Affordable Housing In New Richmond
St Croix County, Wisconsin

7 Low Income Apartment Communities In New Richmond

The Villas at Paperjack Creek

938 Monette Ave
New Richmond, WI
1-3 BR
HCV Welcome

Croft Place Apartments

233 Croft St
New Richmond, WI
1-4 BR
HCV Welcome

Deer Path Townhomes I

665 Monette Ave
New Richmond, WI
Call For Rent
2-3 BR
HCV Welcome

Boardman Meadows

460 W 8th St
New Richmond, WI
Elderly Supportive Housing

Sunshine Court

370 Odanah Ave
New Richmond, WI

Park Meadows Apartments

700 Hagen Ave
New Richmond, WI
HCV Welcome

Deer Path Townhomes II

673 Monette Ave
New Richmond, WI
HCV Welcome
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Housing Authorities that serve New Richmond

Housing Authority Programs
Housing Authority of the City of New Richmond Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in New Richmond, Wisconsin

According to federal housing data and research, there are 7 low income housing apartment communities offering 246 affordable apartments for rent in New Richmond, Wisconsin. New Richmond features 75 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 171 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in New Richmond.

New Richmond, WI Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 246
Total Housing Units with Rental Assistance 75
Percentage of Housing Units Occupied By Renters 39.72%
Average Renter Household Size 2.35
Average Household Size 2.57
Median Household Income $53,265 ±$11,064
Median Rent $814 ±$58
Percentage Of Renters Overburdened 52.28% ± 14.77pp
Total Population 8,599

Population and Household Demographics

New Richmond is a City in St Croix County, Wisconsin with a population of 8,599. There are 3,260 households in the city with an average household size of 2.57 persons. 39.72% of households in New Richmond are renters.

Income and Rent Overburden in New Richmond

The median gross income for households in New Richmond is $53,265 a year, or $4,439 a month. The median rent for the city is $814 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Richmond, a household making less than $2,713 a month would be considered overburdened when renting an apartment at or above the median rent. 52.28% of households who rent are overburdened in New Richmond.1

Area Median Income In New Richmond

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 New Richmond, the AMI is calculated from all households within St Croix County.

In New Richmond, HUD calculates the Area Median Income for a family of four as $100,000

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 New Richmond

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 New Richmond HUD Rental Assistance in New Richmond

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $21,000 $24,000 $27,000 $30,000 $32,400 $34,800 $39,010 $43,430
50% of Median $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
80% of Median $52,850 $60,400 $67,950 $75,500 $81,550 $87,600 $93,650 $99,700
Low Income Housing Tax Credits in New Richmond

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

From 1996 to 2002, 4 low income apartment communities containing 113 rental apartments have been constructed and made affordable to low income persons in New Richmond 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 New Richmond

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
60% of Median $42,000 $48,000 $54,000 $60,000 $64,800 $69,600 $74,400 $79,200

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 New Richmond is $54,000 a year, or $4,500 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $4,500 by 30% to get a maximum rent of $1,350 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% $875 $938 $1,125 $1,300 $1,450 $1,600
60% $1,050 $1,125 $1,350 $1,560 $1,740 $1,920
Fair Market Rents in New Richmond

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
$820 $971 $1,214 $1,722 $2,025