Affordable Housing In Lost Lake Woods
Waiting List Openings In Lost Lake Woods
|Michigan State Housing Development Authority Housing Choice Voucher||Open Now|
Housing Authorities that serve Lost Lake Woods
|Michigan State Housing Development Authority||Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-Sufficiency; Veteran Affairs Supportive Housing (VASH); Section 8 Project-Based Voucher (PBV)|
Guide To Affordable Housing in Lost Lake Woods, Michigan
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lost Lake Woods, Michigan.
Income Based Apartments in Lost Lake Woods, Michigan
Lost Lake Woods features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Lost Lake Woods, Michigan
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lost Lake Woods.
Housing Choice Vouchers in Lost Lake Woods, Michigan
On average, Section 8 Housing Choice vouchers pay Lost Lake Woods landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lost Lake Woods.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lost Lake Woods, Michigan for a two-bedroom apartment is between $642 and $784.
2020 Lost Lake Woods, Michigan Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Fair Market Rent||$609||$619||$713||$950||$1,004|
|Payment Standard Range||$548 to $670||$557 to $681||$642 to $784||$855 to $1,045||$904 to $1,104|
Sourced from federal housing data and AffordableHousingOnline.com research.
Lost Lake Woods, MI Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||1.61%|
|Average Renter Household Size||0.00|
|Average Household Size||1.85|
|Median Household Income||$37,143 ±$18,392|
|Median Rent||$0 ±$0|
|Percentage Of Renters Overburdened||0% ± 666.67pp|
Population and Household Demographics
Lost Lake Woods is a city in Alcona County, Michigan with a population of 344. There are 186 households in the city with an average household size of 1.85 persons. 1.61% of households in Lost Lake Woods are renters.
Income and Rent Overburden in Lost Lake Woods
The median gross income for households in Lost Lake Woods is $37,143 a year, or $3,095 a month. The median rent for the city is $0 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lost Lake Woods, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 0% of households who rent are overburdened in Lost Lake Woods.
Area Median Income In Lost Lake Woods
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 Lost Lake Woods, the AMI is calculated from all households within Alcona County.
In Lost Lake Woods, HUD calculates the Area Median Income for a family of four as $52,200
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 Lost Lake Woods
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 HUD Rental Assistance in Lost Lake Woods
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$13,450||$17,240||$21,720||$26,200||$30,680||$35,160||$39,640||$42,200|
|50% of Median||$22,400||$25,600||$28,800||$31,950||$34,550||$37,100||$39,650||$42,200|
|80% of Median||$35,800||$40,900||$46,000||$51,100||$55,200||$59,300||$63,400||$67,500|