Lincoln Village Apartments

1000 N College St, Lincoln, Illinois 62656

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About Lincoln Village Apartments

Lincoln Village Apartments offers one and two bedroom spacious apartments with on-site laundry facilities and off-street parking. Appliances are included and Lincoln Village is a short distance from historical Springfield, the Capitol of our great state. Rental assistance is plentiful and a generous utility allowance is provided. Come apply today!

Property Amenities

  • Off-Street Parking

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Window Coverings
  • Carpet
  • Yard

Nearby Amenities

  • Close to Public Transportation

Section 42 Low-Income Housing Tax Credit (LIHTC)

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.

Section 521 USDA 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.

Lincoln HUD Rental Assistance Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $14,250 $16,460 $20,780 $25,100 $29,420 $33,740 $38,060 $42,380
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

Lincoln Low Income Housing Tax Credit Income Qualifications

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

Lincoln Village Apartments was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and receives rental subsidies through HUD-Assisted Housing. 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 HUD-Assisted Housing 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 Lincoln Village Apartments 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.

Lincoln Village Apartments is managed by Professional Property Management, LLC.

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Image of Lincoln Village Apartments