Affordable Housing In Mount Hope
Grant County,
Wisconsin
Guide To Affordable Housing in Mount Hope, Wisconsin
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Mount Hope, Wisconsin. Mount Hope features 0 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Mount Hope.
Sourced from federal housing data and AffordableHousingOnline.com research.
Mount Hope, WI 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 | 27.69% |
| Average Renter Household Size | 2.22 |
| Average Household Size | 2.52 |
| Median Household Income | $43,125 ±$11,631 |
| Median Rent | $469 ±$67 |
| Percentage Of Renters Overburdened | 27.78% ± 52.31pp |
| Total Population | 164 |
Population and Household Demographics
Mount Hope is a City in Grant County, Wisconsin with a population of 164. There are 65 households in the city with an average household size of 2.52 persons. 27.69% of households in Mount Hope are renters.
Income and Rent Overburden in Mount Hope
The median gross income for households in Mount Hope is $43,125 a year, or $3,594 a month. The median rent for the city is $469 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Mount Hope, a household making less than $1,563 a month would be considered overburdened when renting an apartment at or above the median rent. 27.78% of households who rent are overburdened in Mount Hope.1
Area Median Income In Mount Hope
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 Mount Hope, the AMI is calculated from all households within Grant County.
In Mount Hope, HUD calculates the Area Median Income for a family of four as $65,900
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 Mount Hope
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 Mount Hope HUD Rental Assistance in Mount Hope
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% of Median | $14,350 | $16,910 | $21,330 | $25,750 | $30,170 | $34,590 | $39,010 | $43,430 |
| 50% of Median | $23,950 | $27,400 | $30,800 | $34,200 | $36,950 | $39,700 | $42,450 | $45,150 |
| 80% of Median | $38,300 | $43,800 | $49,250 | $54,700 | $59,100 | $63,500 | $67,850 | $72,250 |
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 Mount Hope
| Income | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 50% of Median | $23,950 | $27,400 | $30,800 | $34,200 | $36,950 | $39,700 | $42,450 | $45,150 |
| 60% of Median | $28,740 | $32,880 | $36,960 | $41,040 | $44,340 | $47,640 | $50,940 | $54,180 |
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 Mount Hope is $36,960 a year, or $3,080 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,080 by 30% to get a maximum rent of $924 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% | $599 | $642 | $770 | $889 | $993 | $1,095 |
| 60% | $719 | $770 | $924 | $1,067 | $1,191 | $1,314 |
Fair Market Rents in Mount Hope
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 |
|---|---|---|---|---|
| $562 | $566 | $715 | $939 | $1,255 |
