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Marian Towers

400 1st St, Hoboken, New Jersey 07030

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Marian Towers Details

  • 154 bedroom units.
  • Rental Assistance Payments (RAP)
  • Section 236
  • Low-Income Housing Tax Credit (LIHTC)

Rental Assistance Payments (RAP)

Since this property has received funding through the HUD Section 236 program and the Rental Assistance Program (RAP), a tenant who earns 50% of the Area Median Income (AMI) or less qualifies for rental assistance. The rental assistance limits the tenant rent contribution to the greater of 10% of their gross income, 20% of their adjusted income, or a designated portion of welfare assistance. If a tenant's income is above the 50% AMI level, they may still qualify to live here but not benefit from the rent subsidy.

Section 236

Apartment communities that participate in the Section 236 program are required to ensure that their units are only available to families with incomes at or below 80% of the area median income. Rents at participating communities must be approved by HUD.

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.

Hoboken 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 Hoboken but actual income limits may differ for units at Marian Towers.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $20,750 $23,700 $26,650 $29,600 $32,000 $35,160 $39,640 $44,120
50% $34,550 $39,450 $44,400 $49,300 $53,250 $57,200 $61,150 $65,100
80% $55,250 $63,150 $71,050 $78,900 $85,250 $91,550 $97,850 $104,150

Hoboken 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 Hoboken but actual income limits may differ for units at Marian Towers.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $34,550 $39,450 $44,400 $49,300 $53,250 $57,200 $61,150 $65,100
Low Income (60%) $41,460 $47,340 $53,280 $59,160 $63,900 $68,640 $73,380 $78,120

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