Crestwood Apartments

521 Price Street, Reidsville, North Carolina 27320

Contact Crestwood Apartments

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Office Hours

Day Hours
Monday 9:00am-5:00pm
Tuesday 9:00am-5:00pm
Wednesday 9:00am-5:00pm
Thursday 9:00am-5:00pm
Friday 9:00am-5:00pm

About Crestwood Apartments

Crestwood Apartments in Reidsville, North Carolina has a total of 40 units, all of which are Section 8 assisted living units. All units are covered under the Section 515 Housing Program.

Property Details

  • 40 units.
  • Project-Based Rental Assistance

Unit Amenities

  • Handicapped Accessible

Section 8 Project-Based Rental Assistance

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this property are based on tenant incomes. Tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. There is a minimum tenant contribution of $25 for all rents at this property regardless of tenant income.

Section 42 Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, monthly rent cannot exceed the Tax Credit maximum rent for the area. Households earning less than 60% of the area median income qualify for units with reduced rent. Some rental units in this property may not be subject to LIHTC and therefore may be set at levels higher than the area's LIHTC limits.

Reidsville HUD Rental Assistance Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $12,140 $16,460 $20,780 $25,100 $29,420 $32,050 $34,250 $36,450
50% $19,350 $22,100 $24,850 $27,600 $29,850 $32,050 $34,250 $36,450
80% $30,950 $35,350 $39,750 $44,150 $47,700 $51,250 $54,750 $58,300

Reidsville Low Income Housing Tax Credit Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% $19,350 $22,100 $24,850 $27,600 $29,850 $32,050 $34,250 $36,450
60% $23,220 $26,520 $29,820 $33,120 $35,820 $38,460 $41,100 $43,740

Crestwood 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 Crestwood 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 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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