New 37-unit mixed-income, mixed-use apartment building will support the Oak Park Village’s stated goals for high quality thoughtful affordable housing as well as strategically located transit-oriented mixed-use development.
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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.
TCB Oak Park Apartments is managed by The Community Builders, Inc..