Madison Square Senior

500 Hall St SE, Grand Rapids, Michigan 49507

Madison Square Senior Details

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

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.

Grand Rapids 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 Grand Rapids but actual income limits may differ for units at Madison Square Senior.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $18,800 $21,500 $24,200 $27,750 $32,470 $37,190 $41,910 $46,630
50% $31,350 $35,800 $40,300 $44,750 $48,350 $51,950 $55,500 $59,100
80% $50,150 $57,300 $64,450 $71,600 $77,350 $83,100 $88,800 $94,550

Grand Rapids 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 Grand Rapids but actual income limits may differ for units at Madison Square Senior.

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

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