Affordable Housing In Montgomery County
Iowa

7 Low Income Apartment Communities In Montgomery County

4 - H Manor

1804 E Summit St
Red Oak, IA
Subsidized

Acorn Acres Phase II

1805 N 8th St
Red Oak, IA
Subsidized

Oak Creek Ltd

1660 Summit
Red Oak, IA
Subsidized

Halland Village

602 Elliott St
Stanton, IA

Red Oak Manor

206 E Corning St
Red Oak, IA
Subsidized

600 E 3rd St

600 E 3rd St
Villisca, IA

City View Apartments

2100 N 8th St
Red Oak, IA
HCV Welcome
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Housing Authorities that serve Montgomery County

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

Other Housing Authorities located in Montgomery County

Housing Authority Programs
Stanton Housing Commission Public Housing
Low Rent Housing Agency of Red Oak Public Housing
Villisca Low Rent Housing Agency Public Housing

Guide To Affordable Housing in Montgomery County, Iowa

There are 7 low income housing apartment communities offering 318 affordable apartments for rent in Montgomery County, Iowa. Montgomery County features 270 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 48 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Montgomery County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Montgomery County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 318
Total Housing Units with Rental Assistance 270
Percentage of Housing Units Occupied By Renters 31.32%
Average Renter Household Size 2.21
Average Household Size 2.22
Median Household Income $42,418 ±$3,776
Median Rent $609 ±$62
Percentage Of Renters Overburdened 36.77% ± 8.22pp
Total Population 10,465

Population and Household Demographics

Montgomery County is a County in Iowa with a population of 10,465. There are 4,610 households in the county with an average household size of 2.22 persons. 31.32% of households in Montgomery County are renters.

Income and Rent Overburden in Montgomery County

The median gross income for households in Montgomery County is $42,418 a year, or $3,535 a month. The median rent for the county is $609 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Montgomery County, a household making less than $2,030 a month would be considered overburdened when renting an apartment at or above the median rent. 36.77% of households who rent are overburdened in Montgomery County.1

Area Median Income In Montgomery 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 Montgomery County, HUD calculates the Area Median Income for a family of four as $58,100

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 Montgomery 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 Montgomery County HUD Rental Assistance in Montgomery 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 Montgomery County

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

From 1995 to 1995, 1 low income apartment communities containing 48 rental apartments have been constructed and made affordable to low income persons in Montgomery 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 Montgomery 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 Montgomery 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 Montgomery 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
$497 $522 $687 $927 $931

Cities In Montgomery County

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

City Listings Served By
Red Oak 5 The HUD funded Public Housing Agencies that serve Red Oak are the Low Rent Housing Agency of Red Oak and Southern Iowa Regional Housing Authority.
Coburg 0 The HUD funded Public Housing Agency that serves Coburg is the Southern Iowa Regional Housing Authority.
Elliott 0 The HUD funded Public Housing Agency that serves Elliott is the Southern Iowa Regional Housing Authority.
Grant 0 The HUD funded Public Housing Agency that serves Grant is the Southern Iowa Regional Housing Authority.
Villisca 1 The HUD funded Public Housing Agency that serves Villisca is the Southern Iowa Regional Housing Authority.
Stanton 1 The HUD funded Public Housing Agency that serves Stanton is the Southern Iowa Regional Housing Authority.