Affordable Housing In Traverse County

4 Low Income Apartment Communities In Traverse County

Wheaton Elderly

301 So 13th Street
Wheaton, MN
1-2 BR

Valley Vista Apartments

317 2nd Ave SW
Browns Valley, MN
Elderly Supportive Housing

Lake Traverse Proj

46830 Sweetcorn Dr
Browns Valley, MN

Towers Apartments I

202 Trail St N
Wheaton, MN
HCV Welcome
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Guide To Affordable Housing in Traverse County, Minnesota

There are 4 low income housing apartment communities offering 55 affordable apartments for rent in Traverse County, Minnesota. Traverse County features 24 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 31 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Traverse County.

Sourced from federal housing data and research.

Traverse County, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 55
Total Housing Units with Rental Assistance 24
Percentage of Housing Units Occupied By Renters 19.29%
Average Renter Household Size 1.89
Average Household Size 2.19
Median Household Income $49,186 ±$2,915
Median Rent $530 ±$30
Percentage Of Renters Overburdened 33.67% ± 9.82pp
Total Population 3,429

Population and Household Demographics

Traverse County is a County in Minnesota with a population of 3,429. There are 1,524 households in the county with an average household size of 2.19 persons. 19.29% of households in Traverse County are renters.

Income and Rent Overburden in Traverse County

The median gross income for households in Traverse County is $49,186 a year, or $4,099 a month. The median rent for the county is $530 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Traverse County, a household making less than $1,767 a month would be considered overburdened when renting an apartment at or above the median rent. 33.67% of households who rent are overburdened in Traverse County.1

Area Median Income In Traverse County

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.

In Traverse County, HUD calculates the Area Median Income for a family of four as $67,200

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 Traverse County

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 Traverse County HUD Rental Assistance in Traverse County

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
Low Income Housing Tax Credits in Traverse County

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1995 to 1995, 1 low income apartment communities containing 8 rental apartments have been constructed and made affordable to low income persons in Traverse County by the Low Income Housing Tax Credit Program.

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 Traverse County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $25,350 $29,000 $32,600 $36,200 $39,100 $42,000 $44,900 $47,800
60% of Median $30,420 $34,800 $39,120 $43,440 $46,920 $50,400 $53,880 $57,360

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 Traverse County is $39,120 a year, or $3,260 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,260 by 30% to get a maximum rent of $978 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% $634 $679 $815 $941 $1,050 $1,159
60% $761 $815 $978 $1,130 $1,260 $1,391
Fair Market Rents in Traverse County

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
$471 $542 $714 $890 $1,006

Cities In Traverse County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Wheaton 2
Browns Valley 2
Arthur 0
Clifton 0
Croke 0
Dollymount 0
Dumont 0
Folsom 0
Lake Valley 0
Leonardsville 0
Monson 0
Parnell 0
Redpath 0
Tara 0
Taylor 0
Tintah 0
Tintahship 0
Walls 0
Windsor 0