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Gracefield Apartments

2727 Cherie Lane, Ottawa, Illinois 61350

Gracefield apartments is a nice, affordable apartment community. We feature many different unit and property amenities. For more information, please call us.

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Units

Unit (Bd/Ba) Ft2 Rent
One Bedroom (1/1) - Call for Price
Two Bedroom (2/1) - Call for Price
Three Bedroom (3/1) - Call for Price

Gracefield Apartments Details

  • 24 0, 0 and 0 bedroom units.
  • Low-Income Housing Tax Credit (LIHTC)
  • Section 515 Rural Rental Housing
  • Section 521 USDA Rental Assistance

Property Amenities

  • Playground
  • Community Room
  • Library
  • 24hr Emergency Maintenance

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Window Coverings
  • Carpet

Nearby Amenities

  • Close to Public Transportation
  • Close to Shopping

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.

Section 515 Rural Rental Housing

This property has received funding in part through the Section 515 Rural Rental Housing (Section 515) program. Very low, low, and moderate income families, elderly persons, and persons with disabilities are eligible to live at this property. Persons or Families living in substandard housing have priority for tenancy.

Section 521 USDA Rental Assistance

The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 514, 515 and 516 properties, ensures 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.

Ottawa 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 Ottawa but actual income limits may differ for units at Gracefield Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $14,100 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% $23,450 $26,800 $30,150 $33,500 $36,200 $38,900 $41,550 $44,250
80% $37,550 $42,900 $48,250 $53,600 $57,900 $62,200 $66,500 $70,800

Ottawa 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 Ottawa but actual income limits may differ for units at Gracefield Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $23,450 $26,800 $30,150 $33,500 $36,200 $38,900 $41,550 $44,250
Low Income (60%) $28,140 $32,160 $36,180 $40,200 $43,440 $46,680 $49,860 $53,100

Gracefield Apartments is managed by Professional Property Management, LLC.

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