Homes for rent newton iowa11/20/2023 Renters earning up to 50% of the Newton AMI may qualify for rental assistance programs that target Very Low Income households. Renters earning up to 30% of the Newton AMI may qualify for rental assistance programs that target Extremely Low Income households. Income Qualifications for HUD Rental Assistance in Newton 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 30% AMI Income Limits 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. 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. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811. Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. In Newton, HUD calculates the Area Median Income for a family of four as $83,300 For Newton, the AMI is calculated from all households within Jasper County. 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. The AMI is calculated and published each year by HUD. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. Each household's income is compared to the incomes of all other households in the area. Area Median Income In NewtonĪffordable housing program eligibility is always determined by one's income. In Newton, a household making less than $2,240 a month would be considered overburdened when renting an apartment at or above the median rent.Ĥ4.46% of households who rent are overburdened in Newton. Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. The median gross income for households in Newton is $46,512 a year, or $3,876 a month. 35.08% of households in Newton are renters. There are 6,232 households in the city with an average household size of 2.37 persons. Newton is a city in Jasper County, Iowa with a population of 15,147. ± 8.2pp Total Population 15,147 Population and Household Demographics ±$65 Percentage Of Renters Overburdened 44.46% Total Affordable Apartment Properties 18 Total Low Income Apartments 746 Total Housing Units with Rental Assistance 274 Percentage of Housing Units Occupied By Renters 35.08% Average Renter Household Size 2.31 Average Household Size 2.37 Median Household Income $46,512 Sourced from federal housing data and research. 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. 2023 Newton, Iowa Fair Market Rents and Housing Choice Voucher Payment Standardsįair Market Rents can be used to better understand the average housing costs of an area. The maximum amount a voucher would pay on behalf of a low-income tenant in Newton, Iowa for a two-bedroom apartment is between $752 and $919. The average voucher holder contributes $300 towards rent in Newton. On average, Section 8 Housing Choice vouchers pay Newton landlords $500 per month towards rent. There are 347 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Newton. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities. Newton features 274 income based apartments. Newton, Iowa Affordable Housing Data Income Based Apartments in Newton, Iowa
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