Affordable Housing In Taylor County
Iowa

2 Low Income Apartment Communities In Taylor County

Housing Authorities that serve Taylor County

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

Other Housing Authorities located in Taylor County

Housing Authority	Programs
Lenox Low Rent Housing Agency	Public Housing

Guide To Affordable Housing in Taylor County, Iowa

There are 2 low income housing apartment communities offering 32 affordable apartments for rent in Taylor County, Iowa. Taylor County features 32 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Taylor County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Taylor County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties	2
Total Low Income Apartments	32
Total Housing Units with Rental Assistance	32
Percentage of Housing Units Occupied By Renters	28.28%
Average Renter Household Size	2.22
Average Household Size	2.23
Median Household Income	$44,246 ±$2,840
Median Rent	$592 ±$29
Percentage Of Renters Overburdened	33.25% ± 8.43pp
Total Population	6,213

Population and Household Demographics

Taylor County is a County in Iowa with a population of 6,213. There are 2,744 households in the county with an average household size of 2.23 persons. 28.28% of households in Taylor County are renters.

Income and Rent Overburden in Taylor County

The median gross income for households in Taylor County is $44,246 a year, or $3,687 a month. The median rent for the county is $592 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Taylor County, a household making less than $1,973 a month would be considered overburdened when renting an apartment at or above the median rent. 33.25% of households who rent are overburdened in Taylor County.¹

Area Median Income In Taylor 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 Taylor County, HUD calculates the Area Median Income for a family of four as $59,700

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 Taylor 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 Taylor County HUD Rental Assistance in Taylor 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

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 Taylor 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 Taylor 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 Taylor 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
$448	$522	$687	$856	$931