Affordable Housing In Mount Hope
Grant County,
Wisconsin
Housing Authorities that serve Mount Hope
| Housing Authority | Programs |
|---|---|
| Wisconsin Housing and Economic Development Authority | Section 8 Housing Choice Voucher (HCV) |
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.
Income Based Apartments in Mount Hope, Wisconsin
Mount Hope 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 Mount Hope, Wisconsin
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mount Hope.
Housing Choice Vouchers in Mount Hope, Wisconsin
On average, Section 8 Housing Choice vouchers pay Mount Hope landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Mount Hope.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mount Hope, Wisconsin for a two-bedroom apartment is between $661 and $807.
2021 Mount Hope, Wisconsin 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 | |
|---|---|---|---|---|---|
| Mount Hope, Wisconsin Fair Market Rent | $573 | $577 | $734 | $951 | $1,271 |
| Mount Hope, Wisconsin Payment Standard Range | $516 to $630 | $519 to $635 | $661 to $807 | $856 to $1,046 | $1,144 to $1,398 |
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.
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 $70,400
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 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 HUD Rental Assistance in Mount Hope
| 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 Mount Hope AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$15,100 | $17,420 | $21,960 | $26,500 | $31,040 | $35,580 | $40,120 | $44,660 |
| 50% AMI Income Limits Renters earning up to 50% of the Mount Hope AMI may qualify for rental assistance programs that target Very Low Income households. |
$25,150 | $28,750 | $32,350 | $35,900 | $38,800 | $41,650 | $44,550 | $47,400 |
| 80% AMI Income Limits Renters earning up to 80% of the Mount Hope AMI may qualify for rental assistance programs that target Low Income households. |
$40,250 | $46,000 | $51,750 | $57,450 | $62,050 | $66,650 | $71,250 | $75,850 |
