Drake Terrace Senior Apartments

725 Briarwood Dr, Kendallville, Indiana 46755

Contact Drake Terrace Senior Apartments

Drake Terrace Senior Apartments is for those 62 years or better, or under 62 and disabled. Laundry Facilities are on site, and water, sewer, trash, snow plowing, and lawn maintenance are all included in your rent. Call Today to find out more about this beautiful community.
* OFFICE is located at 636 Berry Lane

Eligibility for Drake Terrace Senior Apartments

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Kendallville but actual income limits may differ for units at Drake Terrace Senior Apartments.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
Very Low Income (50%)	$27,650	$31,600	$35,550	$39,450	$42,650	$45,800	$48,950	$52,100
Low Income (60%)	$33,180	$37,920	$42,660	$47,340	$51,180	$54,960	$58,740	$62,520

Drake Terrace Senior Apartments Details

18 bedroom units.
Low-Income Housing Tax Credit (LIHTC)
Section 515 Rural Rental Housing
Section 521 USDA Rental Assistance

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

Section 515 Rural Rental Housing

This property has received funding in part through the Section 515 Rural Rental Housing (Section 515) program. Very low, low, and moderate income families, elderly persons, and persons with disabilities are eligible to live at this property. Persons or Families living in substandard housing have priority for tenancy.

Section 521 USDA Rental Assistance

The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 514, 515 and 516 properties, ensures renters only pay 30% of their adjusted income towards rent. USDA Rural Development Rental Assistance may not be available for all units at this property.