Magnolia Terrace

222 Broad St, Jellico, Tennessee 37762

Contact Magnolia Terrace

Magnolia Terrace is an affordable apartment community offering 1-bedroom units. This community is pet friendly has on-site management, maintenance, and laundry.

Unit (Bd/Ba)	Ft²	Rent
One Bedroom (1/1)	650	Income Based

Eligibility for Magnolia Terrace

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 Jellico but actual income limits may differ for units at Magnolia Terrace.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
50%	$23,400	$26,750	$30,100	$33,400	$36,100	$38,750	$41,450	$44,100

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 Jellico but actual income limits may differ for units at Magnolia Terrace.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
Very Low Income (50%)	$23,400	$26,750	$30,100	$33,400	$36,100	$38,750	$41,450	$44,100
Low Income (60%)	$28,080	$32,100	$36,120	$40,080	$43,320	$46,500	$49,740	$52,920

Magnolia Terrace Details

124 one bedroom units.
Section 223
Section 8 New Construction
Low-Income Housing Tax Credit (LIHTC)

Property Amenities

On-Site Manager
On-Site Maintenance
Laundry Facility

Unit Amenities

Air Conditioning
Dishwasher
Garbage Disposal
Carpet
Refrigerator
Electric Range

Office Hours

Day	Hours
Monday	8:00am-5:00pm
Tuesday	8:00am-5:00pm
Wednesday	8:00am-5:00pm
Thursday	8:00am-5:00pm
Friday	8:00am-5:00pm

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.