416-462 Fifth Ave., Paterson, NJ 07514
Waiting List Forecast: Closed
Verified for 2024 by Connor Bailey, Lorena Bentley| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
Riverside Terrace Development (5th Ave.), 2-Bedroom Waiting List
The Housing Authority of the City of Paterson (HACP) last accepted Section 8 Project Based Voucher waiting list applications for 2-Bedroom apartments for Riverside Terrace Development (5th Ave.) from April 21, 2024, until April 28, 2024. There is no notice when this waiting list will reopen.
This waiting list had the following preference: Live, work or have been employed in the City of Paterson.
Selected applicants were placed on the waiting list by date and time the application was received, by order of preferences.
To apply while the waitlist was open, applicants were required to complete the online application.
For more information, visit the HACP website.
Sources: This information was verified by the TAPintoPaterson public notice on April 18, 2024.
Go to the public housing authority page for this waiting list >>
Riverside Terrace is a newly rehabilitated affordable apartment community with units for both families and seniors. This community features a basketball court and community building for the family side of the development and a lounge area, outdoor patio, and garden space on the senior side.
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 Riverside Terrace Family and Senior 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. Since the property also utilizes a FHA insured private mortgage, the property is subject to Federal physical condition requirements and REAC inspections.
~ Dave Layfield, Founder of Affordable Housing Online
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 30% AMI for PBRA Units | $27,250 / year | $31,150 / year | $35,050 / year | $38,900 / year | $42,050 / year | $45,150 / year | $48,250 / year | $51,350 / year |
| 50% AMI for LIHTC Units | $45,400 / year | $51,850 / year | $58,350 / year | $64,800 / year | $70,000 / year | $75,200 / year | $80,400 / year | $85,550 / year |
| 50% AMI for PBRA Units | $45,400 / year | $51,850 / year | $58,350 / year | $64,800 / year | $70,000 / year | $75,200 / year | $80,400 / year | $85,550 / year |
| 60% AMI for LIHTC Units | $54,480 / year | $62,220 / year | $70,020 / year | $77,760 / year | $84,000 / year | $90,240 / year | $96,480 / year | $102,660 / year |
| 80% AMI for PBRA Units | $66,750 / year | $76,250 / year | $85,800 / year | $95,300 / year | $102,950 / year | $110,550 / year | $118,200 / year | $125,800 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Riverside Terrace Family and Senior have a waiting list?
Riverside Terrace Family and Senior has a waiting list. See above for waiting list details.
Are rents subsidized at Riverside Terrace Family and Senior?
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 Riverside Terrace Family and Senior, how many other affordable housing properties (and units) are there in Paterson?
In addition to Riverside Terrace Family and Senior, we list 58 other affordable properties in Paterson. Learn about these properties here. Our data research shows that there are a total of 3587 affordable units in Paterson.
When was the Riverside Terrace Family and Senior listing last updated?
Riverside Terrace Family and Senior listing on Affordable Housing Online was last updated on 04/18/2024 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
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