Oak Terrace Apartments
1240 Oak Terrace Dr, Traverse City, Michigan 49686
Eligibility for Oak Terrace 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 Traverse City but actual income limits may differ for units at Oak Terrace Apartments.
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| Very Low Income (50%) | $31,500 | $36,000 | $40,500 | $44,950 | $48,550 | $52,150 | $55,750 | $59,350 |
Oak Terrace Apartments Details
- 48 bedroom units.
- Section 515 Rural Rental Housing
- Section 521 USDA Rental Assistance
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.
Nearby Low Income Apartment Communities like Oak Terrace Apartments
Boardman Lake Apartments
Oak Park Apartments
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