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Plaza Commons

715 W Elm St, Hoopeston, Illinois 60942

Plaza Commons Details

  • 32 bedroom units.
  • Section 8 Project-Based Rental Assistance
  • Low-Income Housing Tax Credit (LIHTC)

Section 8 Project-Based Rental Assistance

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Section 8 Project-Based Rental Assistance tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. There is a minimum tenant contribution of $25 for all rents at this property regardless of tenant income.

Low-Income Housing Tax Credit (LIHTC)

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.

Hoopeston HUD Rental Assistance Income Qualifications

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Hoopeston but actual income limits may differ for units at Plaza Commons.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $14,250 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% $23,700 $27,100 $30,500 $33,850 $36,600 $39,300 $42,000 $44,700
80% $37,950 $43,350 $48,750 $54,150 $58,500 $62,850 $67,150 $71,500

Hoopeston Low-Income Housing Tax Credit Income Limits

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 Hoopeston but actual income limits may differ for units at Plaza Commons.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $23,700 $27,100 $30,500 $33,850 $36,600 $39,300 $42,000 $44,700
Low Income (60%) $28,440 $32,520 $36,600 $40,620 $43,920 $47,160 $50,400 $53,640

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