1700 Balch Rd, Madison, AL 35749
Waiting List Forecast: Likely Short or None
Verified for 2023 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $1,115 - 1,228 per Month† | 1 - 2 Beds | 1 - 1.5 Bath | 925 - 1,118 Sq Ft |
Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
Stoneridge Villas is a two-phase affordable apartment community for adults 55 and over, conveniently located in the heart of Madison, AL. The community consists of 1-bedroom and 2-bedroom apartments that each feature a fully-equipped kitchen, large closets, and a washer and dryer. Community amenities include an inviting clubhouse, fitness center, picnic area, walking trail with benches, and a business center with computer stations.
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 Stoneridge Villas 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. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes. 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
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (1/1) | 925ft2 | Rent is Based On Your Income† |
| Two Bedroom A (2/1.5) | 1118ft2 | Rent is Based On Your Income† |
| Two Bedroom (2/1.5) | 1118ft2 | $1,115 $1,228† |
| AMI* | 1 person | 2 people | 3 people | 4 people |
|---|---|---|---|---|
| 30% AMI for PBRA Units | $20,650 / year | $23,600 / year | $26,550 / year | $30,000 / year |
| 50% AMI for LIHTC Units | $34,350 / year | $39,250 / year | $44,150 / year | $49,050 / year |
| 50% AMI for PBRA Units | $34,350 / year | $39,250 / year | $44,150 / year | $49,050 / year |
| 60% AMI for LIHTC Units | $41,220 / year | $47,100 / year | $52,980 / year | $58,860 / year |
| 80% AMI for PBRA Units | $54,950 / year | $62,800 / year | $70,650 / year | $78,500 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Stoneridge Villas have a waiting list?
Stoneridge Villas 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 Stoneridge Villas ?
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 Stoneridge Villas ?
Stoneridge Villas is managed by Pennrose Management Company headquartered in Philadelphia , Pennsylvania.
In addition to Stoneridge Villas , how many other affordable housing properties (and units) are there in Madison?
In addition to Stoneridge Villas , we list 8 other affordable properties in Madison. Learn about these properties here. Our data research shows that there are a total of 557 affordable units in Madison.
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