Covenant Village

322 Forestal Dr, Knoxville, Tennessee 37918

Contact Covenant Village

Covenant Village is an affordable apartment community offering 1-, 2-, and 3-bedroom units.

Unit (Bd/Ba)	Ft²	Rent
One Bedroom (1/1)	-	Call for Price
Two Bedroom (2/1)	-	Call for Price
Three Bedroom (3/1.5)	-	Call for Price

Eligibility for Covenant Village

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 Knoxville but actual income limits may differ for units at Covenant Village.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person
30%	$18,150	$20,750	$24,860	$30,000	$35,140	$40,280
50%	$30,250	$34,600	$38,900	$43,200	$46,700	$50,150
80%	$48,400	$55,300	$62,200	$69,100	$74,650	$80,200

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 Knoxville but actual income limits may differ for units at Covenant Village.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person
Very Low Income (50%)	$30,250	$34,600	$38,900	$43,200	$46,700	$50,150
Low Income (60%)	$36,300	$41,520	$46,680	$51,840	$56,040	$60,180

Covenant Village Details

71 one, two and three bedroom units.
Section 8 Project-Based Rental Assistance (PBRA)
Section 221 (d) (3)
HOME Investment Partnerships Program
Low-Income Housing Tax Credit (LIHTC)

Property Amenities

Playground
On-Site Parking

Section 8 Project-Based Rental Assistance (PBRA)

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.

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.