Affordable Housing In Stony River
Guide To Affordable Housing in Stony River, Minnesota
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Stony River, Minnesota.
Income Based Apartments in Stony River, Minnesota
Stony River 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 Stony River, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Stony River.
Housing Choice Vouchers in Stony River, Minnesota
On average, Section 8 Housing Choice vouchers pay Stony River landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Stony River.
The maximum amount a voucher would pay on behalf of a low-income tenant in Stony River, Minnesota for a two-bedroom apartment is between $691 and $845.
2020 Stony River, 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.
Stony River, 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|
Population and Household Demographics
Income and Rent Overburden in Stony River
The median gross income for households in Stony River is $0 a year, or $0 a month. The median rent for the city is $0 a month.
Area Median Income In Stony River
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 Stony River, the AMI is calculated from all households within Lake County.
In Stony River, HUD calculates the Area Median Income for a family of four as $73,900
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 Stony River
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 Stony River
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$15,550||$17,750||$21,720||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$25,900||$29,600||$33,300||$36,950||$39,950||$42,900||$45,850||$48,800|
|80% of Median||$41,400||$47,300||$53,200||$59,100||$63,850||$68,600||$73,300||$78,050|