, IA
HCV Welcome

Englewood Village Apartments

101 E Langdon St
Mount Pleasant, IA
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Mt Pleasant Park Lp

1202 N Palm Ave
Mount Pleasant, IA
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South Park Apartments II

709 S Main St
Mount Pleasant, IA

Guide To Affordable Housing in Henry County, Iowa

There are 11 low income housing apartment communities offering 331 affordable apartments for rent in Henry County, Iowa. Henry County features 141 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 190 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Henry County.

Sourced from federal housing data and research.

Henry County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 11
Total Low Income Apartments 331
Total Housing Units with Rental Assistance 141
Percentage of Housing Units Occupied By Renters 27.13%
Average Renter Household Size 2.41
Average Household Size 2.43
Median Household Income $49,321 ±$2,690
Median Rent $612 ±$27
Percentage Of Renters Overburdened 35.54% ± 6.46pp
Total Population 20,080

Population and Household Demographics

Henry County is a County in Iowa with a population of 20,080. There are 7,623 households in the county with an average household size of 2.43 persons. 27.13% of households in Henry County are renters.

Income and Rent Overburden in Henry County

The median gross income for households in Henry County is $49,321 a year, or $4,110 a month. The median rent for the county is $612 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Henry County, a household making less than $2,040 a month would be considered overburdened when renting an apartment at or above the median rent. 35.54% of households who rent are overburdened in Henry County.1

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

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

From 1988 to 1998, 5 low income apartment communities containing 151 rental apartments have been constructed and made affordable to low income persons in Henry 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 Henry 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 Henry 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 Henry 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
$514 $613 $710 $958 $962

Cities In Henry County

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

City Listings Served By
Mount Pleasant 7
Winfield 3
Salem 1
New London 0
Wayland 0
Union 0
Hillsboro 0
Olds 0
Rome 0
Westwood 0
Coppock 0
Mount Union 0