Valley Ridge Apartments

200 Village Dr W, New Albany, Indiana 47150

Contact Valley Ridge Apartments

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Units

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

Office Hours

Day Hours
Monday 10:00am-5:00pm
Tuesday 10:00am-5:00pm
Thursday 10:00am-5:00pm
Friday 10:00am-5:00pm

About Valley Ridge Apartments

Settle into casual charm in your new home at Valley Ridge Apartments. Timeless beauty and modern convenience, all at a price that makes us the greatest value in New Albany. We offer unbeatable customer service and our on-site management team is friendly, courteous, and professional. We invite you to come and see for yourself just what Valley Ridge has to offer.

Property Details

  • 156 one, two and three bedroom units.
  • Project-Based Rental Assistance

Property Amenities

  • Playground
  • Community Room
  • 24 Hour Maintenance
  • Laundry Facility

Unit Amenities

  • Ceiling Fan(s)
  • Central Air
  • Garbage Disposal
  • Cable Ready
  • Walk-in Closet(s)
  • Refrigerator
  • Mini Blinds & Curtain Rods
  • Electric Range

Nearby Amenities

  • Near Schools

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 property are based on tenant incomes. 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.

Section 42 Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, monthly rent cannot exceed the Tax Credit maximum rent for the area. Households earning less than 60% of the area median income qualify for units with reduced rent. Some rental units in this property may not be subject to LIHTC and therefore may be set at levels higher than the area's LIHTC limits.

New Albany HUD Rental Assistance Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $15,050 $17,200 $20,780 $25,100 $29,420 $33,740 $38,060 $42,380
50% $25,050 $28,600 $32,200 $35,750 $38,650 $41,500 $44,350 $47,200
80% $40,050 $45,800 $51,500 $57,200 $61,800 $66,400 $70,950 $75,550

New Albany Low Income Housing Tax Credit Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% $25,050 $28,600 $32,200 $35,750 $38,650 $41,500 $44,350 $47,200
60% $30,060 $34,320 $38,640 $42,900 $46,380 $49,800 $53,220 $56,640

Valley Ridge Apartments 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 Valley Ridge Apartments 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 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.

Valley Ridge Apartments is managed by Community Reinvestment Inc.