Affordable Housing In Madison County
Iowa

7 Low Income Apartment Communities In Madison County

Winterset Park Apartments

1105 N 8th Ave
Winterset, IA
HCV Welcome

Winterset Park II

510 W Mills St
Winterset, IA

Rd Preservation II

426 W Mills St
Winterset, IA
HCV Welcome

Rd Preservation II

1107 N 8th Ave
Winterset, IA
Subsidized

Northward Plaza

415 N 2nd St
Winterset, IA

Candle Ridge Apartments

1111 N 8th Ave
Winterset, IA
HCV Welcome

Madison Manor

575 NW 6th St
Earlham, IA
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Housing Authorities that serve Madison County

Housing Authority Programs
Central Iowa Regional Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Other Housing Authorities located in Madison County

Housing Authority Programs
Low Rent Housing Agency of Winterset Public Housing

Guide To Affordable Housing in Madison County, Iowa

There are 7 low income housing apartment communities offering 430 affordable apartments for rent in Madison County, Iowa. Madison County features 262 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 168 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Madison County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Madison County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 430
Total Housing Units with Rental Assistance 262
Percentage of Housing Units Occupied By Renters 25.14%
Average Renter Household Size 2.35
Average Household Size 2.48
Median Household Income $60,060 ±$3,154
Median Rent $818 ±$79
Percentage Of Renters Overburdened 33.1% ± 9.66pp
Total Population 15,644

Population and Household Demographics

Madison County is a County in Iowa with a population of 15,644. There are 6,225 households in the county with an average household size of 2.48 persons. 25.14% of households in Madison County are renters.

Income and Rent Overburden in Madison County

The median gross income for households in Madison County is $60,060 a year, or $5,005 a month. The median rent for the county is $818 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Madison County, a household making less than $2,727 a month would be considered overburdened when renting an apartment at or above the median rent. 33.1% of households who rent are overburdened in Madison County.1

Area Median Income In Madison 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 Madison County, HUD calculates the Area Median Income for a family of four as $88,000

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 Madison 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 Madison County HUD Rental Assistance in Madison County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,400 $21,000 $23,650 $26,250 $30,170 $34,590 $39,010 $43,430
50% of Median $30,650 $35,000 $39,400 $43,750 $47,250 $50,750 $54,250 $57,750
80% of Median $49,000 $56,000 $63,000 $70,000 $75,600 $81,200 $86,800 $92,400
Low Income Housing Tax Credits in Madison County

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

From 1992 to 2010, 3 low income apartment communities containing 120 rental apartments have been constructed and made affordable to low income persons in Madison 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 Madison County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $30,650 $35,000 $39,400 $43,750 $47,250 $50,750 $54,250 $57,750
60% of Median $36,780 $42,000 $47,280 $52,500 $56,700 $60,900 $65,100 $69,300

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 Madison County is $47,280 a year, or $3,940 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,940 by 30% to get a maximum rent of $1,182 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% $766 $821 $985 $1,138 $1,269 $1,400
60% $920 $985 $1,182 $1,365 $1,523 $1,680
Fair Market Rents in Madison 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
$603 $730 $900 $1,215 $1,323

Cities In Madison County

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

City Listings Served By
Winterset 6 The HUD funded Public Housing Agencies that serve Winterset are the Low Rent Housing Agency of Winterset and Central Iowa Regional Housing Authority.
Earlham 1 The HUD funded Public Housing Agency that serves Earlham is the Central Iowa Regional Housing Authority.
East Peru 0 The HUD funded Public Housing Agency that serves East Peru is the Central Iowa Regional Housing Authority.
Macksburg 0 The HUD funded Public Housing Agency that serves Macksburg is the Central Iowa Regional Housing Authority.
St. Charles 0 The HUD funded Public Housing Agency that serves St. Charles is the Central Iowa Regional Housing Authority.
Truro 0 The HUD funded Public Housing Agency that serves Truro is the Central Iowa Regional Housing Authority.
Bevington 0 The HUD funded Public Housing Agency that serves Bevington is the Central Iowa Regional Housing Authority.
Patterson 0 The HUD funded Public Housing Agency that serves Patterson is the Central Iowa Regional Housing Authority.