Cypress Grove Homes Details
- 37 bedroom units.
- Section 202 Supportive Housing for the Elderly
- Low-Income Housing Tax Credit (LIHTC)
Section 202 Supportive Housing for the Elderly
Since this property was built or renovated using funding from HUD's Section 202 Supportive Housing for the Elderly program, residency is usually restricted to households earning 50% of the Area Median Income (AMI) or less with at least one member age 62 years or older. Tenants pay rent based on household income. This rent is usually the highest of the following three amounts: either 30% adjusted monthly income, or 10% unadjusted monthly income, or, if receiving welfare assistance, the housing costs portion of this assistance.
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.
Mcgehee HUD Rental Assistance Income Qualifications
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 Mcgehee but actual income limits may differ for units at Cypress Grove Homes .
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% | $13,590 | $18,310 | $23,030 | $27,750 | $32,470 | $34,950 | $37,350 | $39,750 |
| 50% | $21,100 | $24,100 | $27,100 | $30,100 | $32,550 | $34,950 | $37,350 | $39,750 |
| 80% | $33,750 | $38,550 | $43,350 | $48,150 | $52,050 | $55,900 | $59,750 | $63,600 |
Mcgehee Low-Income Housing Tax Credit Income Limits
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 Mcgehee but actual income limits may differ for units at Cypress Grove Homes .
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| Very Low Income (50%) | $21,100 | $24,100 | $27,100 | $30,100 | $32,550 | $34,950 | $37,350 | $39,750 |
| Low Income (60%) | $25,320 | $28,920 | $32,520 | $36,120 | $39,060 | $41,940 | $44,820 | $47,700 |
Cypress Grove Homes is managed by PK Housing Management / PK Companies.
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