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Somerset Terrace Apartments

299 James Street, Somerset, Kentucky 42501

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Somerset Terrace Apartments Details

  • 24 bedroom units.
  • Low-Income Housing Tax Credit (LIHTC)
  • Section 515 Rural Rental Housing

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.

Section 515 Rural Rental Housing

This property has received funding in part through the Section 515 Rural Rental Housing (Section 515) program. Very low, low, and moderate income families, elderly persons, and persons with disabilities are eligible to live at this property. Persons or Families living in substandard housing have priority for tenancy.

Somerset 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 Somerset but actual income limits may differ for units at Somerset Terrace Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $18,700 $21,400 $24,050 $26,700 $28,850 $31,000 $33,150 $35,250
Low Income (60%) $22,440 $25,680 $28,860 $32,040 $34,620 $37,200 $39,780 $42,300

Somerset Terrace Apartments is managed by MLP Management Company, LLC.

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