Affordable Housing In Lee County
Iowa

15 Low Income Apartment Communities In Lee County

Keokuk Senior Lofts

925 Main St
Keokuk, IA
$394-471
1-2 BR
55+
HCV Welcome

Bluff Apartments

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

River Terrace Apartments

128 Bank St
Keokuk, IA
Subsidized

Twin Oaks Manor

504 2nd St
Denmark, IA
HCV Welcome

Rose Michael Gardens

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

Montrose Senior Apartments

900 Spruce St
Montrose, IA
Subsidized

Fort Madison IHA II

2803 A Ave Phase 1
Fort Madison, IA
HCV Welcome

Twin Oaks Manor, L.P.I

107 Park Ave
Denmark, IA
HCV Welcome

Mississippi Terrace

111 S 2nd St
Keokuk, IA

Ft Madison Iha Senior Housing II

2803 Avenue a
Fort Madison, IA
HCV Welcome

Other Housing Authorities located in Lee County

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

Guide To Affordable Housing in Lee County, Iowa

There are 15 low income housing apartment communities offering 729 affordable apartments for rent in Lee County, Iowa. Lee County features 422 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 307 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Lee County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Lee County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 15
Total Low Income Apartments 729
Total Housing Units with Rental Assistance 422
Percentage of Housing Units Occupied By Renters 25.6%
Average Renter Household Size 1.95
Average Household Size 2.40
Median Household Income $43,312 ±$1,869
Median Rent $577 ±$29
Percentage Of Renters Overburdened 36.79% ± 5.54pp
Total Population 35,369

Population and Household Demographics

Lee County is a County in Iowa with a population of 35,369. There are 14,412 households in the county with an average household size of 2.40 persons. 25.6% of households in Lee County are renters.

Income and Rent Overburden in Lee County

The median gross income for households in Lee County is $43,312 a year, or $3,609 a month. The median rent for the county is $577 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lee County, a household making less than $1,923 a month would be considered overburdened when renting an apartment at or above the median rent. 36.79% of households who rent are overburdened in Lee County.1

Area Median Income In Lee 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 Lee County, 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 Lee 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 Lee County HUD Rental Assistance in Lee 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 Lee 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 2011, 8 low income apartment communities containing 286 rental apartments have been constructed and made affordable to low income persons in Lee 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 Lee 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 Lee 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 Lee 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
$450 $550 $690 $912 $1,085

Cities In Lee County

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

City Listings Served By
Fort Madison 6 The HUD funded Public Housing Agency that serves Fort Madison is the Fort Madison Housing Authority.
Donnellson 0
Montrose 1
Keokuk 6 The HUD funded Public Housing Agency that serves Keokuk is the Keokuk Housing Authority.
West Point 0
Denmark 2
Houghton 0
St. Paul 0
Franklin 0