Affordable Housing In Lake No. 2 UT
Lake County, Minnesota

Guide To Affordable Housing in Lake No. 2 UT, Minnesota

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lake No. 2 UT, Minnesota.

Income Based Apartments in Lake No. 2 UT, Minnesota

Lake No. 2 UT 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 Lake No. 2 UT, Minnesota

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake No. 2 UT.

Housing Choice Vouchers in Lake No. 2 UT, Minnesota

On average, Section 8 Housing Choice vouchers pay Lake No. 2 UT landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake No. 2 UT.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake No. 2 UT, Minnesota for a two-bedroom apartment is between $691 and $845.

2020 Lake No. 2 UT, Minnesota 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 $506 $589 $768 $1,078 $1,082
Payment Standard Range $455 to $557 $530 to $648 $691 to $845 $970 to $1,186 $974 to $1,190

Sourced from federal housing data and AffordableHousingOnline.com research.

Lake No. 2 UT, 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

Lake No. 2 UT is a City in Lake 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 Lake No. 2 UT are renters.

Income and Rent Overburden in Lake No. 2 UT

The median gross income for households in Lake No. 2 UT is $0 a year, or $0 a month. The median rent for the city is $0 a month.

Area Median Income In Lake No. 2 UT

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 Lake No. 2 UT, the AMI is calculated from all households within Lake County.

In Lake No. 2 UT, HUD calculates the Area Median Income for a family of four as $69,800

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 Lake No. 2 UT

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 Lake No. 2 UT HUD Rental Assistance in Lake No. 2 UT

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