Affordable Housing In Albert Lea
Freeborn County, Minnesota

10 Low Income Apartment Communities In Albert Lea

Northbridge Apartments

802 Troy Rd
Albert Lea, MN
$590-605
2-3 BR
HCV Welcome

Trailside Apartments and Townhomes

210 E Front St
Albert Lea, MN
Income Based-545
1-3 BR
62+
HCV Welcome
Subsidized

Senior Court

915 Maplehill Dr
Albert Lea, MN
62+
Accessible
Elderly Supportive Housing
Subsidized

Albert Lea Senior Housing

608 S Washington Ave
Albert Lea, MN
62+
Accessible
Elderly Supportive Housing
Subsidized

Trailside Apartments Aka Channel View

204 E Front St
Albert Lea, MN
Subsidized

Pickerel Park

1825 W 9th St
Albert Lea, MN
HCV Welcome

Shadey Oakes

800 S 4th Ave
Albert Lea, MN

Scattered

2325 Margaretha Ave
Albert Lea, MN

Gray Gables Apartments

1912 Bridge Ave
Albert Lea, MN
HCV Welcome

Lofts at Lea Center

139 E William St
Albert Lea, MN
HCV Welcome
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Housing Authorities that serve Albert Lea

Housing Authority Programs
Housing and Redevelopment Authority of Albert Lea Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Albert Lea, Minnesota

There are 10 low income housing apartment communities offering 733 affordable apartments for rent in Albert Lea, Minnesota. Albert Lea features 624 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 109 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Albert Lea.

Sourced from federal housing data and AffordableHousingOnline.com research.

Albert Lea, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 10
Total Low Income Apartments 733
Total Housing Units with Rental Assistance 624
Percentage of Housing Units Occupied By Renters 30.04%
Average Renter Household Size 1.94
Average Household Size 2.18
Median Household Income $40,127 ±$1,908
Median Rent $597 ±$51
Percentage Of Renters Overburdened 42.5% ± 6.19pp
Total Population 17,843

Population and Household Demographics

Albert Lea is a City in Freeborn County, Minnesota with a population of 17,843. There are 7,925 households in the city with an average household size of 2.18 persons. 30.04% of households in Albert Lea are renters.

Income and Rent Overburden in Albert Lea

The median gross income for households in Albert Lea is $40,127 a year, or $3,344 a month. The median rent for the city is $597 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Albert Lea, a household making less than $1,990 a month would be considered overburdened when renting an apartment at or above the median rent. 42.5% of households who rent are overburdened in Albert Lea.1

Area Median Income In Albert Lea

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 Albert Lea, the AMI is calculated from all households within Freeborn County.

In Albert Lea, HUD calculates the Area Median Income for a family of four as $64,600

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 Albert Lea

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 Albert Lea HUD Rental Assistance in Albert Lea

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,200 $17,400 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $25,350 $29,000 $32,600 $36,200 $39,100 $42,000 $44,900 $47,800
80% of Median $40,550 $46,350 $52,150 $57,900 $62,550 $67,200 $71,800 $76,450
Low Income Housing Tax Credits in Albert Lea

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

From 1990 to 2006, 5 low income apartment communities containing 260 rental apartments have been constructed and made affordable to low income persons in Albert Lea 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 Albert Lea

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $25,350 $29,000 $32,600 $36,200 $39,100 $42,000 $44,900 $47,800
60% of Median $30,420 $34,800 $39,120 $43,440 $46,920 $50,400 $53,880 $57,360

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 Albert Lea is $39,120 a year, or $3,260 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,260 by 30% to get a maximum rent of $978 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% $634 $679 $815 $941 $1,050 $1,159
60% $761 $815 $978 $1,130 $1,260 $1,391
Fair Market Rents in Albert Lea

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
$480 $560 $737 $931 $1,143