Colonial Park Apartments
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There are 241 low-income apartments in Park City that offer reduced rents to eligible households.
Rental assistance programs support 0 low-income homes in Park City where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $323 towards rent each month.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Park City, 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 |
|---|---|
| Lake County Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-Sufficiency |
| Housing Authority of the City of North Chicago | Section 8 Housing Choice Voucher (HCV); Public Housing |
Park City, Illinois Affordable Housing Data
Income Based Apartments in Park City, Illinois
Park City 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 Park City, Illinois
There are 241 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Park City.
Housing Choice Vouchers in Park City, Illinois
On average, Section 8 Housing Choice vouchers pay Park City landlords $800 per month towards rent. The average voucher holder contributes $300 towards rent in Park City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Park City, Illinois for a two-bedroom apartment is between $1,543 and $1,885.
2024 Park City, 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 | |
|---|---|---|---|---|---|
| Park City, Illinois Fair Market Rent | $1,399 | $1,507 | $1,714 | $2,182 | $2,583 |
| Park City, Illinois Payment Standard Range | $1,259 to $1,539 | $1,356 to $1,658 | $1,543 to $1,885 | $1,964 to $2,400 | $2,325 to $2,841 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Park City, IL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 2 |
|---|---|
| Total Low Income Apartments | 242 |
| Total Housing Units with Rental Assistance | 0 |
| Percentage of Housing Units Occupied By Renters | 46.18% |
| Average Renter Household Size | 2.81 |
| Average Household Size | 3.08 |
| Median Household Income | $42,099 ±$3,954 |
| Median Rent | $768 ±$41 |
| Percentage Of Renters Overburdened | 44.65% ± 11.83pp |
| Total Population | 7,432 |
Population and Household Demographics
Park City is a city in Lake County, Illinois with a population of 7,432. There are 2,410 households in the city with an average household size of 3.08 persons. 46.18% of households in Park City are renters.
Income and Rent Overburden in Park City
The median gross income for households in Park City is $42,099 a year, or $3,508 a month. The median rent for the city is $768 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Park City, a household making less than $2,560 a month would be considered overburdened when renting an apartment at or above the median rent. 44.65% of households who rent are overburdened in Park City.
Area Median Income In Park City
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 Park City, the AMI is calculated from all households within Lake County.
In Park City, HUD calculates the Area Median Income for a family of four as $112,300
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 Park City
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 Park City
| 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 Park City AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$23,200 | $26,500 | $29,800 | $33,100 | $35,750 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Park City AMI may qualify for rental assistance programs that target Very Low Income households. |
$38,650 | $44,150 | $49,650 | $55,150 | $59,600 | $64,000 | $68,400 | $72,800 |
| 80% AMI Income Limits Renters earning up to 80% of the Park City AMI may qualify for rental assistance programs that target Low Income households. |
$61,800 | $70,600 | $79,450 | $88,250 | $95,350 | $102,400 | $109,450 | $116,500 |
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