1454 W Mound Rd, Decatur, IL 62526
Waiting List Forecast: Likely Short or None
Verified for 2024 by Colleen Carter| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $579 - 786 per Month† | 1 - 3 Beds | 1 - 2 Baths | 656 - 1,016 Sq Ft |
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.
Oakwood Estates is located just minutes north of Downtown Decatur and Lake Decatur and offers affordable 1-bedroom, 2-bedroom, and 3-bedroom floor plans. Each unit features a private patio or balcony, spacious closets, a pantry, and private entrances. The pet-friendly property offers community amenities such as on-site laundry facilities, a community room, a playground, and a basketball court.
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 Oakwood Estates of Decatur 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.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (1/1) | 656ft2 | $579† |
| Two Bedroom (2/1) | 861ft2 | $698† |
| Three Bedroom (3/2) | 1016ft2 | $786† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $28,500 / year | $32,550 / year | $36,600 / year | $40,650 / year | $43,950 / year | $47,200 / year | $50,450 / year | $53,700 / year |
| 50% AMI for PBRA Units | $28,500 / year | $32,550 / year | $36,600 / year | $40,650 / year | $43,950 / year | $47,200 / year | $50,450 / year | $53,700 / year |
| 60% AMI for LIHTC Units | $34,200 / year | $39,060 / year | $43,920 / year | $48,780 / year | $52,740 / year | $56,640 / year | $60,540 / year | $64,440 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Oakwood Estates of Decatur have a waiting list?
Oakwood Estates of Decatur 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 Oakwood Estates of Decatur?
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 Oakwood Estates of Decatur?
Oakwood Estates of Decatur is managed by The Michaels Organization headquartered in Camden, NJ.
In addition to Oakwood Estates of Decatur, how many other affordable housing properties (and units) are there in Decatur?
In addition to Oakwood Estates of Decatur, we list 39 other affordable properties in Decatur. Learn about these properties here. Our data research shows that there are a total of 2212 affordable units in Decatur.
When was the Oakwood Estates of Decatur listing last updated?
Oakwood Estates of Decatur listing on Affordable Housing Online was last updated on 05/31/2024 by Colleen Carter. Remember, a property's status can change so you should contact the property to confirm.
4725 N Martin Luther King Jr Dr, Decatur, Illinois 62526
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