INCOME LEVELS & RENTS

Effective 1-1-2020

CARMEN ROMANO APARTMENTS

MAXIMUM INCOME LIMITS |         1 BEDROOM          |            2 BEDROOM

                                                      # of units | RENT               # of units | RENT

60% of AMI                                           65    $946.00                       16    $1,104.00

50% of AMI                                           13     $746.00                         3     $887.00

25% of AMI                                             5     $344.00                         1     $396.00


TOTAL GROSS HOUSEHOLD INCOME CANNOT EXCEED $42,420  FOR A SINGLE PERSON OR $48,480  FOR A COUPLE

INCOME LIMITS ARE BASED ON FAMILY SIZE

FAMILY SIZE      |         MAXIMUM INCOME LIMITS

                                  60% of AMI              50% of AMI              40% of AMI

1 PERSON                    $42,420                   $35,350                      $17,675

2 PERSONS                 $48,480                  $40,400                     $20,200

INCOME IS DEFINED IN THE DETAILED FEDERAL PROGRAM REGULATIONS.

APPLICANTS MUST MEET ALL THE OTHER REQUIREMENTS FOR OCCUPANCY

MINIMUM INCOME REQUIREMENT:

                                60%                         50%                             40% 

1 BR                    $28,380                   $22,920                      $10,320

2 BR                     $33,120                  $26,610                       $11,880

 

SAGE POND PLACE

Type 1

60%

Household Size |  Annual Income Range | 1 Bedroom/49 units

1                             $28,050 – $42,420          $935

2                             $28,050 – $48,480         $935


Household Size | Annual Income Range | 2 Bedroom/10 units

2                             $33,600– $48,480         $1120

3                             $33,600– $54,540         $1120



Type 2

50%

Household Size | Annual Income Range | 1 Bedroom/ 13 units

1                             $23,700 – $35,350          $790

2                             $23,700 – $40,400         $790



Type 3

25%

Household Size | Annual Income Range | 1 Bedroom/ 5 units

1                             $10,650 – $17,675           $355

2                             $10,650 – $20,200        $355



No Income Limits Apply to Market Units rent @ $1,055 (1 Bedroom/7 units)

 

AMSTON VILLAGE

60% Tax Credit

Household Size |  Annual Income Range | 1 Bedroom/8

1                               $31,886 – $47,220          $930

2                              $31,8860 – $54,000       $930


Household Size | Annual Income Range | 2 Bedroom/1

2                              $36,857– $54,000         $1075

3                              $36,857– $60,720         $1075



60% High Home

Household Size | Annual Income Range | 1 Bedroom/16

1                              $21,943 – $52,850          $640

2                             $21,943 – $60,400          $640


Household Size | Annual Income Range | 2 Bedroom/2

2                              $28,286– $60,400         $825

3                              $28,286– $67,950         $825


50% Low Home

Household Size | Annual Income Range | 1 Bedroom/4

1                              $21,943 – $39,350           $640

2                              $21,943 – $45,000        $640


Household Size | Annual Income Range | 2 Bedroom/2

2                              $24,400– $45,000         $815

3                              $24,400– $50,600         $815

 

STONECROFT VILLAGE

Household Size |  Maximum Monthly Income

1                              $52,850          

2                              $60,400

1 Bedroom

Minimum Base Rent - $593 (*minimum monthly income: $1483)

Maximum Rent $ 875

The minimum base rent is formulated from 40% AMI of the area maximum allowable rent.

The maximum rent is according to HUD Fair Market Rent of the area.


Rent is the higher of:

  1. 30% of household income minus the current utility allowance.

Not to exceed Market Rate

  1. Minimum Base Rent


*Each household must be able to afford the minimum base rent not to exceed 

40% of the household income.  

Portable Vouchers and Subsidy is welcome.

 

HILLSIDE TERRACE

Minimum Base Rent $ 577 (*minimum monthly income: $1443)

Maximum Rent $ 903


1 Bedroom  

Minimum Base Rent $613(*minimum monthly income: $1533)

Maximum Rent $1018


Maximum Income Limits:

1 person   $52,850

2 people $60,400



The minimum base rent is formulated from 50% AMI of the area maximum allowable rent.

The maximum rent is according to HUD Fair Market Rent of the area.


Rent is the higher of:

  1. 30% of household income minus the current utility allowance.

Not to exceed Market Rate

  1. Minimum Base Rent


*Each household must be able to afford the minimum base rent not to exceed 

40% of the household income.

 

VICTORIA GARDENS

60% Tax Credit

Household Size |  Annual Income Range | 1 Bedroom/23

1                               $29,550 – $42,420          $985

2                              $29,550 – $48,480       $985

Household Size |  Annual Income Range | 2 Bedroom/2

2                               $35,670 – $48,480          $1189

3                              $35,670 – $54,540       $1189

50% Tax Credit

Household Size |  Annual Income Range | 1 Bedroom/27

1                               $24,450 – $35,350          $815

2                              $24,450 – $40,400       $815

Household Size |  Annual Income Range | 2 Bedroom/2

2                               $29,160 – $40,400          $972

3                              $29,160 – $45,450       $972

25% Tax Credit

Household Size |  Annual Income Range | 1 Bedroom/18

1                               $11,400 – $17,675          $380

2                              $11,400 – $20,200       $380

No Income Limits Apply to Market Units rent @ $1,100 (1 Bedroom/17 units) 

                                                                                  @ $1,300 (2 Bedroom/1 unit)

 

NEW ALGIERS

Project Based Section 8 Contract with HUD.
The households pay 30% of their adjusted monthly income for rent.
Income guidelines are per HUD which are published annually.

 

WORTHINGTON MANOR

1 Bedroom

Minimum Base Rent $ 732 (*minimum monthly income: $1830)

Maximum Rent $ 964


Maximum Income Limits:

1 person   $52,850

2 people $60,400



The minimum base rent is formulated from 50% AMI of the area maximum allowable rent.

The maximum rent is according to HUD Fair Market Rent of the area.


Rent is the higher of:

  1. 30% of household income minus the current utility allowance.

Not to exceed Market Rate

  1. Minimum Base Rent


*Each household must be able to afford the minimum base rent not to exceed 

40% of the household income.

 

©2020 by Merit Properites.