La Terraza Apartments 2009 (Farmington)

900 Cannery Ct, Farmington, New Mexico 87401

Their community is operated under the Affordable Housing Program under Section 42 of the Internal Revenue Code.  This program is designed to facilitate the housing needs of moderate-, middle- or low-income households.  Residency at La Terraza Apartments requires that applicants meet certain qualifying standards established by the government and the Managing Agent.

Enjoy the breathtaking views and landscape in and around Farmington, New Mexico at La Terraza Apartments. Their community is conveniently located near Highway 64 and is just minutes from downtown Farmington.  At La Terraza, you are only minutes away from everything you need and love to enjoy, including schools, shopping, dining and convenient highways.

While at La Terraza Apartments you can choose from either their luxurious two-bedroom, 2-bath apartment home or a three-bedroom, 2-bath apartment.  Their units include air conditioning, ample parking, additional storage, washer/dryer hook-ups, efficient dishwasher, convenient garbage disposal, a spacious breakfast bar and so much more!

Their community offers residents several smart amenities including a fun playground area, refreshing swimming pool, on-call maintenance service, a well-located laundry care center and several others to make your life at La Terraza Apartments carefree.  View their photo gallery for a glimpse of what La Terraza Apartments has in store for you!  Come visit them today!

Unit (Bd/Ba) Ft2 Rent
2 Bedroom (2/2) 1020 From $833 To $1,025
3 Bedroom (3/2) 1265 From $965 To $1,125

Eligibility for La Terraza Apartments 2009 (Farmington)

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 Farmington but actual income limits may differ for units at La Terraza Apartments 2009 (Farmington).

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $23,500 $26,850 $30,200 $33,550 $36,250 $38,950 $41,650 $44,300
Low Income (60%) $28,200 $32,220 $36,240 $40,260 $43,500 $46,740 $49,980 $53,160

La Terraza Apartments 2009 (Farmington) Details

  • 72 two and three bedroom units.
  • Low-Income Housing Tax Credit (LIHTC)
  • HOME Investment Partnerships Program

Property Amenities

  • Playground
  • On-Site Maintenance
  • Community Garden

Unit Amenities

  • Dishwasher
  • Refrigerator
  • Breakfast Bar
  • Central Heat & Air
  • Private Patio and Balcony
  • Full-Size Washer & Dryer Connections
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.

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.

Images of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)
Image of La Terraza Apartments 2009 (Farmington)