516 N 1st St, Olean, NY 14760
Waiting List Forecast: Likely Short or None
Verified for 2024 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
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 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 First Apartments Olean 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.
~ Dave Layfield, Founder of Affordable Housing Online
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $28,450 / year | $32,500 / year | $36,550 / year | $40,600 / year | $43,850 / year | $47,100 / year | $50,350 / year | $53,600 / year |
| 50% AMI for PBRA Units | $28,450 / year | $32,500 / year | $36,550 / year | $40,600 / year | $43,850 / year | $47,100 / year | $50,350 / year | $53,600 / year |
| 60% AMI for LIHTC Units | $34,140 / year | $39,000 / year | $43,860 / year | $48,720 / year | $52,620 / year | $56,520 / year | $60,420 / year | $64,320 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does First Apartments Olean have a waiting list?
First Apartments Olean 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 First Apartments Olean?
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 First Apartments Olean, how many other affordable housing properties (and units) are there in Olean?
In addition to First Apartments Olean, we list 11 other affordable properties in Olean. Learn about these properties here. Our data research shows that there are a total of 533 affordable units in Olean.
When was the First Apartments Olean listing last updated?
First Apartments Olean listing on Affordable Housing Online was last updated on 06/07/2024 by Colleen Carter. Remember, a property's status can change so you should contact the property to confirm.
3100 Cranberry Rd, Olean, New York 14760
1501 W Henley St Unit Upper-Front, Olean, New York 14760
Housing options for families with immigrants.
If the head of household is a citizen or eligible immigrant, you can still qualify for HUD programs with a citizenship requirement.Rufus W. Bailey says:
"Affordable Housing Online is very effective and useful, and helpful."