Commerce Square provides affordable two and three bedroom apartments under the Low Income Housing Tax Credit Program. It is located in Smyrna, Delaware, near Route 13 and Delaware Route 1 which provides easy access to shopping, banking and other conveniences.
|Two bedroom (2/1)||880||Call for Price|
|Three Bedroom (3/2)||1152||Call for Price|
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.
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 Smyrna but actual income limits may differ for units at Commerce Square Apartments.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$27,050||$30,900||$34,750||$38,600||$41,700||$44,800||$47,900||$51,000|
|Low Income (60%)||$32,460||$37,080||$41,700||$46,320||$50,040||$53,760||$57,480||$61,200|
Commerce Square Apartments is managed by Arbor Management.