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There are 6 low-income apartments in Venice that offer reduced rents to eligible households.
Rental assistance programs support 170 low-income homes in Venice where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $375 towards rent each month.
Affordable rent data for some communities last confirmed on January 3rd, 2023. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Venice, 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 |
|---|---|
| Madison County Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-Sufficiency |
Venice, Illinois Affordable Housing Data
Income Based Apartments in Venice, Illinois
Venice features 170 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 Venice, Illinois
There are 6 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Venice.
Housing Choice Vouchers in Venice, Illinois
On average, Section 8 Housing Choice vouchers pay Venice landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Venice.
The maximum amount a voucher would pay on behalf of a low-income tenant in Venice, Illinois for a two-bedroom apartment is between $1,088 and $1,330.
2024 Venice, 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 | |
|---|---|---|---|---|---|
| Venice, Illinois Fair Market Rent | $928 | $972 | $1,209 | $1,565 | $1,818 |
| Venice, Illinois Payment Standard Range | $835 to $1,021 | $875 to $1,069 | $1,088 to $1,330 | $1,409 to $1,722 | $1,636 to $2,000 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Venice, IL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 3 |
|---|---|
| Total Low Income Apartments | 176 |
| Total Housing Units with Rental Assistance | 170 |
| Percentage of Housing Units Occupied By Renters | 59.6% |
| Average Renter Household Size | 2.53 |
| Average Household Size | 2.43 |
| Median Household Income | $20,505 ±$2,640 |
| Median Rent | $712 ±$62 |
| Percentage Of Renters Overburdened | 54.89% ± 13.45pp |
| Total Population | 1,963 |
Population and Household Demographics
Venice is a city in Madison County, Illinois with a population of 1,963. There are 807 households in the city with an average household size of 2.43 persons. 59.6% of households in Venice are renters.
Income and Rent Overburden in Venice
The median gross income for households in Venice is $20,505 a year, or $1,709 a month. The median rent for the city is $712 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Venice, a household making less than $2,373 a month would be considered overburdened when renting an apartment at or above the median rent. 54.89% of households who rent are overburdened in Venice.
Area Median Income In Venice
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 Venice, the AMI is calculated from all households within Madison County.
In Venice, HUD calculates the Area Median Income for a family of four as $101,200
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 Venice
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 Venice
| 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 Venice AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$21,150 | $24,150 | $27,150 | $30,150 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Venice AMI may qualify for rental assistance programs that target Very Low Income households. |
$35,200 | $40,200 | $45,250 | $50,250 | $54,300 | $58,300 | $62,350 | $66,350 |
| 80% AMI Income Limits Renters earning up to 80% of the Venice AMI may qualify for rental assistance programs that target Low Income households. |
$56,250 | $64,300 | $72,350 | $80,350 | $86,800 | $93,250 | $99,650 | $106,100 |
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