Small Farms

1990 W 24th Ln, Gary, Indiana 46404

Small Farms, located at 1990 W 24th Ln in Gary, has one and two bedroom apartments. Small Farms participates in the Section 8 Project-Based Rental Assistance and Low-Income Housing Tax Credit (LIHTC) programs.

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Waiting List is Open Now

The Small Farms waiting list is currently open until further notice.

Last updated on October 24th, 2019

Units

Unit (Bd/Ba) Ft2 Rent
1 Bedroom (1/1) - Call for Price
2 Bedroom (2/1) - Call for Price

Small Farms Details

  • 200 one and two bedroom units.
  • Project-Based Rental Assistance

Property Amenities

  • On-Site Parking

Unit Amenities

  • Refrigerator

About Small Farms

Family apartment community offering one (1) and two (2) bedroom affordable units. Income restrictions apply.

Section 8 Project-Based Rental Assistance

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Section 8 Project-Based Rental Assistance tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. There is a minimum tenant contribution of $25 for all rents at this property regardless of tenant income.

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.

Gary 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 Gary but actual income limits may differ for units at Small Farms.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $15,300 $17,500 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% $25,500 $29,150 $32,800 $36,400 $39,350 $42,250 $45,150 $48,050
80% $40,800 $46,600 $52,450 $58,250 $62,950 $67,600 $72,250 $76,900

Gary 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 Gary but actual income limits may differ for units at Small Farms.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $25,500 $29,150 $32,800 $36,400 $39,350 $42,250 $45,150 $48,050
Low Income (60%) $30,600 $34,980 $39,360 $43,680 $47,220 $50,700 $54,180 $57,660

These general income qualifications for Gary, Indiana should only be used as a basic guide. To find out if you qualify, contact the community directly.

Small Farms 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 Small Farms 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 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.

Small Farms is managed by Evergreen Real Estate Group.

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