Affordable Housing In Granite Ledge
Benton County, Minnesota

Guide To Affordable Housing in Granite Ledge, Minnesota

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Granite Ledge, Minnesota. Granite Ledge features 0 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 Granite Ledge.

Sourced from federal housing data and AffordableHousingOnline.com research.

Granite Ledge, MN 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 %
Average Renter Household Size 0.00
Average Household Size 0.00
Median Household Income $0 ±$0
Median Rent $0 ±$0
Total Population 0

Population and Household Demographics

Granite Ledge is a City in Benton County, Minnesota with a population of 0. There are 0 households in the city with an average household size of 0.00 persons. % of households in Granite Ledge are renters.

Income and Rent Overburden in Granite Ledge

The median gross income for households in Granite Ledge is $0 a year, or $0 a month. The median rent for the city is $0 a month.

Area Median Income In Granite Ledge

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 Granite Ledge, the AMI is calculated from all households within Benton County.

In Granite Ledge, HUD calculates the Area Median Income for a family of four as $76,300

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 Granite Ledge

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 Granite Ledge HUD Rental Assistance in Granite Ledge

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,050 $18,350 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,750 $30,550 $34,350 $38,150 $41,250 $44,300 $47,350 $50,400
80% of Median $42,750 $48,850 $54,950 $61,050 $65,950 $70,850 $75,750 $80,600

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 Granite Ledge

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,750 $30,550 $34,350 $38,150 $41,250 $44,300 $47,350 $50,400
60% of Median $32,100 $36,660 $41,220 $45,780 $49,500 $53,160 $56,820 $60,480

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 Granite Ledge is $41,220 a year, or $3,435 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,435 by 30% to get a maximum rent of $1,031 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% $669 $716 $859 $993 $1,108 $1,222
60% $803 $860 $1,031 $1,191 $1,329 $1,466
Fair Market Rents in Granite Ledge

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
$605 $657 $804 $1,151 $1,370