Weequahic Park Apartments (2, 4, 5)

505 Elizabeth Ave, Newark, NJ 07112

Waiting List Forecast: Likely Short or None

check_circleVerified for 2023 by Ric Gresia
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Waitlist Forecast

Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.

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.

This listing includes:

Weequahic Apartments 2 / Parsippany Troy Hills RCA, St. James Sq 2 / Broad St historic district (10 units)

Weequahic Apartmens 4, 489-505 Elizabeth Ave (71 units)

Weequahic Apartments 5, 479-85 Elizabeth Ave (49 units)

Dave's Thoughts On Weequahic Park Apartments (2, 4, 5)

This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Weequahic Park Apartments (2, 4, 5) does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, 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 have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers.

Dave, Founder AHO

~ Dave Layfield, Founder of Affordable Housing Online

Income Qualification for Weequahic Park Apartments (2, 4, 5)

*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
50% AMI for LIHTC Units $42,650 / year $48,750 / year $54,850 / year $60,900 / year $65,800 / year $70,650 / year $75,550 / year $80,400 / year
50% AMI for PBRA Units $42,650 / year $48,750 / year $54,850 / year $60,900 / year $65,800 / year $70,650 / year $75,550 / year $80,400 / year
60% AMI for LIHTC Units $51,180 / year $58,500 / year $65,820 / year $73,080 / year $78,960 / year $84,780 / year $90,660 / year $96,480 / year

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

FAQs for Weequahic Park Apartments (2, 4, 5)

Does Weequahic Park Apartments (2, 4, 5) have a waiting list?

Weequahic Park Apartments (2, 4, 5) probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.

Are rents subsidized at Weequahic Park Apartments (2, 4, 5)?

We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.

In addition to Weequahic Park Apartments (2, 4, 5), how many other affordable housing properties (and units) are there in Newark?

In addition to Weequahic Park Apartments (2, 4, 5), we list 185 other affordable properties in Newark. Learn about these properties here. Our data research shows that there are a total of 23374 affordable units in Newark.

When was the Weequahic Park Apartments (2, 4, 5) listing last updated?

Weequahic Park Apartments (2, 4, 5) listing on Affordable Housing Online was last updated on 01/02/2023 by Ric Gresia. Remember, a property's status can change so you should contact the property to confirm.

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Rent observations may change. We encourage users to verify rents and eligiblity requirements directly with the property.