Madison Plaza Apartments

100 N Madison St, Rome, New York 13440

Madison Plaza Apartments Details

  • 127 units.
  • Accepts Section 8 Housing Choice Vouchers (HCV)

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.

Rome 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 Rome but actual income limits may differ for units at Madison Plaza Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $14,800 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% $24,650 $28,200 $31,700 $35,200 $38,050 $40,850 $43,650 $46,500
80% $39,450 $45,050 $50,700 $56,300 $60,850 $65,350 $69,850 $74,350

Rome 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 Rome but actual income limits may differ for units at Madison Plaza Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $24,650 $28,200 $31,700 $35,200 $38,050 $40,850 $43,650 $46,500
Low Income (60%) $29,580 $33,840 $38,040 $42,240 $45,660 $49,020 $52,380 $55,800

These general income qualifications for Rome, New York should only be used as a basic guide. To find out if you qualify, contact the community directly.

Madison Plaza Apartments was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and receives rental subsidies through HUD-Assisted Housing. These programs have different income limits that can lead to apartments in the same property having different income requirements.

You can make up to 80% of the Area Median Income (AMI) and be eligible for a HUD-Assisted Housing unit. However, you can earn at most 60% of AMI to be eligible for a LIHTC property and many units may be set aside for those with the lowest incomes (down to 15% of AMI). LIHTC properties may also contain some market rate units.

Since Madison Plaza Apartments has both programs, the most restrictive of the income limits will apply for each unit. If the entire property is funded by LIHTC, the LIHTC income limit of 60% AMI would be used for all units. Apartments in properties with some units not funded by the LIHTC, but receiving Section 8 assistance, would be open to households making up to 80% AMI. Market rate units would have no subsidies or income restrictions.

Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.

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