Colony Park Apartments
550 E Thornhill Dr, Carol Stream, Illinois 60188
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Colony Park Apartments is managed by Mercy Housing.
Colony Park is located in Carol Stream, Illinois. This community offers apartments for income eligible seniors age 62 years and older. This community also has gently sloping sidewalks with a pleasing pond and fountain that provide a relaxing and serene park like setting, and is remarkably convenient to shopping, doctor’s offices and restaurants.
Eligibility for Colony Park Apartments
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Carol Stream but actual income limits may differ for units at Colony Park Apartments.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% | $23,200 | $26,500 | $29,800 | $33,100 | $35,750 | $40,280 | $45,420 | $50,560 |
| 50% | $38,650 | $44,150 | $49,650 | $55,150 | $59,600 | $64,000 | $68,400 | $72,800 |
| 80% | $61,800 | $70,600 | $79,450 | $88,250 | $95,350 | $102,400 | $109,450 | $116,500 |
Colony Park Apartments Details
- 284 bedroom units.
- Rental Assistance Payments (RAP)
- Section 221 (d) (3)
- Section 236
Property Amenities
- Laundry Room
- 24hr Emergency Maintenance
- Game Room
- Open Parking
- Heat Included
Unit Amenities
- Cable Ready
- Storage
- Private Patio and Balcony
- Wall-to-Wall Carpeting
Rental Assistance Payments (RAP)
Since this property has received funding through the HUD Section 236 program and the Rental Assistance Program (RAP), a tenant who earns 50% of the Area Median Income (AMI) or less qualifies for rental assistance. The rental assistance limits the tenant rent contribution to the greater of 10% of their gross income, 20% of their adjusted income, or a designated portion of welfare assistance. If a tenant's income is above the 50% AMI level, they may still qualify to live here but not benefit from the rent subsidy.
Section 236
Apartment communities that participate in the Section 236 program are required to ensure that their units are only available to families with incomes at or below 80% of the area median income. Rents at participating communities must be approved by HUD.
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