Homan Square Rentals Phase I

741 S Homan Ave, Chicago, IL 60624

Waiting List Forecast: Likely Short or None

check_circleVerified for 2019 by Ric Gresia, Joshua Cappell

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

Call (773) 839-4057 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.

Homan Square Apartments is located within the North Lawndale community of Chicago. These two bedroom and three bedroom Chicago apartments along with Homan Square Apartments Phase IV, V and VI make up the greater Homan Square Community.

The apartments at Homan Square are both townhouse style as well as traditional apartments within a larger building and offer a bit of everything to choose from. All units have washers and dryers in the unit as well as dishwashers in the kitchens and off street parking. Townhouse models have an unfinished basement and separate fenced yard to call your own.

In addition to all of the great benefits of Homan Square Apartments a YMCA including an indoor pool in within the community and very easy walking distance from your front door.

Income limits apply please call for additional information.

Dave's Thoughts On Homan Square Rentals Phase I

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 Homan Square Rentals Phase I 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. Since the property also utilizes a FHA insured private mortgage, the property is subject to Federal physical condition requirements and REAC inspections.

~ Dave Layfield, Founder of Affordable Housing Online

Income Qualification for Homan Square Rentals Phase I

*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	$38,650 / year	$44,150 / year	$49,650 / year	$55,150 / year	$59,600 / year	$64,000 / year	$68,400 / year	$72,800 / year
50% AMI for PBRA Units	$38,650 / year	$44,150 / year	$49,650 / year	$55,150 / year	$59,600 / year	$64,000 / year	$68,400 / year	$72,800 / year
60% AMI for LIHTC Units	$46,380 / year	$52,980 / year	$59,580 / year	$66,180 / year	$71,520 / year	$76,800 / year	$82,080 / year	$87,360 / year

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

FAQs for Homan Square Rentals Phase I

Does Homan Square Rentals Phase I have a waiting list?

Homan Square Rentals Phase I 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 Homan Square Rentals Phase I?

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 Homan Square Rentals Phase I?

Homan Square Rentals Phase I is managed by Realty and Mortgage Co. headquartered in Chicago, IL.

In addition to Homan Square Rentals Phase I, how many other affordable housing properties (and units) are there in Chicago?

In addition to Homan Square Rentals Phase I, we list 826 other affordable properties in Chicago. Learn about these properties here. Our data research shows that there are a total of 83861 affordable units in Chicago.