Missouri Avenue Apartments, Lp

700 Missouri Ave, Versailles, Missouri 65084

Contact Missouri Avenue Apartments, Lp

Message Missouri Avenue Apartments, Lp

Missouri Avenue Apartments, Lp Details

  • 20 units.
  • Project-Based Rental Assistance

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.

Section 521 USDA Rental Assistance

The property participates in the USDA Rural Development Rental Assistance program. This rental subsidy, available only to USDA Section 514, 515 and 516 properties, ensures renters only pay 30% of their adjusted income towards rent. USDA Rural Development Rental Assistance may not be available for all units at this property.

Versailles 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 Versailles but actual income limits may differ for units at Missouri Avenue Apartments, Lp.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $12,490 $16,910 $21,330 $25,750 $29,850 $32,050 $34,250 $36,450
50% $19,350 $22,100 $24,850 $27,600 $29,850 $32,050 $34,250 $36,450
80% $30,950 $35,350 $39,750 $44,150 $47,700 $51,250 $54,750 $58,300

Versailles 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 Versailles but actual income limits may differ for units at Missouri Avenue Apartments, Lp.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $19,350 $22,100 $24,850 $27,600 $29,850 $32,050 $34,250 $36,450
Low Income (60%) $23,220 $26,520 $29,820 $33,120 $35,820 $38,460 $41,100 $43,740

These general income qualifications for Versailles, Missouri should only be used as a basic guide. To find out if you qualify, contact the community directly.

Missouri Avenue Apartments, Lp was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and receives rental subsidies through HUD-Assisted Housing. These programs have different income limits that can lead to apartments in the same property having different income requirements.

You can make up to 80% of the Area Median Income (AMI) and be eligible for a HUD-Assisted Housing unit. However, you can earn at most 60% of AMI to be eligible for a LIHTC property and many units may be set aside for those with the lowest incomes (down to 15% of AMI). LIHTC properties may also contain some market rate units.

Since Missouri Avenue Apartments, Lp has both programs, the most restrictive of the income limits will apply for each unit. If the entire property is funded by LIHTC, the LIHTC income limit of 60% AMI would be used for all units. Apartments in properties with some units not funded by the LIHTC, but receiving Section 8 assistance, would be open to households making up to 80% AMI. Market rate units would have no subsidies or income restrictions.

Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.

Nearby Low Income Apartment Communities

The Maples Apartments

401 S Monroe St
Versailles, MO
Subsidized

Versailles Estates Apartments

300 S Burke St
Versailles, MO
Subsidized

Versailles Ph IIi

100 Lyndon Ave
Versailles, MO
HCV Welcome

300 Fairgrounds Rd

300 Fairgrounds Rd
Versailles, MO