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Message Lakewood Villas

Units

Unit (Bd/Ba) Ft2 Rent
One Bedroom (1/1) 1Br./1Ba. 667 From $640 Message
Two Bedroom (2/1) 2Br./1Ba. 816 From $800 Message

About Lakewood Villas

A great place to live! Beautiful Lakewood Villas. 1 and 2 bedroom, spacious units with central heat and air, refrigerator, range and disposal. Each apartment has a patio and storage shed. Join the activities of shuffleboard, bingo, luncheons and coffee breaks. Conveniently located. Applicants must be 62 or older or disabled.


Lakewood Villas is a 36 unit affordable housing community in Leesburg, Florida. The community is located in the 10th Congressional District of Florida.

Property Amenities

  • BBQ/Picnic Area
  • Community Room
  • Off-Street Parking

Unit Amenities

  • Ceiling Fan(s)
  • Central Air
  • Garbage Disposal
  • Cable Ready
  • Window Coverings
  • Carpet
  • Patio, Deck Or Balcony

Nearby Amenities

  • Close to Business District
  • Close to Dining
  • Close to Downtown District
  • Close to Public Transportation
  • Close to Shopping
  • Near Hospital
  • Near Park
  • Near Schools

Low Income Housing Tax Credit

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, monthly rent cannot exceed the Tax Credit maximum rent for the area. Households earning less than 60% of the area median income qualify for units with reduced rent. Some rental units in this property may not be subject to LIHTC and therefore may be set at levels higher than the area's LIHTC limits.

Rural Development Rental Assistance

The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 515 properties, insures renters only pay 30% of their adjusted income towards rent. USDA Rural Development Rental Assistance may not be available for all units at this property.

Project Based Rental Assistance

Leesburg HUD Rental Assistance Income Limits

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $12,250 $16,240 $20,420 $24,600 $28,780 $32,960 $36,250 $38,550
50% $20,450 $23,400 $26,300 $29,200 $31,550 $33,900 $36,250 $38,550
80% $32,700 $37,400 $42,050 $46,700 $50,450 $54,200 $57,950 $61,650

Leesburg Low Income Housing Tax Credit Income Limits

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% $20,450 $23,400 $26,300 $29,200 $31,550 $33,900 $36,250 $38,550
60% $24,540 $28,080 $31,560 $35,040 $37,860 $40,680 $43,500 $46,260

Lakewood Villas was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and receives rental subsidies through HUD's Project Based Section 8 program. These programs have different income limits that can lead to apartments in the same property having different income requirements.

You can make up to 80% of the Area Median Income (AMI) and be eligible for a Project Based Section 8 Program unit. However, you can earn at most 60% of AMI to be eligible for a LIHTC property and many units may be set aside for those with the lowest incomes (down to 15% of AMI). LIHTC properties may also contain some market rate units.

Since Lakewood Villas has both programs, the most restrictive of the income limits will apply for each unit. If the entire property is funded by LIHTC, the LIHTC income limit of 60% AMI would be used for all units. Apartments in properties with some units not funded by the LIHTC, but receiving Section 8 assistance, would be open to households making up to 80% AMI. Market rate units would have no subsidies or income restrictions.

Figuring out income and rent limits for affordable housing can be complex when more than one Federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.

Managed By Flynn Management Corporation
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