225 N Madison Ave, Richmond, KY 40475
Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units
Verified for 2023 by Ayat Elkarib, Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 1 Bed | 1 Bath | - |
Since this property is a LIHTC property that may have rental assistance for some or all units, there might be seperate or split waiting lists for rental assistance and non-rental assistance units. In this case, the rental assistance waiting list can be much longer than properties without rental assistance. The non-rental assistance units waiting list is likely much shorter or it may not have a waiting list at all. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
Madison Towers offers 1 bedroom units. For more information about leasing, please contact the Madison Towers management office.
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. The LIHTC program doesn't provide direct subsidies to the residents, but the owner must set rents affordable to low-income renters in the area. This property does participate in the Section 8 Project-Based Rental Assistance program and your rent would be subsidized and based on your income. You would not pay more than 30% of your income for rent. To qualify, you must earn 50% or less of the Area Median Income (AMI), which you can find on this page’s income chart. LIHTC properties tend to have shorter waiting lists however, since Madison Towers has a project-based subsidy, the waiting list is likely much longer than other local LIHTC properties. LIHTC properties nationwide are required to accept housing vouchers however, since this property has a Section 8 Project-Based Rental Assistance contract, your Section 8 voucher can not be used here. LIHTC properties were first built in the late 1980's and the LIHTC program funds the renovation of older properties. Because they tend to be newer or renovated, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you need help paying your rent and are willing to wait for a longer waiting list.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| 1 Bedroom (1/1) | - | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 30% AMI for PBRA Units | $16,050 / year | $19,720 / year | $24,860 / year | $30,000 / year | $35,140 / year | $40,280 / year | $45,420 / year | $50,450 / year |
| 50% AMI for LIHTC Units | $26,750 / year | $30,600 / year | $34,400 / year | $38,200 / year | $41,300 / year | $44,350 / year | $47,400 / year | $50,450 / year |
| 50% AMI for PBRA Units | $26,750 / year | $30,600 / year | $34,400 / year | $38,200 / year | $41,300 / year | $44,350 / year | $47,400 / year | $50,450 / year |
| 60% AMI for LIHTC Units | $32,100 / year | $36,720 / year | $41,280 / year | $45,840 / year | $49,560 / year | $53,220 / year | $56,880 / year | $60,540 / year |
| 80% AMI for PBRA Units | $42,800 / year | $48,900 / year | $55,000 / year | $61,100 / year | $66,000 / year | $70,900 / year | $75,800 / year | $80,700 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Madison Towers have a waiting list?
Madison Towers probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Madison Towers?
We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.
What property management company manges Madison Towers?
Madison Towers is managed by LHP Capital headquartered in Knoxville, TN.
In addition to Madison Towers, how many other affordable housing properties (and units) are there in Richmond?
In addition to Madison Towers, we list 17 other affordable properties in Richmond. Learn about these properties here. Our data research shows that there are a total of 979 affordable units in Richmond.
When was the Madison Towers listing last updated?
Madison Towers listing on Affordable Housing Online was last updated on 01/01/2023 by Ayat Elkarib. Remember, a property's status can change so you should contact the property to confirm.
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