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There are 48 low-income apartments in Clear Lake that offer reduced rents to eligible households.
Rental assistance programs support 128 low-income homes in Clear Lake where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $329 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 Clear Lake, Iowa
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 |
|---|---|
| North Iowa Regional Housing Authority | Public Housing |
Clear Lake, Iowa Affordable Housing Data
Income Based Apartments in Clear Lake, Iowa
Clear Lake features 128 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 Clear Lake, Iowa
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Clear Lake.
Housing Choice Vouchers in Clear Lake, Iowa
On average, Section 8 Housing Choice vouchers pay Clear Lake landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Clear Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Clear Lake, Iowa for a two-bedroom apartment is between $800 and $978.
2024 Clear Lake, Iowa 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 | |
|---|---|---|---|---|---|
| Clear Lake, Iowa Fair Market Rent | $649 | $677 | $889 | $1,145 | $1,323 |
| Clear Lake, Iowa Payment Standard Range | $584 to $714 | $609 to $745 | $800 to $978 | $1,031 to $1,260 | $1,191 to $1,455 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Clear Lake, IA Affordable Housing Snapshot
| Total Affordable Apartment Properties | 6 |
|---|---|
| Total Low Income Apartments | 177 |
| Total Housing Units with Rental Assistance | 128 |
| Percentage of Housing Units Occupied By Renters | 23.72% |
| Average Renter Household Size | 2.09 |
| Average Household Size | 2.27 |
| Median Household Income | $49,219 ±$7,629 |
| Median Rent | $571 ±$79 |
| Percentage Of Renters Overburdened | 31.96% ± 11.1pp |
| Total Population | 7,675 |
Population and Household Demographics
Clear Lake is a city in Cerro Gordo County, Iowa with a population of 7,675. There are 3,272 households in the city with an average household size of 2.27 persons. 23.72% of households in Clear Lake are renters.
Income and Rent Overburden in Clear Lake
The median gross income for households in Clear Lake is $49,219 a year, or $4,102 a month. The median rent for the city is $571 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Clear Lake, a household making less than $1,903 a month would be considered overburdened when renting an apartment at or above the median rent. 31.96% of households who rent are overburdened in Clear Lake.
Area Median Income In Clear Lake
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 Clear Lake, the AMI is calculated from all households within Cerro Gordo County.
In Clear Lake, HUD calculates the Area Median Income for a family of four as $86,200
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 Clear Lake
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 Clear Lake
| 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 Clear Lake AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,850 | $20,400 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Clear Lake AMI may qualify for rental assistance programs that target Very Low Income households. |
$29,750 | $34,000 | $38,250 | $42,500 | $45,900 | $49,300 | $52,700 | $56,100 |
| 80% AMI Income Limits Renters earning up to 80% of the Clear Lake AMI may qualify for rental assistance programs that target Low Income households. |
$47,600 | $54,400 | $61,200 | $68,000 | $73,450 | $78,900 | $84,350 | $89,800 |
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