he apartments are close to historic downtown Martinsville, known for the Mineral Springs. The office is across from the Historic Court house, and just down the street from the Post office and close to banks. Also, near are J&Ks Cheesecake, along with some other wonderful restaurants, such as Mexican, BBQ and just old time home cooking. Martinsville is a small town with lots of friendly folks.
|Studio (Studio/1)||536||Call for Price|
|One Bedroom (1/1)||620||Call for Price|
|Two Bedroom (2/2)||1088||Call for Price|
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.
The Retreat at Mineral Springs is managed by Flaherty & Collins.