326 South Des Plaines Street, Joliet, IL 60436
Waiting List Forecast: Likely Short or None
Verified for 2020 by Lorena Bentley| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 1 - 3 Beds | 1 - 2 Baths | 1 - 864 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.
Water’s Edge, a beautiful new affordable housing community is being developed by Hope Bound Development Corporation, the instrumentality of the Housing Authority of Joliet, previously known as “Will County Housing Development Corporation.” Proudly, Water’s Edge is our third redevelopment project in the City of Joliet.
A $21MM project, Water’s Edge will consist of 68 single family and townhouse style homes, located on the site with Wallace Street to DesPlaines Street, McDonough Street to Water Street, and Water Street to Wallace Street. The first five homes are expected to be ready for May 1, 2017, lease-up.
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 Water's Edge 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 One Bath (1/1) | 604ft2 | Call for Price† |
| Two Bedroom One Bath (2/1) | 864ft2 | Call for Price† |
| Two Bedroom One in a half Bath (2/1.5) | 864ft2 | Call for Price† |
| Three Bedroom One in a half Bath (3/1.5) | 1ft2 | Call for Price† |
| Three Bedroom Two Bath (3/2) | 1ft2 | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $38,650 / year | $44,150 / year | $49,650 / year | $55,150 / year | $59,600 / year | $64,000 / year |
| 50% AMI for PBRA Units | $38,650 / year | $44,150 / year | $49,650 / year | $55,150 / year | $59,600 / year | $64,000 / year |
| 60% AMI for LIHTC Units | $46,380 / year | $52,980 / year | $59,580 / year | $66,180 / year | $71,520 / year | $76,800 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Water's Edge have a waiting list?
Water's Edge 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 Water's Edge?
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.
In addition to Water's Edge, how many other affordable housing properties (and units) are there in Joliet?
In addition to Water's Edge, we list 45 other affordable properties in Joliet. Learn about these properties here. Our data research shows that there are a total of 2858 affordable units in Joliet.
1331 Eagle Street, Joliet, Illinois 60432
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