Ferguson Apartments offers studios and 1 bedroom units. For more information about leasing, please contact the Ferguson Apartments leasing office.
|Studio (Studio/1)||-||Income Based|
|1 Bedroom (1/1)||-||Income Based|
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.
Since this property is subsidized in part through the Rental Assistance Demonstration (RAD), some apartments may have Section 8 Project-Based Rental Assistance (PBRA) or Section 8 Project-Based Vouchers (PBV). With either type of subsidy, tenant rent payments are 30% of their adjusted monthly income. Households earning less than 80% of the area median income may qualify for PBRA or PBV reduced rents. Some of these subsidized apartments may be reserved for extremely low-income households earning less than 30% of the area median income. If the apartment has a PBV, the tenant may qualify for a Section 8 Housing Choice Voucher (HCV) after living there at least one year. Some rental units in this property may not have PBRA or PBV subsidies and therefore may have higher rents.
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 Grand Rapids but actual income limits may differ for units at Ferguson Apartments.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$31,350||$35,800||$40,300||$44,750||$48,350||$51,950||$55,500||$59,100|
|Low Income (60%)||$37,620||$42,960||$48,360||$53,700||$58,020||$62,340||$66,600||$70,920|
Ferguson Apartments is managed by Dwelling Place.