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There are 27 low-income apartments in Iola that offer reduced rents to eligible households.
Rental assistance programs support 16 low-income homes in Iola where households pay rent based on how much they earn.
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 Iola, Wisconsin
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 |
|---|---|
| Wisconsin Housing and Economic Development Authority | Section 8 Housing Choice Voucher (HCV) |
Iola, Wisconsin Affordable Housing Data
Income Based Apartments in Iola, Wisconsin
Iola features 16 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 Iola, Wisconsin
There are 27 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Iola.
Housing Choice Vouchers in Iola, Wisconsin
On average, Section 8 Housing Choice vouchers pay Iola landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Iola.
The maximum amount a voucher would pay on behalf of a low-income tenant in Iola, Wisconsin for a two-bedroom apartment is between $815 and $996.
2024 Iola, Wisconsin 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 | |
|---|---|---|---|---|---|
| Iola, Wisconsin Fair Market Rent | $635 | $745 | $905 | $1,258 | $1,262 |
| Iola, Wisconsin Payment Standard Range | $572 to $699 | $671 to $820 | $815 to $996 | $1,132 to $1,384 | $1,136 to $1,388 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Iola, WI Affordable Housing Snapshot
| Total Affordable Apartment Properties | 3 |
|---|---|
| Total Low Income Apartments | 43 |
| Total Housing Units with Rental Assistance | 16 |
| Percentage of Housing Units Occupied By Renters | % |
| Average Renter Household Size | 0.00 |
| Average Household Size | 0.00 |
| Median Household Income | $0 ±$0 |
| Median Rent | $0 ±$0 |
| Total Population | 0 |
Population and Household Demographics
Iola is a city in Waupaca County, Wisconsin with a population of 0. There are 0 households in the city with an average household size of 0.00 persons. % of households in Iola are renters.
Income and Rent Overburden in Iola
The median gross income for households in Iola is $0 a year, or $0 a month. The median rent for the city is $0 a month.
Area Median Income In Iola
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 Iola, the AMI is calculated from all households within Waupaca County.
In Iola, HUD calculates the Area Median Income for a family of four as $88,100
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 Iola
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 Iola
| 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 Iola AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,150 | $20,750 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Iola AMI may qualify for rental assistance programs that target Very Low Income households. |
$30,250 | $34,550 | $38,850 | $43,150 | $46,650 | $50,100 | $53,550 | $57,000 |
| 80% AMI Income Limits Renters earning up to 80% of the Iola AMI may qualify for rental assistance programs that target Low Income households. |
$48,350 | $55,250 | $62,150 | $69,050 | $74,600 | $80,100 | $85,650 | $91,150 |
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