Stonecutters Place Apartments, located at 1030 16th Street in Bedford, has one bedroom apartments. Stonecutters Place Apartments participates in the Section 202 Supportive Housing for the Elderly and Low-Income Housing Tax Credit (LIHTC) programs.
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This is a prime location for those 55 and up that want to be close to pharmacy, grocery, banks and across from the Bedford police department. The apartments come with several amenities including dishwasher, stove, refrigerator, and microwave.
Since this property was built or renovated using funding from HUD's Section 202 Supportive Housing for the Elderly program, residency is usually restricted to households earning 50% of the Area Median Income (AMI) or less with at least one member age 62 years or older. Tenants pay rent based on household income. This rent is usually the highest of the following three amounts: either 30% adjusted monthly income, or 10% unadjusted monthly income, or, if receiving welfare assistance, the housing costs portion of this assistance.
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.
Stonecutters Place Apartments is managed by Hoosier Uplands.