Paloma Terrace

5000 South Main Street, Los Angeles, CA 90037

Waiting List Forecast: Likely Short or None

check_circleVerified for 2023 by Colleen Carter, Ric Gresia

Rent	Beds	Baths	SqFt
Call for Rents^†	Floorplan Info Upon Request	-	-

Call (323) 238-0538 Email

Waitlist Forecast

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.

Paloma Terrace is a 59-unit, tax credit community for low-income families, with one-, two – and three-bedroom units in its design.

The apartments are arranged around a central landscaped courtyard that includes children’s play equipment, a synthetic turf lawn and picnic area with barbeque. In addition, there is a half basketball court on-site with additional outdoor picnic and barbeque areas with gardens and walkways.

There is a large community room with a kitchen, as well as a library/computer lab, a children’s playroom, and a teen activity room. The laundry room for the building is located on the ground floor, directly off the courtyard. In addition, office space is provided for on-site management staff and a service coordinator.

The design, construction, and operation of Paloma Terrace incorporates green development and energy-efficient measures and promotes the Livability Principles described by the Partnership for Sustainable Communities.

Dave's Thoughts On Paloma Terrace

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 Paloma Terrace 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

Paloma Terrace Amenities

Basketball Court
BBQ and Picnic Area
Computer Lab
Community Room
Library
On-Site Manager
Laundry Room
Energy Efficient Design
Courtyard

Income Qualification for Paloma Terrace

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

AMI*	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
50% AMI for LIHTC Units	$44,150 / year	$50,450 / year	$56,750 / year	$63,050 / year	$68,100 / year	$73,150 / year	$78,200 / year	$83,250 / year
50% AMI for PBRA Units	$44,150 / year	$50,450 / year	$56,750 / year	$63,050 / year	$68,100 / year	$73,150 / year	$78,200 / year	$83,250 / year
60% AMI for LIHTC Units	$52,980 / year	$60,540 / year	$68,100 / year	$75,660 / year	$81,720 / year	$87,780 / year	$93,840 / year	$99,900 / year

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

FAQs for Paloma Terrace

Does Paloma Terrace have a waiting list?

Paloma Terrace 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 Paloma Terrace?

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 Paloma Terrace?

Paloma Terrace is managed by Retirement Housing Foundation headquartered in Long Beach, California.

In addition to Paloma Terrace, how many other affordable housing properties (and units) are there in Los Angeles?

In addition to Paloma Terrace, we list 1055 other affordable properties in Los Angeles. Learn about these properties here. Our data research shows that there are a total of 70531 affordable units in Los Angeles.

When was the Paloma Terrace listing last updated?

Paloma Terrace listing on Affordable Housing Online was last updated on 01/01/2023 by Affordable Housing Online research staff. Remember, a property's status can change so you should contact the property to confirm.