Affordable Housing In Spencer
Clay County, Iowa

9 Low Income Apartment Communities In Spencer

Southern Pointe Apartments

902 13th St SW
Spencer, IA
$535-590
3-4 BR
HCV Welcome

Sunset Retirement Home East

111 E 20th St
Spencer, IA
62+
Accessible
Elderly Supportive Housing
Subsidized

Spencer Manor Apartments

503 E 19th St
Spencer, IA
Subsidized

Sunset Retirement Home North

118 E 21st St
Spencer, IA
62+
Accessible
Elderly Supportive Housing
Subsidized

N.W. Apartments

511 E 19th St
Spencer, IA
HCV Welcome

Old Spencer School

104 E 4th St
Spencer, IA
HCV Welcome

Sunrise Ltd 8 061

1807 W 18th St
Spencer, IA

N.W. Apartments

611 E 19th St
Spencer, IA
HCV Welcome

Spnia, Lp - 100 - 102 - 104 12th St Sw

100 12th St SW
Spencer, IA
HCV Welcome
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Other Housing Authorities located in Spencer

Housing Authority Programs
Northwest Iowa Regional Housing Authority Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Spencer, Iowa

There are 9 low income housing apartment communities offering 323 affordable apartments for rent in Spencer, Iowa. Spencer features 141 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 182 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Spencer.

Sourced from federal housing data and AffordableHousingOnline.com research.

Spencer, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 9
Total Low Income Apartments 323
Total Housing Units with Rental Assistance 141
Percentage of Housing Units Occupied By Renters 28.93%
Average Renter Household Size 2.20
Average Household Size 2.24
Median Household Income $45,688 ±$5,929
Median Rent $599 ±$64
Percentage Of Renters Overburdened 38.46% ± 9.72pp
Total Population 11,186

Population and Household Demographics

Spencer is a City in Clay County, Iowa with a population of 11,186. There are 4,853 households in the city with an average household size of 2.24 persons. 28.93% of households in Spencer are renters.

Income and Rent Overburden in Spencer

The median gross income for households in Spencer is $45,688 a year, or $3,807 a month. The median rent for the city is $599 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Spencer, a household making less than $1,997 a month would be considered overburdened when renting an apartment at or above the median rent. 38.46% of households who rent are overburdened in Spencer.1

Area Median Income In Spencer

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.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Spencer, the AMI is calculated from all households within Clay County.

In Spencer, HUD calculates the Area Median Income for a family of four as $68,600

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 Spencer

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 Spencer HUD Rental Assistance in Spencer

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 Spencer

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

From 1987 to 2009, 4 low income apartment communities containing 128 rental apartments have been constructed and made affordable to low income persons in Spencer 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 Spencer

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 Spencer 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 Spencer

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 $968 $1,154