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There are 225 low-income apartments in Belvidere that offer reduced rents to eligible households. Low-income rents in Belvidere, Illinois can range from $775 to $775 depending on the number of bedrooms.
Rental assistance programs support 446 low-income homes in Belvidere where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $340 towards rent each month.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Belvidere, Illinois
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
| Housing Authority | Programs |
|---|---|
| Housing Authority of the County of Boone | Section 8 Housing Choice Voucher (HCV) |
Belvidere, Illinois Affordable Housing Data
Income Based Apartments in Belvidere, Illinois
Belvidere features 446 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 Belvidere, Illinois
There are 225 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Belvidere.
Housing Choice Vouchers in Belvidere, Illinois
On average, Section 8 Housing Choice vouchers pay Belvidere landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Belvidere.
The maximum amount a voucher would pay on behalf of a low-income tenant in Belvidere, Illinois for a two-bedroom apartment is between $928 and $1,134.
2024 Belvidere, Illinois 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 | |
|---|---|---|---|---|---|
| Belvidere, Illinois Fair Market Rent | $699 | $785 | $1,031 | $1,380 | $1,423 |
| Belvidere, Illinois Payment Standard Range | $629 to $769 | $707 to $864 | $928 to $1,134 | $1,242 to $1,518 | $1,281 to $1,565 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Belvidere, IL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 8 |
|---|---|
| Total Low Income Apartments | 671 |
| Total Housing Units with Rental Assistance | 446 |
| Percentage of Housing Units Occupied By Renters | 27.78% |
| Average Renter Household Size | 2.69 |
| Average Household Size | 2.88 |
| Median Household Income | $49,978 ±$2,815 |
| Median Rent | $713 ±$27 |
| Percentage Of Renters Overburdened | 36.52% ± 8.28pp |
| Total Population | 25,741 |
Population and Household Demographics
Belvidere is a city in Boone County, Illinois with a population of 25,741. There are 8,862 households in the city with an average household size of 2.88 persons. 27.78% of households in Belvidere are renters.
Income and Rent Overburden in Belvidere
The median gross income for households in Belvidere is $49,978 a year, or $4,165 a month. The median rent for the city is $713 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Belvidere, a household making less than $2,377 a month would be considered overburdened when renting an apartment at or above the median rent. 36.52% of households who rent are overburdened in Belvidere.
Area Median Income In Belvidere
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 Belvidere, the AMI is calculated from all households within Boone County.
In Belvidere, HUD calculates the Area Median Income for a family of four as $82,400
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 Belvidere
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 Belvidere
| 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 Belvidere AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,300 | $19,800 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Belvidere AMI may qualify for rental assistance programs that target Very Low Income households. |
$28,850 | $33,000 | $37,100 | $41,200 | $44,500 | $47,800 | $51,100 | $54,400 |
| 80% AMI Income Limits Renters earning up to 80% of the Belvidere AMI may qualify for rental assistance programs that target Low Income households. |
$46,150 | $52,750 | $59,350 | $65,900 | $71,200 | $76,450 | $81,750 | $87,000 |
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