401 Buck Lane, Vanceboro, NC 28586
Waiting List Forecast: Likely Long or Closed
Verified for 2019 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
Since this property may have a Section 8 Property Based Rental Assistance contract with rental assistance available to its residents, it is likely the property has a waiting list. Sometimes these waiting lists can be months or years long and may or may not be accepting new applicants. 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.
The Oaks is an 48 unit complex located in Vanceboro, North Carolina. Bailey Lane has 1,2 and 3 bedroom apartments. All of our apartments are subsidized under the section 8 program through the U.S. Department of HUD.
This property participates in the Section 8 Project-Based Rental Assistance program meaning the rent for many, if not all, units is based on a tenant's income. You would not pay more than 30% of your income for rent. To qualify, you must earn 50% or less of the Area Median Income (AMI), which you can find on this page’s income chart. Also, project-based Section 8 properties tend to have longer waiting lists, with some with waiting lists going out for years. This property was also financed through a HUD-insured private mortgage meaning the owner has oversight from both a private bank and HUD. This usually means The Oaks is kept in good condition. Since this property has a project-based Section 8 contract, you won't need a Section 8 voucher to live here. If you have a voucher, you may have to give it up to live here.
~ 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 | $15,900 / year | $19,720 / year | $24,860 / year | $30,000 / year | $35,140 / year | $40,280 / year | $45,420 / year | $49,850 / year |
| 50% AMI for LIHTC Units | $26,450 / year | $30,200 / year | $34,000 / year | $37,750 / year | $40,800 / year | $43,800 / year | $46,850 / year | $49,850 / year |
| 50% AMI for PBRA Units | $26,450 / year | $30,200 / year | $34,000 / year | $37,750 / year | $40,800 / year | $43,800 / year | $46,850 / year | $49,850 / year |
| 80% AMI for PBRA Units | $42,300 / year | $48,350 / year | $54,400 / year | $60,400 / year | $65,250 / year | $70,100 / year | $74,900 / year | $79,750 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does The Oaks have a waiting list?
The Oaks probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at The Oaks?
We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.
What property management company manges The Oaks?
The Oaks is managed by Westminster Company headquartered in Greensboro, North Calorina.
In addition to The Oaks, how many other affordable housing properties (and units) are there in Vanceboro?
In addition to The Oaks, we list 3 other affordable properties in Vanceboro. Learn about these properties here. Our data research shows that there are a total of 113 affordable units in Vanceboro.
Wait until you have a Section 8 voucher to find housing.
It usually takes months or years to reach the top of a Section 8 HCV waiting list. Any apartments you see now will likely not be available when you get your voucher.Eileen Savarese says:
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