Lake Ridge Apartments

Eligibility for Lake Ridge Apartments

Lake Ridge Apartments Details

• 42 one and two bedroom units.
• Low-Income Housing Tax Credit (LIHTC)
• Section 515 Rural Rental Housing
• Section 811 PRA
• Section 521 USDA Rental Assistance

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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 811 PRA

Some of the units at this property have received funding through HUD's Section 811 Project Rental Assistance (PRA) Program. For these PRA funded units, tenants must be extremely low-income (at or below 30% of Area Median Income) and at least one adult member of the household must have a disability. The person with the disability must be eligible for community-based, long-term services as provided under the state’s plan for medical assistance under Title XIX of the Social Security Act (Medicaid), state funded services or other appropriate services defined in the written partnership agreement.

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.