Affordable Housing In Story County
Iowa

15 Low Income Apartment Communities In Story County

Eastwood Apartments

420 E 7th St
Ames, IA
Subsidized

Keystone and Stonehaven Apartments

3115 Roy Key Ave
Ames, IA
62+
Accessible
Elderly Supportive Housing
Subsidized

The Meadows Apartments ~ Nevada

402 5th St
Nevada, IA
Subsidized

Cedar Place Apartments

812 Cedar St
Story City, IA
62+
Accessible
Elderly Supportive Housing
Subsidized

Collins Active Senior Housing Ltd

3 Rail Way
Collins, IA

Meadow Wood of Ames

4350 Maricopa Dr
Ames, IA
HCV Welcome

South Court Townhomes

710 S 11th St
Nevada, IA
HCV Welcome

Granmeadow Villiage Apartments

1014 Shagbark Dr
Nevada, IA
HCV Welcome

Neveda Elderly Apartments

833 S 13th St
Nevada, IA
Subsidized

Laverne Apartments

919 S 16th St
Ames, IA
HCV Welcome

Housing Authorities that serve Story County

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

Other Housing Authorities located in Story County

Housing Authority Programs
City of Ames Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Story County, Iowa

There are 15 low income housing apartment communities offering 885 affordable apartments for rent in Story County, Iowa. Story County features 431 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 454 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Story County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Story County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 15
Total Low Income Apartments 885
Total Housing Units with Rental Assistance 431
Percentage of Housing Units Occupied By Renters 46.56%
Average Renter Household Size 2.17
Average Household Size 2.35
Median Household Income $50,438 ±$1,346
Median Rent $772 ±$16
Percentage Of Renters Overburdened 53.38% ± 3.47pp
Total Population 93,586

Population and Household Demographics

Story County is a County in Iowa with a population of 93,586. There are 35,901 households in the county with an average household size of 2.35 persons. 46.56% of households in Story County are renters.

Income and Rent Overburden in Story County

The median gross income for households in Story County is $50,438 a year, or $4,203 a month. The median rent for the county is $772 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Story County, a household making less than $2,573 a month would be considered overburdened when renting an apartment at or above the median rent. 53.38% of households who rent are overburdened in Story County.1

Area Median Income In Story 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 Story County, HUD calculates the Area Median Income for a family of four as $89,400

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 Story 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 Story County HUD Rental Assistance in Story County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,450 $21,050 $23,700 $26,300 $30,170 $34,590 $39,010 $43,430
50% of Median $30,700 $35,100 $39,500 $43,850 $47,400 $50,900 $54,400 $57,900
80% of Median $49,150 $56,150 $63,150 $70,150 $75,800 $81,400 $87,000 $92,600
Low Income Housing Tax Credits in Story 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 2011, 12 low income apartment communities containing 596 rental apartments have been constructed and made affordable to low income persons in Story 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 Story County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $30,700 $35,100 $39,500 $43,850 $47,400 $50,900 $54,400 $57,900
60% of Median $36,840 $42,120 $47,400 $52,620 $56,880 $61,080 $65,280 $69,480

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 Story County is $47,400 a year, or $3,950 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,950 by 30% to get a maximum rent of $1,185 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% $768 $823 $988 $1,141 $1,273 $1,404
60% $921 $987 $1,185 $1,369 $1,527 $1,685
Fair Market Rents in Story 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
$684 $706 $857 $1,191 $1,417

Cities In Story County

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

City Listings Served By
Ames 7 The HUD funded Public Housing Agencies that serve Ames are the City of Ames and Central Iowa Regional Housing Authority.
Nevada 4 The HUD funded Public Housing Agency that serves Nevada is the Central Iowa Regional Housing Authority.
Story City 2 The HUD funded Public Housing Agency that serves Story City is the Central Iowa Regional Housing Authority.
Cambridge 0 The HUD funded Public Housing Agency that serves Cambridge is the Central Iowa Regional Housing Authority.
Maxwell 1 The HUD funded Public Housing Agency that serves Maxwell is the Central Iowa Regional Housing Authority.
Collins 1 The HUD funded Public Housing Agency that serves Collins is the Central Iowa Regional Housing Authority.
Huxley 0 The HUD funded Public Housing Agency that serves Huxley is the Central Iowa Regional Housing Authority.
Zearing 0 The HUD funded Public Housing Agency that serves Zearing is the Central Iowa Regional Housing Authority.
Colo 0 The HUD funded Public Housing Agency that serves Colo is the Central Iowa Regional Housing Authority.
Gilbert 0 The HUD funded Public Housing Agency that serves Gilbert is the Central Iowa Regional Housing Authority.
Kelley 0 The HUD funded Public Housing Agency that serves Kelley is the Central Iowa Regional Housing Authority.
McCallsburg 0 The HUD funded Public Housing Agency that serves McCallsburg is the Central Iowa Regional Housing Authority.
Slater 0 The HUD funded Public Housing Agency that serves Slater is the Central Iowa Regional Housing Authority.
Roland 0 The HUD funded Public Housing Agency that serves Roland is the Central Iowa Regional Housing Authority.