Cornerstone Estates, Phase III

2921 4th St, Detroit, MI 48201

Waiting List Forecast: Likely Long or Closed for Public Housing units, and Likely Short or None for other affordable units

check_circleVerified for 2024 by Joshua Cappell

Rent	Beds	Baths	SqFt
Call for Rents^†	Floorplan Info Upon Request	-	-

Waitlist Forecast

Since this property may have HUD-funded Public Housing with subsidies that help pay tenants' rent, the property is likely to have a long waiting list. Housing authorities often open these waiting lists periodically. Important: Housing authorities don't always open housing waiting lists at a property-specific level or even allow applicants to choose at which property they can live. Many times, the housing authority will assign an applicant to a property without giving the applicant a choice.

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.

Dave's Thoughts On Cornerstone Estates, Phase III

This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC programonly 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. 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 Cornerstone Estates, Phase III has a project-based subsidy, the waiting list is likely much longer than other local LIHTC properties. Records show this property may have been recently associated with the Public Housing program, which means it could have a new RAD Section 8 Project-Based Rental Assistance contract. LIHTC properties tend to have shorter waiting lists however, since this property may have a project-based subsidy, the waiting list may be much longer than other local LIHTC properties. LIHTC properties nationwide are required to accept housing vouchers however, if this property has a RAD Section 8 Project-Based Rental Assistance contract, your Section 8 voucher cannot 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 possibly longer waiting list if this is indeed a RAD property.

~ Dave Layfield, Founder of Affordable Housing Online

Income Qualification for Cornerstone Estates, Phase III

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

AMI*	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
30% AMI for PBRA Units	$19,900 / year	$22,750 / year	$25,600 / year	$30,000 / year	$35,140 / year	$40,280 / year	$45,420 / year	$50,560 / year
50% AMI for LIHTC Units	$33,150 / year	$37,900 / year	$42,650 / year	$47,350 / year	$51,150 / year	$54,950 / year	$58,750 / year	$62,550 / year
50% AMI for PBRA Units	$33,150 / year	$37,900 / year	$42,650 / year	$47,350 / year	$51,150 / year	$54,950 / year	$58,750 / year	$62,550 / year
60% AMI for LIHTC Units	$39,780 / year	$45,480 / year	$51,180 / year	$56,820 / year	$61,380 / year	$65,940 / year	$70,500 / year	$75,060 / year
80% AMI for PBRA Units	$53,050 / year	$60,600 / year	$68,200 / year	$75,750 / year	$81,850 / year	$87,900 / year	$93,950 / year	$100,000 / year

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

FAQs for Cornerstone Estates, Phase III

Does Cornerstone Estates, Phase III have a waiting list?

Cornerstone Estates, Phase III probably has a waiting list. Since our research has shown there are some public housing units at this property, the waiting list would be for those units. We haven't confirmed if this is the case, so you should contact the property to confirm.

Are rents subsidized at Cornerstone Estates, Phase III?

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.

In addition to Cornerstone Estates, Phase III, how many other affordable housing properties (and units) are there in Detroit?

In addition to Cornerstone Estates, Phase III, we list 423 other affordable properties in Detroit. Learn about these properties here. Our data research shows that there are a total of 25094 affordable units in Detroit.

When was the Cornerstone Estates, Phase III listing last updated?

Cornerstone Estates, Phase III listing on Affordable Housing Online was last updated on 06/07/2024 by Joshua Cappell. Remember, a property's status can change so you should contact the property to confirm.