Affordable Housing In Sleepy Eye
3 Low Income Apartment Communities In Sleepy Eye
Housing Authorities that serve Sleepy Eye
|Housing and Redevelopment Authority of Sleepy Eye||Public Housing|
|New Ulm Economic Development Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Sleepy Eye, Minnesota
There are 3 low income housing apartment communities offering 105 affordable apartments for rent in Sleepy Eye, Minnesota.
Income Based Apartments in Sleepy Eye, Minnesota
Sleepy Eye features 81 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 Sleepy Eye, Minnesota
There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Sleepy Eye.
Housing Choice Vouchers in Sleepy Eye, Minnesota
On average, Section 8 Housing Choice vouchers pay Sleepy Eye landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Sleepy Eye.
The maximum amount a voucher would pay on behalf of a low-income tenant in Sleepy Eye, Minnesota for a two-bedroom apartment is between $661 and $807.
2021 Sleepy Eye, 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|
|Sleepy Eye, Minnesota Fair Market Rent||$484||$586||$734||$926||$1,054|
|Sleepy Eye, Minnesota Payment Standard Range||$436 to $532||$527 to $645||$661 to $807||$833 to $1,019||$949 to $1,159|
Sourced from federal housing data and AffordableHousingOnline.com research.
Sleepy Eye, MN Affordable Housing Snapshot
|Total Affordable Apartment Properties||3|
|Total Low Income Apartments||105|
|Total Housing Units with Rental Assistance||81|
|Percentage of Housing Units Occupied By Renters||27.77%|
|Average Renter Household Size||2.15|
|Average Household Size||2.50|
|Median Household Income||$45,500 ±$5,744|
|Median Rent||$613 ±$82|
|Percentage Of Renters Overburdened||36.44% ± 16.49pp|
Population and Household Demographics
Sleepy Eye is a city in Brown County, Minnesota with a population of 3,498. There are 1,354 households in the city with an average household size of 2.50 persons. 27.77% of households in Sleepy Eye are renters.
Income and Rent Overburden in Sleepy Eye
The median gross income for households in Sleepy Eye is $45,500 a year, or $3,792 a month. The median rent for the city is $613 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Sleepy Eye, a household making less than $2,043 a month would be considered overburdened when renting an apartment at or above the median rent. 36.44% of households who rent are overburdened in Sleepy Eye.
Area Median Income In Sleepy Eye
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 Sleepy Eye, the AMI is calculated from all households within Brown County.
In Sleepy Eye, HUD calculates the Area Median Income for a family of four as $76,400
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 Sleepy Eye
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 Sleepy Eye
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Sleepy Eye AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Sleepy Eye AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Sleepy Eye AMI may qualify for rental assistance programs that target Low Income households.