Affordable Housing In Lake Stay
Lincoln County, Minnesota

Housing Authorities that serve Lake Stay

Housing Authority Programs
Worthington Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Lake Stay, Minnesota

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lake Stay, Minnesota.

Income Based Apartments in Lake Stay, Minnesota

Lake Stay 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 Stay, Minnesota

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Stay.

Housing Choice Vouchers in Lake Stay, Minnesota

On average, Section 8 Housing Choice vouchers pay Lake Stay landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Stay.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Stay, Minnesota for a two-bedroom apartment is between $643 and $785.

2020 Lake Stay, 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 $471 $542 $714 $890 $967
Payment Standard Range $424 to $518 $488 to $596 $643 to $785 $801 to $979 $870 to $1,064

Sourced from federal housing data and AffordableHousingOnline.com research.

Lake Stay, 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 Stay is a City in Lincoln 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 Stay are renters.

Income and Rent Overburden in Lake Stay

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

Area Median Income In Lake Stay

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 Stay, the AMI is calculated from all households within Lincoln County.

In Lake Stay, HUD calculates the Area Median Income for a family of four as $68,600

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 Lake Stay

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 Lake Stay

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