20815 Bishop Rd, Fairhope, AL 35401
Waiting List Forecast: Likely Short or None
Verified for 2023 by Connor Bailey, Lorena Bentley, Colleen Carter| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
This project has been funded and will begin construction soon.
Graceway Apartments is an affordable community for seniors offering 48 units. For more information, please contact their management office.
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Graceway Apartments does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $31,700 / year | $36,200 / year | $40,750 / year | $45,250 / year | $48,900 / year | $52,500 / year | $56,150 / year | $59,750 / year |
| 50% AMI for PBRA Units | $31,700 / year | $36,200 / year | $40,750 / year | $45,250 / year | $48,900 / year | $52,500 / year | $56,150 / year | $59,750 / year |
| 60% AMI for LIHTC Units | $38,040 / year | $43,440 / year | $48,900 / year | $54,300 / year | $58,680 / year | $63,000 / year | $67,380 / year | $71,700 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Graceway Apartments have a waiting list?
Graceway Apartments probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Graceway Apartments?
We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.
What property management company manges Graceway Apartments?
Graceway Apartments is managed by The Morrow Companies headquartered in Tuscaloosa, AL.
In addition to Graceway Apartments, how many other affordable housing properties (and units) are there in Fairhope?
In addition to Graceway Apartments, we list 11 other affordable properties in Fairhope. Learn about these properties here. Our data research shows that there are a total of 430 affordable units in Fairhope.
When was the Graceway Apartments listing last updated?
Graceway Apartments listing on Affordable Housing Online was last updated on 05/31/2023 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
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