Idlewood Apartments

527 Lower Marine Rd, Troy, Illinois 62294

Idlewood Apartments, located at 527 Lower Marine Rd in Troy, has one bedroom apartments. Idlewood Apartments participates in the Low-Income Housing Tax Credit (LIHTC) program.

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Message Idlewood Apartments

Waiting List is Open Now

Currently accepting applications for the waiting list. 

Last updated on November 5th, 2018

Units

Unit (Bd/Ba) Ft2 Rent
1 Bedroom (1/1) - Income Based

Idlewood Apartments Details

  • 24 one bedroom units.
  • Accepts Section 8 Housing Choice Vouchers (HCV)

Property Amenities

  • Community Room
  • Coin-Operated Laundry

Unit Amenities

  • Trash Included
  • Bathroom Grab Bars

About Idlewood Apartments

Rent and basic utilities is approximately 30% of the gross income, WITH SUBSIDY.

RESTRICTED TO: 62 years of age or older; disabled regardless of age

The deposit is equal to “base” rent, a minimum of $200 is due at lease signing.

The remainder is required to be paid off within 60 days.

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.

Troy 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 Troy but actual income limits may differ for units at Idlewood Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $28,500 $32,550 $36,600 $40,650 $43,950 $47,200 $50,450 $53,700
Low Income (60%) $34,200 $39,060 $43,920 $48,780 $52,740 $56,640 $60,540 $64,440

Idlewood Apartments was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.

Figuring out income and rent limits for affordable housing can be complex especially 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.

Idlewood Apartments is managed by Terra Properties.

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