Location: Adams County, IL | Metro: Adams County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 62365 are governed by the Specific Area Fair Market Rent (SAFMR) which sets the rate for this specific ZIP. For a two-bedroom apartment, the SAFMR for FY 2026 is $920. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent.
A voucher payment is composed of two parts: the subsidy paid by the housing authority and the tenant's contribution. The tenant's portion is typically 30% of their adjusted income, but it can vary based on the specifics of their financial situation. Utility allowances are also factored into the overall payment structure, though these do not directly affect the rental reimbursement rate.
To illustrate, if a landlord charges $920 for a two-bedroom unit, the housing authority will cover the difference between the tenant's contribution and the total rent, up to the $920 limit. If the tenant's portion is less than the total rent, the landlord will receive the remainder from the housing authority. However, if the tenant's portion plus the utility allowance exceeds $920, the landlord must accept $920 as the total reimbursement. There is no provision for charging above the SAFMR without the tenant covering the excess out-of-pocket.
In ZIP 62365, the local market rent data is currently unavailable, making it difficult to compare the SAFMR to the prevailing market rates. However, assuming the local market rent is below the SAFMR, landlords would not face a significant reimbursement gap. Conversely, if the local market rent exceeds $920, landlords would have to absorb the difference, leading to a surplus for the housing authority and potentially lower profits for the landlord.
The typical reimbursement gap or surplus for a two-bedroom voucher in ZIP 62365 cannot be accurately calculated without knowing the exact local market rent. Landlords should monitor local market conditions and adjust their expectations accordingly when participating in the Section 8 program. Given the SAFMR of $920, they should ensure that their costs align with this figure to avoid financial losses.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.