Madison Towers

225 N Madison Ave, Richmond, Kentucky 40475

Madison Towers offers 1 bedroom units. For more information about leasing, please contact the Madison Towers management office.

Contact Madison Towers

Message Madison Towers

Units

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

Madison Towers Details

  • 102 1 bedroom units.
  • Section 8 Project-Based Rental Assistance
  • Low-Income Housing Tax Credit (LIHTC)

Property Amenities

  • Fitness Center
  • Playground
  • Business Center
  • Clubhouse
  • On-Site Manager
  • Laundry Facilities
  • Wheel Chair Accessible

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Heating

Office Hours

Day Hours
Monday 9:00am-5:00pm
Tuesday 9:00am-5:00pm
Wednesday 9:00am-5:00pm
Thursday 9:00am-5:00pm
Friday 9:00am-5:00pm

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. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.

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.

Richmond 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 Richmond but actual income limits may differ for units at Madison Towers.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $15,700 $18,310 $23,030 $27,750 $32,470 $37,190 $41,910 $46,630
50% $26,150 $29,900 $33,650 $37,350 $40,350 $43,350 $46,350 $49,350
80% $41,850 $47,800 $53,800 $59,750 $64,550 $69,350 $74,100 $78,900

Madison Towers is managed by LHP CAPITAL DEVELOPMENT MANAGEMENT.

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