Oak Terrace

561 Ottumwa Street, Ottumwa, Iowa 52501

Oak Terrace offers numerous amenities including central air, dishwashers, exterior access to units, washer/dryer hook-ups in units, ceiling fans, and computer/internet access in the community room. Property is conveniently located near restaurants, groceries, gas, public transportation, and Ottumwa High School. Supportive services available thru SEIDA.

Units

Unit (Bd/Ba) Ft2 Rent
Three Bedroom (3/1.5) - Call for Price
Four Bedroom (4/1.5) - Call for Price

Oak Terrace Details

  • 12 three and four bedroom units.
  • Low-Income Housing Tax Credit (LIHTC)

Property Amenities

  • Community Room

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.

Ottumwa 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 Ottumwa but actual income limits may differ for units at Oak Terrace.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $25,150 $28,750 $32,350 $35,900 $38,800 $41,650 $44,550 $47,400
Low Income (60%) $30,180 $34,500 $38,820 $43,080 $46,560 $49,980 $53,460 $56,880

Oak Terrace is managed by Keyway Management.

Image of Oak Terrace