Affordable Housing In Louisa County
Iowa

3 Low Income Apartment Communities In Louisa County

Parkview Apartments

206 W Union St
Grandview, IA

Columbus Jct. Park Apartments

820 Springer Ave
Columbus Junction, IA
HCV Welcome

Valley View Apartments

125 9TH ST
Columbus Junction, IA
HCV Welcome
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There are 3 low income housing apartment complexes which contain 78 affordable apartments for rent in Louisa County. Many of these rental apartments are income based housing with 0 apartments that set rent based on your income. In Louisa County, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 78 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Guide To Affordable Housing in Louisa County, Iowa

Louisa County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 78
Total Rent Assisted Apartments 0
Percentage of Housing Units Occupied By Renters 22.2%
Average Renter Household Size 2.42
Total Population 11,271
Housing Units 4,311
Average Household Size 2.58
Median Household Income $51,144 ±$3,292
Median Rent $618 ±$25
Percentage Of Renters Overburdened 30.3% ± 5.73pp

Population and Household Demographics

Louisa County is a County in Iowa with a population of 11,271. There are 4,311 households in the county with an average household size of 2.58 persons. 22.2% of households in Louisa County are renters.

Income and Rent Overburden in Louisa County

The median gross income for households in Louisa County is $51,144 a year, or $4,262 a month. The median rent for the county is $618 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Louisa County, a household making less than $2,060 a month would be considered overburdened when renting an apartment at or above the median rent. 30.3% of households who rent are overburdened in Louisa County.1

Area Median Income In Louisa 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 Louisa County, HUD calculates the Area Median Income for a family of four as $66,000

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 Louisa 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 Louisa County HUD Rental Assistance in Louisa 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 Louisa County

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

From 1987 to 1990, 2 low income apartment communities containing 48 rental apartments have been constructed and made affordable to low income persons in Louisa 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 Louisa 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 Louisa 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 Louisa 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
$480 $533 $705 $883 $953

Cities In Louisa County

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

City Listings Served By
Columbus Junction 2
Wapello 0
Fredonia 0
Grandview 1
Letts 0
Oakville 0
Columbus City 0
Cotter 0
Morning Sun 0